Markets
Zeta Markets to Suspend RNDR Trading Due to Upgrade
Zeta Markets will suspend trading of RNDR on Monday, July 22nd at 9:00 UTC due to the upcoming Render upgrade.
On Friday, Zeta Markets informed its users via X that due to Render (RNDR) token migration to RENDER, the platform will suspend trading of the current ERC-20 token. Render plans to switch from the current ticker symbol to RENDER on July 26.
Exchanges to support the migration from RNDR to RENDER
Zeta Markets’ announcement comes as most major cryptocurrency exchanges announce support for upgrade.
Binance, OKX, Crypto.com, Kraken, and KuCoin are among those that have revealed plans to automatically upgrade RNDR to RENDER for their users.
Friday updateThe Zeta Markets team said that the trading halt will also see all open positions for RNDR-PERP settled at the prevailing price of the token on the PYTH oracle price feed.
“If you choose to leave your positions as they are, upon closure your unrealized P/L will be automatically converted to realized P/L (settled in USDC),” Zeta Markets warned its users.
To avoid this, users have the option to close their RNDR positions before the scheduled suspension. Zeta will announce any future RENDER re-listings at the time it makes such a decision, the announcement reads.
Render network activity peaks
Render saw a marked increase in network activity prior to the upgrade. On-chain data watch Render’s active address count hit a new peak on July 15, with IntoTheBlock reporting that there were over 1,130,000 new addresses that day.
The 7-day change for new addresses is currently 27.20%, while active addresses and zero-balance addresses on the Render Network have increased by 50.26% and 126.13% over the past week.
Render also saw an increase in the number of transactions ahead of the highly anticipated upgrade.
Over the past 30 days, trades between $1.00 and $10 have increased by 627%, while the 30-day change for trades valued between $10.00 and $100.00 is 459%. Large trades involving more than $10,000 have increased by 70% over the past month.
However, the price of RNDR has fallen by more than 18% in the last 30 days, falling from highs above $8.20 to the current level of $6.48.