Upbit Crypto Exchange Prepares for the RNDR Token Transition and Rebranding Initiative
In Brief
The South Korean exchange Upbit has officially confirmed its support for the rebranding of the Render Network's token, RNDR, along with the token swap process.
This prominent cryptocurrency trading platform from South Korea Upbit has made an announcement regarding its endorsement of the Render Network Render Network's primary token, RNDR, along with the accompanying token exchange.
Beginning at 2:00 AM UTC on August 13th, deposits and withdrawals for the token will be temporarily halted. Moreover, trading on the RNDR-BTC pair will be suspended from 5:00 AM UTC on August 16th. Further updates will be provided once the rebranding and token swap are finalized and regular services resume.
As per the announcement, the network plans to transition from Ethereum to the Solana blockchain. The token's symbol will shift from RNDR to RENDER, with a conversion rate established at one RNDR for one RENDER.
Vote in Favor of Render Network Token Migration Proposal Passes with Overwhelming 99.26%
Render Network This initiative represents a platform that connects clients needing GPU computing services—like rendering graphics and executing machine learning tasks—with GPU owners looking to monetize their otherwise dormant computational power. It functions as a decentralized marketplace for GPU computing, enabling owners to profit from their unused resources while offering more budget-friendly computing solutions to customers.
In March 2023, Render Foundation The organization responsible for the network's developments outlined a proposal on GitHub to transition to the Solana blockchain, with the goal of scaling operations to meet technical demands while incorporating the innovative Burn and Mint Equilibrium (BME) model. Following a community snapshot vote in April, which showed 67.98% support for the migration, a subsequent final snapshot confirmed the proposal, achieving a remarkable 99.26% approval rate for the switch to Solana.
Upbit stands as one of South Korea's leading cryptocurrency exchanges, recognized for its substantial trading volume and robust customer demographic. It boasts listings for 192 different cryptocurrencies and facilitates trading across 309 pairs, holding a significant position within the marketplace. According to Kaiko, Upbit commands over 80% of the market share among fully licensed cryptocurrency exchanges in South Korea.
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