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

Render Network’s RNDR is up 8% successful the past 24 hours aft the assemblage started voting connected a projected migration to Solana (SOL).

The token is trading astatine $1.37 arsenic of property clip and has accrued by 15.8% successful the past 7 days, according to CryptoSlate’s data.

Render eyes Solana migration

The Polygon-based protocol is eyeing a migration to furniture 1 blockchain web Solana, according to its RNP-002 Layer 1 Network Expansion proposal.

According to the proposal, the Solana migration was indispensable due to the fact that of “future web growth.” The task noted that:

“[Render needs] a precocious throughput, debased latency blockchain for web colony and node operation.”

It added that the cardinal vantage of the power is that it would assistance it scale the web to conscionable the request of its method needs and implement the burn-and-mint equilibrium (BME).

According to the proposal, the migration volition enactment the implementation of the BME exemplary by improving transaction times, giving programmers much flexibility, and reducing the outgo of transactions.

Besides that, respective Render users person complained astir their acquisition connected Polygon, citing its re-org tendency, centralization, and transaction fees arsenic wherefore the protocol should migrate.

Meanwhile, the ballot is keenly contested — 54.27% of the Render Community voted against the migration, portion 45.73% supported the plan, according to the Snapshot data.

Voting is scheduled to extremity by 8:00 PM connected April 6.

Solana enjoys growth contempt issues

Solana has recorded maturation this twelvemonth contempt the issues plaguing the network.

Render is different crypto task readying to migrate to the blockchain pursuing projects similar Helium (HNT). Helium said its migration would let it to pat into SOL’s affluent ecosystem and web speed.

Meanwhile, Solana’s terms has recovered from the lows of 2022, increasing by much than 100% to erase the losses recorded post-FTX. At the time, SOL traded for nether $10 but has since recovered to $21.23 arsenic of property time, according to CryptoSlate’s data.

Besides that, Solana’s on-chain enactment has continued to grow, with the full worth of assets locked connected the protocol astatine $285.89 cardinal — a precocious for the year, according to DeFillama data.

The station Render token rises 8% arsenic assemblage votes connected projected Solana migration appeared archetypal connected CryptoSlate.