What is happening with Render? From RNDR to RENDER

The Render Network Foundation has upgraded RNDR, a cryptocurrency listed by CoinJar, to RENDER for use on the Render Network. Here’s what is happening to RNDR and why.

What Is RNDR?

RNDR (pronounced “render”) was originally an Ethereum-based crypto token. Since November 2nd, 2023, RNDR, can be changed to the new RENDER Solana token.

RNDR / RENDER is used in the Render Network, a platform for decentralised rendering (think of it as rendering 3D graphics, animations, or other computationally intensive tasks).

Users earned RNDR by contributing their computing power to the network, and they could use it to pay for rendering services.

Why the change?

Layer 1 Infrastructure

The Render Network community voted to move from Ethereum to Solana as the Layer 1 infrastructure. Solana offers faster transactions and lower fees.

Ambitious goals

The project needed more on-chain data and transactions to achieve its ambitious goals, which Ethereum couldn’t fully support.

Get good with the new token RENDER

RENDER is the new token built on the Solana blockchain, replacing RNDR.

All rendering work (including 3D graphics and AI tasks) is now compensated in RENDER.

Users can transfer and upgrade their existing RNDR tokens to RENDER.

Why upgrade?

The community voted on incentives for users upgrading RNDR to RENDER. If you upgrade early, you’ll receive a share of the 1.14 million RENDER set aside for this purpose.

Points are awarded based on the amount of RNDR you upgrade, and these points translate into RENDER rewards.

The earlier you upgrade, the more rewards you’ll receive.

How long do I have to upgrade my tokens?

The Render Network Upgrade Portal can be used at any time. However, incentives for users who upgrade are only available from October 2023 until October 2024.

Can CoinJar customers swap RNDR to RENDER?

Yes. We are introducing the new cryptocurrency RENDER, which will be exclusive to the Solana network. Customers can convert their RNDR (Ethereum) to RENDER at a 1:1 ratio without any fees.

To clarify, when we say RNDR will no longer be available for buys, it means it will not be available for purchase. Similarly, RENDER will be available to purchase instead.

CoinJar customers: Migrating from RNDR to RENDER

CoinJar will support RENDER tokens on the Solana network in the coming weeks, allowing CoinJar customers the option to convert their RNDR tokens to RENDER tokens at a 1:1 ratio, for no cost.

Instructions are here

Key Points of the migration:

RNDR delisting and RENDER listing

RENDER (Solana) will be listed in the coming weeks.

RNDR (ERC20) is unavailable for purchase on CoinJar. Customers with existing balances can withdraw or sell their RNDR.

RNDR (ERC20) trading pairs were delisted from CoinJar Exchange on 7 August 2024. On this date, all RNDR orders were cancelled on CoinJar Exchange and funds transferred back to the user’s CoinJar account.

Free conversion

Once RENDER is listed on CoinJar, each CoinJar customer can complete the conversion from RNDR to RENDER individually within CoinJar. CoinJar will not automatically perform this conversion on your behalf.

Tax implications

Please be aware that converting from RNDR to RENDER may have capital gains tax implications. We recommend consulting your accountant for advice.

Update as of 14 August 2024

Trading Suspension: Due to market conditions, you can no longer sell, buy, or spend RNDR using a CoinJar Card.

Trading Pair Delisting: RNDR (ERC20) trading pairs have been delisted from CoinJar Exchange. All open RNDR orders have been cancelled, and funds have been transferred back to the customer’s CoinJar account.

Bundle Updates:

Partial Unbundle: All bundles with positive balances of RNDR have had the RNDR individually unbundled, leaving the rest of the bundle intact. This will be reflected in customer statements.

Bundle Exclusion: RNDR is no longer included in new Universe, ERC-20 and AI Bundle purchases.

Deposits and Withdrawals: RNDR Deposits and Withdrawals: We will maintain RNDR deposits and withdrawals for existing customers until further notice. However, new RNDR deposits will only be accepted if you already have an RNDR account.

What You Need to Do

For Existing RNDR Holders: No immediate action is required. You can convert RNDR to RENDER once RENDER is listed on CoinJar.

For Universe, ERC-20 and AI Bundle Holders: New purchases will exclude RNDR, but your existing bundles will continue to operate normally. RENDER might be included in the Universe, ERC-20 and AI bundles in the future.

Any questions?

If you have any questions about the delisting or how you might be affected, please contact Support.

How to upgrade

Visit the Upgrade Tool. Be cautious of scammers with similar URLs.

Follow the step-by-step guide to swap your RNDR for RENDER.

The Render Network claims that this change benefits the Render Network by making it faster, more efficient, and better equipped to handle its exciting rendering projects.