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.
