Zeta Markets to halt RNDR trading due to upgrade

Zeta Markets will cease trading of RNDR on Monday, July 22 at 09:00 UTC due to the upcoming upgrade of Render.

On Friday, Zeta Markets informed its users that the platform will be suspending trading of its existing ERC-20 token due to the migration of Render’s (RNDR) token to RENDER via X. Render is expected to switch from its current ticker symbol to RENDER on July 26.

Exchanges will support the transition from RNDR to RENDER

Zeta Markets’ announcement comes after most leading cryptocurrency exchanges announced that they would support the upgrade.

Binance, OKX, Crypto.com, Kraken, and KuCoin are among those that have announced plans to automatically upgrade RNDR to RENDER for their users.

The Zeta Markets team said in its Friday update that the trading halt will also result in all open positions for RNDR-PERP being closed at the current price of the token on the PYTH oracle price feed.

Zeta Markets warned its users that “If you choose to leave your positions as is, your unrealized P/L at the time of the stop will automatically convert to realized P/L (calculated in USDC).”

To avoid this, users have the option to close their RNDR positions prior to the planned suspension. Zeta will announce a future relisting of RENDER when it makes such a decision, the announcement states.

View network activity spikes

Render saw a significant increase in network activity ahead of the upgrade. On-chain data shows that the number of Render active addresses reached a new peak on July 15, with IntoTheBlock indicating over 1.13K new addresses on 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 in the past week.

Create active address table

Render also saw an increase in the number of renders ahead of the highly anticipated upgrade.

Over the last 30 days, transactions between $1.00 and $10 have increased by 627%, while the 30-day change for transactions between $10.00 and $100.00 is 459%. Large transactions involving more than $10,000 have increased by 70% in the last month.

However, the RNDR price has fallen more than 18 percent in the last 30 days, from highs above $8.20 to the current $6.48 level.