The price of AI crypto token Render (RNDR) reacted surprisingly to FTX’s most recent fire sale of assets.
On-chain analytics firm Lookonchain reports that as of Oct. 27, FTX/Alameda had transferred a total of $59 million in crypto assets. These assets were transferred out possibly to sell them, and this included a total stash of 974,270 RNDR worth $2,009,769.
1/ As of Oct 27, FTX/Alameda had transferred a total of $59M in crypto assets, including:
787K $SOL($25.4M)
4,858 $ETH($8.7M)
532K $LINK($5.8M)
7.8M $MATIC($4.9M)
1.09M $DYDX($2.5M)
974K $RNDR($2M)
488K $UNI($2M)
1.09M $LDO($2M)
1,341 $MKR($1.9M)
1.6M $AGLD($1.3M)
… pic.twitter.com/WdttkrhzwP— Lookonchain (@lookonchain) October 27, 2023
However, the token sale had no impact on the Render token, which has been on a steady rise since the start of October. The reason could be that the tokens in question, numbering less than a million, would not have been worth enough to make an impact on the RNDR price if sold on the open market – so much so that in the last 24 hours, RNDR has sustained in the green against a backdrop of several crypto assets that are currently trading in losses.
At the time of writing, RNDR was up 1.21% in the last 24 hours to $2.21. Render might mark its third consecutive day of gains if today closes in green.
Render proposal passed
In a tweet, Render makes it known that the RNP-005 proposal has been officially passed, with 1.4 million RNDR (99.79%) approving and 2,900 RNDR (.21%) denying.
The RNP-005 proposal outlines onboarding Beam as the second open compute client to leverage Render Network GPU supply for ML workloads.
Beam is a cloud platform that uses GPUs to expedite AI research and deployment without the need for infrastructure management.
Render Network’s distributed GPU network may handle ML-focused workloads by combining with Beam. Beam clusters will also have access to Render Network’s global supply of GPUs optimized for parallelized AI operations.
The proposal has now moved onto “Render Network Team Review,” and if it passes technical feasibility, it will move on to the final vote.
