South Korean cryptocurrency exchange Upbit announced that it will support the rebranding of the Render Network‘s native token, RNDR, as well as the associated token swap.

Token deposits and withdrawals will be temporarily halted starting at 2:00 AM UTC on August 13th. Additionally, trading support for the RNDR-BTC trading pair will be suspended from 5:00 AM UTC on August 16th. Separate notices will be issued once the rebranding and token swap are complete and deposits, withdrawals, and trading support have been restored.

According to the announcement, the network will migrate from Ethereum to Solana. The token symbol will change from RNDR to RENDER, with a swap ratio of one RNDR to one RENDER.

Render Network Token Migration Proposal Passes With 99.26% Votes In Favour 

Render Network represents a platform that connects individuals requiring GPU computing services, such as GPU rendering and machine learning inference, with idle GPU owners who provide these services for a fee. It operates as a distributed marketplace for GPU computing, allowing GPU owners to monetize unused power and providing clients with more cost-efficient computing services.

In March 2023, Render Foundation, the entity overseeing the development of the network, released a migration proposal on GitHub to transition to the Solana blockchain, aiming to scale the network to address technical requirements and incorporate the Burn and Mint Equilibrium (BME) model. A community snapshot voting regarding the migration was conducted in April, and the proposal was approved with 67.98% of votes in favor. This was followed by a final snapshot vote, which confirmed the proposal, with 99.26% of votes supporting the move to Solana.

Upbit is one of the major cryptocurrency exchanges in South Korea, and it is distinguished by its large trading volume and extensive customer base. It offers listings for 192 cryptocurrencies and supports trading across 309 pairs, maintaining a substantial market presence. A recent report by Kaiko indicates that Upbit holds more than 80% of the market share among fully licensed cryptocurrency exchanges in South Korea.

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