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The utility token of the blockchain-based distributed rendering service Render Network has surged over 80% in value over the past week, following the network’s vote passing a new tokenomics model.
RNDR’s price has climbed 16% during the past 24 hours and 425% this year, according to crypto data provider CoinGecko. The token has risen from just 40 cents on Jan. 1 to its current $2.16.
RNDR price chart shows the cryptocurrency's price jump entering 2023. (CoinGecko)
The most recent uptick has followed a Render Network Jan. 31 vote to pass a new burnt-and-mint equilibrium (BME) model, capping net emissions. According to the proposal posted on GitHub, the new model would allow artists to burn the required amount of RNDR in exchange for non-fungible work credits, which are distributed to node operators.
With the BME model, Render aims to make RNDR a commodity and deflationary asset. Founded by cloud rendering company OTOY’s Jules Urbach in 2016, Render Network provides distributed graphics processing unit (GPU)-based rendering service for the culture and entertainment sector.
Crypto data provider Coinglass showed that funding rates for the token currently remained positive in most exchanges, indicating a mostly bullish sentiment among traders.
Elsewhere in markets
Bitcoin (BTC), the largest cryptocurrency by market capitalization, edged up 2% to recently trade at $23,250. The increase followed remarks by Federal Reserve Chairman Jerome Powell, who in a discussion at the Economic Club of Washington, D.C., repeated his comments of last week that “a deflationary process” had started.
In a Tuesday note, Oanda senior market analyst Edward Moya wrote that as long as the labor market is cooling and next week’s inflation report doesn’t show a significant increase that ”bitcoin could see further bullish momentum.”
Ether (ETH) emulated BTC’s pattern to recently trade at $1,670, up 3.5% from Monday, same time. The CoinDesk Market Index, which measures the overall crypto market performance, was recently up 2.2%.
Traditional markets also rose after Powell’s comments, with the S&P 500 index closing up 1.2%. The tech-heavy Nasdaq Composite and the Dow Jones Industrial Average also finished the day up 1.9% and 0.7%, respectively.
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