As a seasoned analyst with extensive experience in the cryptocurrency market, I have closely monitored the recent developments surrounding Render (RNDR) and its upcoming upgrade. The announcement from Zeta Markets regarding the trading suspension of RNDR on July 22 at 9 am UTC due to the token migration to RENDER comes as no surprise given the widespread support for this upgrade among top exchanges like Binance, OKX, Crypto.com, Kraken, and KuCoin.
On Monday, July 22 at 9 am UTC, Zeta Markets will momentarily halt the RNDR trading in anticipation of Render’s forthcoming upgrade.
Starting on Friday, Zeta Markets informed its users through X that due to Render’s (RNDR) token migration to RENDER, trading on the platform will be temporarily halted for the current ERC-20 token. Render aims to complete the transition from the existing ticker symbol to RENDER by July 26.
Exchanges to support RNDR to RENDER migration
Zeta Markets’ declaration emerges with many leading cryptocurrency trading platforms announcing their intent to facilitate the upgrade.
As a seasoned crypto trader with years of experience under my belt, I have closely followed the developments in the world of decentralized rendering platforms. With my extensive knowledge and keen interest in this emerging sector, I am thrilled to share that some major exchanges, including Binance, OKX, Crypto.com, Kraken, and KuCoin, have recently announced their plans to automatically upgrade RNDR tokens to RENDER for their users.
The Zeta Markets team announced in their weekly report on Friday that during the trading pause, all ongoing RNDR-PERP trades will be settled based on the current price of the token as indicated by the Pyth oracle.
As a crypto investor with positions on Zeta Markets, I should be aware that any unrealized profits or losses at the halt time will be converted into realized gains or losses, respectively, and settled in USDC.
Users can prevent this by closing their RNDR positions prior to the planned suspension. Zeta will make an announcement when and if they decide to relist RENDER, which will occur at that time.
Render network activity spikes
The Render network has experienced a significant surge in activity prior to the upcoming upgrade. According to on-chain statistics, the number of active addresses on the Render blockchain reached an all-time high of approximately 1,130 on July 15th. IntoTheBlock data corroborates this finding, revealing over a thousand new addresses joined the network that day.
In the previous week, the growth rate for new addresses on the Render network stood at 27.20%. On the other hand, active addresses and zero-balance addresses experienced more significant increases, with active addresses rising by 50.26% and zero-balance addresses surging by 126.13%.
Render has also witnessed a spike in transaction count ahead of the highly anticipated upgrade.
In the past thirty days, there has been a significant rise in the number of transactions falling between one and ten dollars, which experienced a 627% growth. Transactions valued between ten and one hundred dollars saw an increase of 459%. Notably, large transactions exceeding ten thousand dollars witnessed a surge of 70% over the past month.
The price of RNDR has seen a significant decrease in the last month, dropping by approximately 18% from its previous peak at around $8.20 down to the current price of $6.48.
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2024-07-19 17:34