What is happening with Render? From RNDR to RENDER

UK # What is happening with Render? From RNDR to RENDER

RNDR, a cryptocurrency listed by CoinJar, is now RENDER. Here’s what is happening to and why.

What Is RNDR?

RNDR (pronounced “render”) was originally an Ethereum-based crypto token. Since November 2nd, 2023, , 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 has been deemed by CoinGecko to be the . And the says that Solana fees are lower than Ethereum’s.

Ambitious goals

The project said in an that they needed more on-chain data and transactions to achieve its ambitious goals, which they claimed that 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.

Will CoinJar customers be able to swap RNDR to RENDER?

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 (indirect costs or network fees may be involved).

Once this change takes place, buying RNDR on the Ethereum network will no longer be possible. Additionally, RNDR trading pairs on CoinJar Exchange will be removed, and any existing orders will be canceled. Instead, new trading pairs for RENDER will be available.

Important Update on the RNDR to RENDER Migration

Trading Suspension: Due to market conditions, you can no longer sell or buy RNDR.

Conversion Availability: You can convert RNDR (ERC20) to RENDER (Solana) at a 1:1 ratio for no cost once RENDER is listed on CoinJar.

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

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:

You can now convert your RNDR (ERC20) to RENDER (SOL) for free at a 1:1 ratio in the CoinJar app. CoinJar will not automatically perform this conversion on your behalf.

Conveniently add RENDER to your accounts via Accounts > Add account > Choose RENDER.

Then, use the Convert feature in either:

• Home > Convert > RNDR > RENDER or
• Accounts > RNDR > Convert RNDR > RENDER

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 (ERC20) is no longer included in new purchases of the Universe, ERC-20, and AI Bundles. RENDER (SOL) will be reintroduced to CoinJar Bundles in the future, and we’ll notify you once it’s available. At that time, you will need to rebalance your bundle to include it, and standard rebalancing fees will apply.

CoinJar Exchange: RNDR has been delisted, and all RNDR balances have been transferred from CoinJar Exchange to your CoinJar account.

Deposits and Withdrawals: We will maintain RNDR (ERC20) deposits and withdrawals for existing customers until further notice. However, new RNDR deposits will only be accepted if you already have an RNDR account. RENDER (SOL) deposits and withdrawals are now available for all customers.

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

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.

More instructions are .

CoinJar Customers: Migration of your RNDR tokens to RENDER

As part of the , 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 additional charge.

How to upgrade if your token won’t be converted by your exchange

Visit the . Be cautious of scammers with similar URLs.

Follow the to swap your RNDR for RENDER.

The Render Network claims that this change benefits the Render Network by making it efficient and better equipped to handle its exciting rendering projects. As you upgrade, please ensure you are comfortable with the risk of such a network upgrade. All readers should conduct their own research into the relevant risks ensuring they align with their risk appetite.

Potential errors or technical issues during the transition could result in the loss of funds. User mistakes in managing the new Solana wallet or seed phrase could lead to irreversible loss of assets. And, the Solana network has experienced outages, unlike Ethereum, introducing an additional risk factor.

Update: RNDR to RENDER

Here are some key updates you need to know:

Trading suspension

You can no longer sell, buy, or spend RNDR using a CoinJar Card due to market conditions.

Conversion availability

RNDR (ETH) can be converted to RENDER (Solana) at a 1:1 ratio for no cost once RENDER is listed on CoinJar.

A follow-up email will confirm the exact date. Note the potential capital gains tax implications.

Trading pair delisting

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

Bundle updates

Partial unbundle: Bundles with positive RNDR balances have had RNDR individually unbundled, leaving the rest of the bundle intact.

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

Deposits and withdrawals: RNDR deposits and withdrawals will be maintained for existing customers until further notice. New RNDR deposits will only be accepted if you already have an RNDR account.

Instructions for existing holders: No immediate action is required for existing RNDR holders. They can convert RNDR to RENDER once RENDER is listed on CoinJar.

Bundle holders: New purchases will exclude RNDR, but existing bundles will continue to operate normally. RENDER might be included in the Universe and AI bundles in the future.

Disclosure

Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service.

We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.

CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).