Render Network Sees Big Boost in Active Addresses and Transactions
crypto-news-flash.com 15 July 2024 10:34, UTC - Render Network sees a 17.7% increase in frames rendered in Q1 2024.
- An incentive program boosts Render Network’s node operators and GPU providers.
According to a tweet from a popular onchain analyst, Ali Martinez, the Render Network (RNDR) has recently seen a huge increase in daily active addresses and whale transactions, indicating a likely shift from bearish to bullish.
#Render has experienced a notable increase in daily active addresses and whale transactions, indicating a potential trend reversal for $RNDR from bearish to bullish. pic.twitter.com/sRWpydis6r
— Ali (@ali_charts) July 14, 2024
Investors have expressed a lot of interest in this remark. As a result, RNDR has risen to the top 20 gainers list over the last 24 hours, jumping 6.98% to $6.63 following a week of sideways movement.
In addition, the creation of the DePIN protocol on the Solana blockchain marked an important milestone in 2024. Render and Helium have spearheaded this adoption wave, demonstrating their technology’s robust integration and utility within the blockchain ecosystem.
Render Network began an ambitious incentive scheme last year with the goal of bringing more GPU vendors to their network. This initiative allocated 1.14 million RNDR tokens ($2.67 million) to cover user transfer charges and reward new node operators.
These incentives were created to increase the network’s computational resources, which are required to handle difficult activities like artificial intelligence (AI) and machine learning.
Whale Transactions Signal RNDR Growth
The rise in daily active addresses and whale transactions not only signals more interest but also that significant investors are starting to amass RNDR, a sign that frequently precedes a persistent price gain. The successful implementation of their reward program has increased the network’s capabilities and popularity, which has further boosted this momentum.
The integration of Render’s technology into the Solana blockchain, particularly through the DePIN protocol, demonstrates the strategic relationships and improvements that have occurred.
Render’s ability to exploit Solana’s high-speed, low-cost infrastructure has helped to drive adoption and increase its customer base. This partnership illustrates how blockchain networks can work together to provide more efficient and scalable solutions.
