New York, Monday, July 15, 2024-The Render Network reported substantial growth in Q1 2024, highlighted by a 60.28% surge in the use of RNDR tokens, reflecting increased demand for its decentralized rendering services.
Render Network connects artists needing powerful graphics processing with idle GPU owners, creating a decentralized marketplace for faster and more affordable rendering.
During Q1 (January to March), the network also reported a 17.7% increase in frames rendered, totaling 2.4 million frames compared to 2.1 million frames in Q1 2023.
Despite a 19.4% decrease in the number of jobs produced, from 46,000 in Q1 2023 to 37,000 in Q1 2024, the average RNDR used per job increased significantly.
In March 2024, the Render Network reported a major milestone by rendering over a million frames in a single month for only the second time in its history. Additionally, the network used more than 400,000 RNDR tokens in the same month, marking another significant accomplishment.
Financially, Render Network’s recent $30 million funding round led by Multicoin Capital aims to support the network’s expansion and the development of a Render marketplace on Solana.
Render (RNDR), often dubbed the “Nvidia of crypto,” has caught the attention of investors with its innovative approach to graphics processing in the blockchain space.
On November 2, 2023, Render Network, a leader in decentralized GPU rendering, migrated to Solana (SOL) to address Ethereum’s (ETH) scalability issues and high fees. A user-friendly upgrade system allowed token holders to seamlessly convert their RNDR tokens to the new SOL-based RENDER tokens. This shift positions Render Network to benefit from Solana’s faster speeds and lower costs.
By leveraging idle GPU power from a global user network, Render facilitates the rendering of complex 3D graphics and visual effects, providing a decentralized alternative to traditional, expensive rendering farms.
