Coinbase, the leading US cryptocurrency exchange, has launched a decentralized altcoin that allows users to create graphics and visual effects for other projects by sharing unused GPU power. rendering announced that it will list the token as a means of earning rewards.
As we reported as Koinfinans.com, the token price rose in line with the market after remaining horizontal despite this positive announcement from the stock exchange. The announcement of the stock exchange started with the following sentences:
Coinbase is preparing to add support for Render on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on Coinbase and CoinbaseExch in regions where trading is supported.
altcoin, initially did not react to the announcement and subsequently declined. According to CoinGecko, RNDR price is trading at $5.5, up nearly 10% in the last 24 hours.
Although Render was formerly an Ethereum-based (ETH) token, it completed its migration to Solana in late 2023. According to the project’s founder, Jules Urbach, this transition was a move that greatly increased the utility of the protocol:
“Moving Render’s core infrastructure to Solana is a milestone that unlocks significant new capabilities like real-time streaming and dynamic NFTs.”
coinbaseboth Solana and Ethereum versions of the asset. will support and will point out that tokens have slightly different names across blockchains.
Coinbase will support 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 named Render (Solana) on our trading platform.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 14, 2024
Although the render token is known as RNDR, this is the abbreviation of the token on the Ethereum network. The abbreviation of the token in the Solana network was chosen as RENDER, which is the same as the direct name. The exchange will highlight this asset with the (Solana) label.
