Render Network announced that it has received governance approval to implement a burn and mint equilibrium (BME) mechanism for its native token — RNDR.

RNDR surged over 17% to become the fourth largest gainer over the last 24 hours following the news. The token is trading at $1.67 and its market cap stands at about $424 million, as of press time.

RNDR has experienced a sustained uptrend, recording over 82% increase in the last 7 days and a whopping 302% in the 30-day time frame, according to CryptoSlate data.

Render’s BME mechanism leading the uptrend

Render Network is a decentralized GPU provider that connects 3D artists with node operators who have idle GPUs required to process the renders.

The Render DAO had proposed to make RNDR a payment denomination between artists and operators by implementing a burn and mint equilibrium (BME).

As per the proposal, the artist would burn the required amount of RNDR in exchange for non-fungible credits which would be distributed to the node operators.

The primary goal of the BME mechanism is to make RNDR a commodity asset that could become deflationary in the long term.

Following governance deliberation and voting, the Render DAO unanimously approved the implementation of a burn and mint mechanism for the RNDR token.

In the meantime, the protocol outlined that it would work to create a balanced emission schedule that will duly reward node operators, artists, and liquidity providers.

The post Render token up 17% after DAO approves burn & mint mechanism appeared first on CryptoSlate.

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Filed under: Bitcoin - @ February 2, 2023 2:11 pm