coincodex.com
Key Highlights:
- Render network unveils successful migration to the Solana network, and bids farewell to Ethereum.
- In a bid to make the migration process an easy and convenient experience for users, the Render Foundation has offered 1.14 million RNDR tokens to incentivize token holders.
- Solana ecosystem continues to expand after seeing an impressive surge of +144.00% in the last one month.
Render Network, a leader in the decentralized computing space, has just experienced a massive shift within its ecosystem as the platform announces successful migration from Ethereum to the Solana network.
“We’re thrilled to welcome Render to the ecosystem, making it the latest project to fully migrate their network to Solana,” Ryan Shea, Advisor to the Render Foundation expressed excitement on the company's latest move.
This remarkable upgrade comes after the platform considers a need to leverage Solana's exclusive use cases while avoiding the high gas fees offered on the Ethereum network.
In essence, while the Render network has successfully upgraded its core infrastructure to the Solana blockchain, users of Render can now explore several use cases on the network without the need to bother about high transaction fees.
Why Solana?
According to the announcement, the company believes that Solana's incredible features in collaboration with its core infrastructure has the potential to unlock significant and exciting opportunities for the Render ecosystem.
This may include crucial new capabilities like real-time streaming and dynamic NFTs, creating a whole new experience for the Render community.
Moreso, the company has also emphasized that Solana's superior speed, cost-effectiveness, and scalability, aligns suitably with Render's expansive vision. Hence, the big transition to Solana will mark a remarkable stepping stone towards achieving its vision.
The Render Network is committed to building a scalable and decentralized metaverse infrastructure. Thus, Solana’s incredible transaction speeds, low costs, and commitment to web-scale architecture appears promising to facilitate the actualisation of the stated goals.
Ryan Shea, Advisor to the Render Foundation, acknowledged this noting that:
“Solana is the home of DePIN, and Render Network is one of the most important DePIN networks in existence today. Solana will help extend Render Network into new applications, such as machine learning and inference training, and unlock new utility through Solana’s best-in-class technologies like compressed NFTs, on-chain order books, and real-time oracles.”
Render Offers 1.14 million RNDR as Incentives to Aid Token Transfers
Per the announcement, users of Render who hold the RNDR token can now proceed to transfer their tokens to the Solana blockchain.
In a bid to make this an easy and seamless experience for users, Render Network has launched an Upgrade Assistant and Incentive program. It also announced the allocation of 1.14 million RNDR in grants to subsidize the high transaction fees charged on Ethereum.
Notably, the Upgrade Assistant program will offer users the opportunity to transfer their RNDR tokens to Solana blockchain easily with a guarantee on safety and trustless upgrade process using the Wormhole protocol.
Moreso, through the Upgrade Assistant, users have been encouraged to transfer their tokens from the Ethereum network to Solana as soon as possible as early migrators will be awarded a share of the 1.14M RNDR. Notably, holders who do not transfer their tokens within the specified period of three months, will have to pay their own gas fees to migrate RNDR tokens to the Solana blockchain when the period elapses.
Solana Ecosystem Continues to Expand as it Welcomes Render
Render's integration with the Solana ecosystem marks a significant addition to the continuous improvement the network has been witnessing lately.
The Solana market performance has been on the bright side for several months, with the SOL price showcasing an impressive surge of +144.00% in the last one month.
Although the SOL price has decreased by -6.66% in the last 24 hours, the network still retains a bullish sentiment, seeing it outperform the Ethereum network. While Solana has impressively risen by 15.89x against Ethereum, it appears that this may continue to be the case following Solana's recent collaboration with Render Network against Ethereum.
The transition of Render between Ethereum and Solana implies that there will be a reduction in the use of the Ethereum network, while the use of Solana will be increased as it will see new adoption from the users of Render.
Nonetheless, the Render Network has also instructed that while the ETH token ($RNDR) will remain, it will no longer be maintained by Render Foundation and won't function on the Render Network.