Zeta Markets, a prominent cryptocurrency exchange, has announced that it will temporarily halt the trading of RNDR on Monday, July 22 at 9 am UTC. This decision comes as Render, the platform behind RNDR, prepares for an upcoming upgrade.
In a notification sent out to its users, Zeta Markets explained that the suspension of trading is necessary due to Render’s token migration to a new token called RENDER. The transition from the current ticker symbol to RENDER is scheduled to take place on July 26.
Several other major cryptocurrency exchanges, including Binance, OKX, Crypto.com, Kraken, and KuCoin, have also announced plans to support the upgrade by automatically converting RNDR to RENDER for their users.
As part of the trading halt, all open positions for RNDR-PERP will be settled at the token’s prevailing price on the PYTH oracle price feed. Zeta Markets warned its users that any unrealized profits or losses will automatically convert into realized profits or losses, settled in USDC, at the time of the halt.
To avoid any potential losses, users have the option to close their RNDR positions before the scheduled suspension. Zeta Markets has stated that it will announce any future re-listing of RENDER once a decision has been made.
Leading up to the upgrade, Render has experienced a significant increase in network activity. On-chain data shows a spike in active addresses, with a 7-day change of 27.20% for new addresses. Additionally, the number of active addresses and zero-balance addresses on the Render network has increased by 50.26% and 126.13% respectively in the past week.
Transaction activity on the Render network has also surged, with a 627% increase in transactions valued between $1.00 and $10.00 over the past 30 days. Large transactions exceeding $10,000 have seen a 70% increase during the same period.
Despite the heightened network activity, the price of RNDR has dropped by over 18% in the past 30 days, from highs above $8.20 to the current level of $6.48.
Overall, the upcoming upgrade and trading halt on Zeta Markets reflect the growing interest and activity surrounding Render and its native token, RNDR. Investors and traders are advised to stay informed and take necessary precautions to mitigate any potential risks during this period of transition.