Rendering network announced Have governance approval to implement the Burn and Mint Equilibrium (BME) mechanism for the native token RNDR.
The RNDR jumped more than 17%, making it the fourth largest gain in the past 24 hours following the news. The token he trades at $1.67 and has a market cap of around $424 million at the time of writing.
RNDR is experiencing a sustained upward trend, registering an increase of over 82% over the last 7 days and a whopping 302% increase over the 30-day timeframe. crypto slate data.
Render’s BME Mechanism Leading the Uptrend
Render Network is a distributed GPU provider that connects 3D artists to node operators with idle GPUs needed to process rendering.
The Render DAO has Proposed Implementing the Burn and Mint Equilibrium (BME) makes the RNDR the unit of payment between artists and operators.
According to the proposal, artists will burn the required amount of RNDR and distribute non-exchangeable credits to node operators.
The main goal of the BME mechanism is to make the RNDR a commodity asset with long-term deflationary potential.
Following governance deliberations and voting, the Render DAO unanimously Approved the implementation of the RNDR token burn and mint mechanism.
In the meantime, we outlined that the protocol works to create a balanced emission schedule that fairly rewards node operators, artists, and liquidity providers.
