Markets
Zeta Markets to halt RNDR trading due to update
Zeta Markets will suspend trading on RNDR on Monday, July 22nd at 9:00 UTC due to the upcoming Render upgrade.
On Friday, Zeta Markets notified 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 its current ticker symbol to RENDER on July 26.
Exchanges to support migration from RNDR to RENDER
Zeta Markets’ announcement comes as most major cryptocurrency exchanges announce update support.
Binance, OKX, Crypto.com, Kraken, and KuCoin are among the companies that have announced plans to automatically upgrade RNDR to RENDER for their users.
On Friday updateThe Zeta Markets team said that the trading halt will also result in the liquidation of all open positions for RNDR-PERP at the prevailing price of the token in the PYTH oracle price feed.
“If you choose to leave your positions as they are, upon termination your Unrealized P/L will automatically be 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 re-listing of RENDER when it has made such a decision, the announcement reads.
Highlight network activity spikes
Render saw a significant increase in network activity before the upgrade. On-chain data Shows Render’s active address count hit a new high on July 15, with IntoTheBlock reporting over 1.13k 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% respectively over the past week.
Render also saw a spike in transaction numbers ahead of the highly anticipated update.
Over the past 30 days, transactions between $1.00 and $10 have increased by 627%, while the 30-day change for transactions valued between $10.00 and $100.00 is 459%. Large transactions involving more than $10,000 have increased by 70% over the past month.
However, RNDR price has dropped by more than 18% in the last 30 days, from highs above $8.20 to the current level of $6.48.