Zeta Markets to Pause RNDR Trading
Zeta Markets has announced that the trading of RNDR will be temporarily paused on Monday, July 22 at 9 am UTC. This decision is in preparation for Render's upcoming upgrade.
Recently, Zeta Markets informed its users about Render's token migration from RNDR to RENDER. As a result, the platform will halt the trading of the current ERC-20 token. The transition to the new ticker symbol RENDER is expected to take place on July 26.
Exchange Support for RNDR to RENDER Migration
Zeta Markets' announcement coincides with major cryptocurrency exchanges declaring their support for the RNDR to RENDER migration. Exchanges such as Binance, OKX, Crypto.com, Kraken, and KuCoin have revealed their plans to automatically upgrade RNDR to RENDER for their users.
In the latest update, Zeta Markets stated that the trading halt will include settling all open positions for RNDR-PERP at the prevailing price on the PYTH oracle price feed. Users were cautioned that their unrealized profits and losses would convert into realized profits and losses (in USDC) at the halt time unless they choose to close their RNDR positions before the suspension.
To prevent automatic conversion, users have the option to close their RNDR positions before the scheduled suspension. Zeta Markets will inform its users about any decisions regarding the future re-listing of RENDER.
Spike in Render Network Activity
Ahead of the upgrade, Render has experienced a significant surge in network activity. On-chain data indicates a record increase in the number of active Render addresses on July 15, with over 1.13k new addresses created on that day.
The 7-day change in new addresses stands at 27.20%, while active addresses and zero-balance addresses on the Render network have seen a rise of 50.26% and 126.13% respectively in the past week.
Render has observed an escalation in transaction count leading up to the highly anticipated upgrade. In the last 30 days, transactions ranging from $1.00 to $10 have surged by 627%, and those valued between $10.00 and $100.00 have increased by 459%. Notably, transactions involving amounts exceeding $10k have spiked by 70% over the same period.
Despite the heightened network activity, the price of RNDR has declined by over 18% in the past month, falling from highs above $8.20 to the current level of $6.48.
