RNDR Surges Following Solana Expansion; Cardano Releases Native Wallet Lace

Daily Hot Token  — Render Network (RNDR)

U.S. equities remain flat ahead of this week’s CPI and PPI print. The broader cryptocurrency market retreated from the weekend’s spike, with Bitcoin and Ether falling by 0.81% and 3.26%, respectively, in the past 24 hours. The top mover for today is RNDR, which has surged by 16.1% in the past week due to the Solana expansion plan.

RNDR is the native token of Render Network, a protocol based on the Ethereum blockchain which provides distributed GPU rendering power. The recent outperformance of RNDR comes as two community proposals were newly approved, one of which ratifies the previous Burn Mint Equilibrium proposal passed in February this year and expands the protocol to Solana for the consideration of network expansion. In addition, the AI hype has inevitably sent tailwinds to RNDR as the distributed GPU power potentially holds the foundations for AI computation.

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Talk of the Town

Layer 1 blockchain Cardano releases its first native wallet, Lace. The non-custodial wallet sets itself apart by featuring ADA staking and bundled transactions. Users can expect the addition of fiat on-ramp, swap, and other DeFi functions in the future. With the aim of becoming a one-stop platform for a variety of services, it seems like Cardano is going above and beyond to make trading processes easy for new users to navigate.

Check out what else is buzzing in the crypto scene today:

A16z Highlights Web3 Strength in Its Second ‘State of Crypto’ Report. (Link)

CryptoGPT raises funds at a $250 million token valuation. (Link)