Rendering the Future

Chart of the Day

BTC has finally found the momentum to surpass the $49k resistance level, and a local top can now be observed near the $49,600 level that is touching the upper bound of a recently-formed ascending channel. A clear break-out above the $50k resistance zone will likely eventuate in larger upside movements for the largest cryptocurrency by market cap, so it will be prudent to keep an eye on that. In a similar vein, ETH has also managed to gather up some upside momentum in the past few hours, and is now trading well above the $4,000 level. Not ones to be outdone, L1 tokens LUNA and AVAX have continued their impressive runs without showing any signs of fatigue. Another project that has done well in recent times would be Yearn Finance, as their token YFI is now up 25% from last week. YFI's price pump comes on the back of a new tokenomics plan that was recently unveiled to the community by the Yearn Finance team, where said plans involve the dedication of $35-45 million to token buybacks on an annual run-rate basis (assuming TVL and margins stay constant). 





Talk of the Town

3D rendering is at the very core of the existence of a metaverse. However, 3D rendering comes with a price — it requires extremely heavy computing resources. Render Network (RNDR), a blockchain-based rendering tool provider, aims to mitigate this very problem. They plan to do so by assigning rendering jobs to a network of tens of thousands of idle GPUs on a peer-to-peer network. So far, RNDR's services have already been engaged by a few renowned artists in the NFT space like Beeple and Pak, and this progress does not seem to be stopping anytime soon. Recently, Render Network managed to raise $30 million in a token round that was led by Multicoin Capital, and this freshly raised capital will go a long way in helping Render Network achieve their goal of building a frictionless and one-stop marketplace on the Solana blockchain.