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Highlights
- The global crypto market cap has climbed 2.09% over the previous day
- Fantom boasts minimal transaction fees and almost instant transfers
- The Render network allows its users to share their GPU power in a seamless manner
Following sharp declines witnessed over the weekend, amid ongoing macroeconomic uncertainty and a widely anticipated interest rate hike by the US central bank this week, major cryptocurrencies staged a rebound on Monday.
As of now, the global crypto market cap has grown 2.09% in the last 24 hours and stood at US$1.74 trillion. The largest crypto, Bitcoin, saw a 2.7% growth in its price; other cryptos like Ethereum, Solana, XRP, Cardano, etc., too, are trading higher over previous day.
Amid this backdrop, let us look at the two altcoins- Fantom and the Render token that are seeing a price hike.
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Fantom
Functioning as an open-source, decentralised smart contract platform, Fantom offers decentralised finance services to developers.
Fantom, Cardano, Solana- All about 3 altcoins seen as Ethereum killers in 2022
Its platform uses a scratch-built consensus model, which helps in facilitating DeFi and other such services. The blockchain’s product offering is looked after by the Fantom Foundation, and its ecosystem is based on two technologies, namely Opera and the Lachesis protocol.
It is worth mentioning that here, transactions are confirmed and finalised in a second, costing just a fraction of a cent.
Its in-house token is called FTM, and the crypto has a live market cap of US$2.02 billion. Currently, over 2.5 billion FTM coins are in circulation while the maximum supply is 3.17 billion FTM coins.
Also Read: Why is Fantom (FTM) crypto rising?
Further, token holders can earn rewards by taking their FTM to help secure the network.
At the time of writing, the Fantom token is priced at US$$0.7796, up 11.20% over the prior day.
Render
Launched in 2016 by Jules Urbach, the CEO of OTOY, Render offers decentralised GPU-based rendering solutions, thereby transforming the digital creation process.
The network allows its users to contribute computational power to 3D rendering projects, and in return for their efforts, users receive rewards. In other words, Render’s system eliminates technical barriers associated with network computational systems and connects users looking to perform render jobs with those who have idle GPUs, thus saving significant time and money.
Do Read: How Render Token platform can be useful for digital creators
It makes use of the combined manual and the automatic proof of work system, here, in this case, the proof of render, to verify that all art has been successfully rendered before payment disbursal and art release.
Its utility token is called RNDR, and US$398.5 million is the crypto’s live market cap. Currently, there are over 242.7 million RNDR coins in circulation, while the maximum supply is nearly 536.8 million coins.
The crypto can be bought from several crypto exchanges like Binance, KuCoin, Coinbase, Gate.io and Huobi Global, etc.
At the time of writing, the Render token is priced at US$1.57, up 11.26% over the prior day.
Bottom Line
The use of cryptocurrencies has been fattening in recent years. However, being volatile and risky, crypto investments must be made prudently and with due diligence.
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