Render token rises 8% as neighborhood votes on proposed Solana migration

Render Community’s RNDR is up 8% within the final 24 hours after the neighborhood began voting on a proposed migration to Solana (SOL).

The token is buying and selling at $1.37 as of press time and has elevated by 15.8% within the final seven days, based on starcrypto’s knowledge.

Render eyes Solana migration

The Polygon-based protocol is eyeing a migration to layer 1 blockchain community Solana, based on its RNP-002 Layer 1 Community Growth proposal.

In keeping with the proposal, the Solana migration was essential due to “future community progress.” The challenge famous that:

“[Render needs] a excessive throughput, low latency blockchain for community settlement and node operation.”

It added that the important thing benefit of the change is that it might assist it scale the community to fulfill the demand of its technical wants and implement the burn-and-mint equilibrium (BME).

In keeping with the proposal, the migration will help the implementation of the BME mannequin by enhancing transaction instances, giving programmers extra flexibility, and lowering the price of transactions.

Apart from that, a number of Render customers have complained about their expertise on Polygon, citing its re-org tendency, centralization, and transaction charges as why the protocol ought to migrate.

In the meantime, the vote is keenly contested — 54.27% of the Render Group voted in opposition to the migration, whereas 45.73% supported the plan, based on the Snapshot knowledge.

Voting is scheduled to finish by 8:00 PM on April 6.

Solana enjoys progress regardless of points

Solana has recorded progress this yr regardless of the problems plaguing the community.

Render is one other crypto challenge planning emigrate to the blockchain following tasks like Helium (HNT). Helium stated its migration would permit it to faucet into SOL’s wealthy ecosystem and community pace.

In the meantime, Solana’s worth has recovered from the lows of 2022, rising by greater than 100% to erase the losses recorded post-FTX. On the time, SOL traded for underneath $10 however has since recovered to $21.23 as of press time, based on starcrypto’s knowledge.

Apart from that, Solana’s on-chain exercise has continued to develop, with the entire worth of belongings locked on the protocol at $285.89 million — a excessive for the yr, based on DeFillama knowledge.

The publish Render token rises 8% as neighborhood votes on proposed Solana migration appeared first on starcrypto.