Render (RNDR) price rallies as community passes key proposal

Render (RNDR) price was up 5% in the past 24 hours and 52% in the past 30 days.
The AI related crypto project has seen positive sentiment amid greater adoption of its technology.
A community vote has also passed a proposal to onboard cloud computing platform Beam.

The price of Render rose sharply on Friday as the AI crypto token continued the outperformance seen this past week. RNDR traded more than 5% up to highs of $2.25 in the 24-hour period to the time of writing, with weekly and monthly gains at 13% and 52% respectively.

Recent upward momentum has benefited from AI hype driven by forecasts from mainstream companies, including Microsoft, Nvidia and Palantir.

RNDR price up as community votes for key proposal

Render’s upside appears to have defied likely sell-off pressure after on-chain data revealed FTX/Alameda had moved over 974k RNDR tokens. While the transfer of the tokens, valued around $2 million at the time, was probably for selling purposes, the market’s reaction kept bulls in control.

This positivity for the altcoin also came after a community vote passed the RNP-005: Beam Compute Client proposal.

As the Render Network X account shared early Friday, the core proposal submitted on October 23 had passed. RNP-005 saw 1.4 million RNDR, or 99.79% of votes, support the onboarding of cloud platform Beam, which could become the second Compute Client leveraging Render Network’s GPUs for machine learning (ML) workloads.

The community vote for RNP-005 is now closed. The proposal has been passed with 1.4M RNDR (99.79%) for approve and 2.9K RNDR (.21%) for Deny.

The proposal now moves onto “Render Network Team Review.” If it passes technical feasibility the Foundation will post the final RNP-005… pic.twitter.com/JyUeev4zNj

— The Render Network (@rendernetwork) October 26, 2023

Beam’s cloud platform allows for the accelerated development and deployment of AI operations with GPUs. This will be possible without managing infrastructure, the proposal notes. 

As such, integrating with this platform will enable Render’s decentralized GPU network to power the ML workloads. It’s a development that could see Render broaden its utility, with demand a factor for RNDR.

With the community vote closed, the proposal has moved to the next stage of “Render Network Team Review.” If RNP-005 passes technical feasibility at this stage, the Render Foundation will move to publish the final vote – expected on Wednesday, next week.