Solana-Based Decentralized Rendering Altcoin Offers Tepid Response to Coinbase Listing News

A Solana-based (SOL) decentralized rendering altcoin is trading sideways despite the news that the top US crypto exchange platform would be adding support for it.

In a new announcement, Coinbase says that it’s going to be listing Render (RENDER), a decentralized altcoin that allows users to share their unused GPU (graphics processing unit) power to render graphics and visual effects for other projects as a means of earning rewards.

“Coinbase will add support for Render on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on Coinbase and CoinbaseExch in the regions where trading is supported.”

The digital asset had a lukewarm response to the listing, as it is trading for $4.91 at time of writing, a 2.1% decrease over the last 24 hours.

Render used to be an Ethereum-based (ETH) token, but it switched over to Solana in late 2023. According to Jules Urbach, the project’s founder, the move greatly enhanced the utility of the protocol.

Says Urbach,

“Moving Render’s core infrastructure to Solana is a watershed moment that unlocks major new capabilities like real-time streaming and dynamic NFTs.”

According to Coinbase, it will be supporting both the Solana and Ethereum versions of the asset, noting that the tokens have slightly different names across blockchains.

“Coinbase will support trading of the Render token on both Ethereum and Solana networks. Render on the Ethereum network will retain the ticker RNDR while Render on Solana will have the ticker RENDER and will be named Render (Solana) on our trading platform.”

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