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Why is RNDR price spiking? Render Network token gets Revolut listing amid building hype

By Raphael Sanis

12:19, 7 November 2022

Two Revolut banking cards
RNDR was one of 12 recently listed cryptocurrencies on the Revolut banking platform – Photo: Shutterstock

Render Network’s RNDR token has risen 65% in a week after being listed on the Revolut banking platform.

Revolut, a financial technology (fintech) company, started offering cryptocurrencies in 2021, but has recently announced a wealth of new listings, including RNDR.

The RNDR token belongs to the Render Network project, which has a mission to “decentralise” three-dimensional graphic rendering. The network connects idle graphic processing units (GPUs) and harnesses them to process clients’ graphics.

RNDR is used as the main payment source throughout the network. After the news of the Revolut listing, the ERC-20 token has gained more than 90%.

RNDR to USD

The Revolut listing

Earlier this month, the Revolut banking service announced the listing of 12 new cryptocurrencies as it looked to continue expanding into the crypto market.

Along with RNDR, the other 11 tokens included BLZ, BOND, FIDA, GMT, GODS, GST, LPT, MINA, RAD, SUPER, and UNFI.

ETH/USD

3,504.28 Price
-0.690% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
-2.110% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

173.93 Price
-0.610% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.59 Price
-1.810% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168
Emil Urmanshin, the Revolut crypto general manager, said in a statement: “This year we have not only increased the number of cryptocurrencies available in the Revolut app to close to 100 tokens… Now, we are making crypto even more mainstream, by empowering people to use crypto-enabled cards to spend their tokens for everyday purchases.”

Revolut has recently launched a “spend from crypto” feature. The new product converts users’ crypto balance into fiat currency, which can then be spent on everyday purchases. This is intended to bring even more utility to the RNDR token.

New proposal system

Use cases for RNDR also increased in October as Render Network moved to a system resembling a decentralised autonomous organisation (DAO). This gives token holders the option to vote on network decisions.

A Medium post said: “Render Network Proposal system… will establish the RNP process as an open framework for community members to craft, propose, vote on and potentially implement tangible changes to the function of the Render Network itself.”

RNDR price action

After the Revolut listing and transitioning to a governance system, RNDR has made steady gains.

It opened October 2022 at $0.46 and quickly climbed above the $0.50 barrier. RNDR managed to close that month at $0.60.

The token then shot to a high of $1.14 on 6 November. RNDR has fallen slightly and was trading at $0.8976 at 14:00 GMT on 7 November 2022. However, it was still up 53% in the past seven days and 97% over the previous month.

Markets in this article

GMT/USD
GMT/USD
0.16326 USD
-0.00082 -0.520%
LPT/USD
LPT/USD
16.8615 USD
-0.6357 -3.660%
MINA/USD
MINA/USD
0.5794 USD
-0.0036 -0.640%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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