A Solana-based (SOL) decentralized rendering altcoin is trading sideways despite news that the top US crypto exchange platform would be adding support for it.
In a new announcement, Coinbase say that it will list Render (RENDER), a decentralized altcoin that allows users to share their unused GPU (graphics processing unit) power to render graphics and visual effects for other projects as a way to earn rewards.
“Coinbase will add support for Render on the Solana Network (SPL token). Do not ship this item via other networks or your money may be lost. Transfers for this asset are available on Coinbase and CoinbaseExch in the regions where trading is supported.”
The digital asset had a tepid reaction to the listing as it trades at $4.91 at the time of writing, down 2.1% in the past 24 hours.
Render used to be an Ethereum-based (ETH) token, but that’s what it is switched transfer to Solana at the end of 2023. According to Jules Urbach, the founder of the project, this step has greatly increased the usability of the protocol.
Says Urbach,
“Moving Render’s core infrastructure to Solana is a watershed moment that unlocks important new capabilities such as real-time streaming and dynamic NFTs.”
According to Coinbase, that will be the case to support both the Solana and Ethereum versions of the asset, noting that the tokens have slightly different names on different blockchains.
“Coinbase supports trading of the Render token on both Ethereum and Solana networks. Render on the Ethereum network will retain the ticker RNDR, while Render on Solana will have the ticker RENDER and will be called Render (Solana) on our trading platform.”
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Generated image: Midjourney