KEY TAKEAWAYS
- The Render Network Foundation is deprecating RNDR tokens on the Polygon Network, transitioning to Solana-based RENDER tokens.
- A new bridge facilitates a 1:1 upgrade from Polygon to Solana, streamlining the process and reducing costs.
- A security incident involving unauthorized access to a legacy wallet prompted the deprecation of RNDR on Polygon.
- Token holders are advised to use the new bridge and cease trading legacy Polygon RNDR tokens.
The Render Network Foundation has announced the deprecation of RNDR tokens on the Polygon Network, marking a significant shift in its operational strategy. This move comes as part of a broader upgrade from the Ethereum ecosystem to Solana, which began in 2023. The foundation has introduced a new bridge, accessible at atpolygon.rendernetwork.com, allowing holders of RNDR on Polygon to upgrade to Solana-based RENDER tokens on a 1:1 basis.
To facilitate this transition, the Render Network Foundation recorded a snapshot of token holdings on the Polygon Network at block number 73443862. Only wallets holding RNDR at that specific point are eligible to use the bridge. This direct bridge aims to streamline the upgrade process, eliminating the previous two-step procedure and reducing associated costs.
Security Concerns Prompt Action
The decision to deprecate RNDR on Polygon was accelerated by a security incident involving unauthorized access to an inactive wallet linked to a legacy Polygon RNDR contract. This incident potentially affected up to approximately 1.4 million RNDR tokens, representing less than 0.3% of the circulating supply. Despite the breach, no funds were lost.
In response, the Render Network Foundation, in collaboration with the Polygon Council and an external third-party auditor, took measures to mitigate risks. These efforts included deprecating the bridge between RNDR on Polygon and the Ethereum Mainnet, ensuring the security of legacy Polygon tokens.
Guidance for Token Holders
Token holders of RNDR on the Polygon Network are advised to cease trading these legacy tokens and utilize the new bridge to upgrade to Solana-based RENDER tokens. This upgrade does not impact Ethereum-based RNDR or Solana-based RENDER tokens, and no action is required for holders of these tokens.
For further assistance, RNDR token holders on Polygon can contact support at support@renderfoundation.com. It is recommended to verify information through official Render Network channels before proceeding with any transactions.
The Render Network Foundation’s announcement can be read in full here.
Why This Matters: Impact, Industry Trends & Expert Insights
The Render Network Foundation’s decision to deprecate RNDR tokens on the Polygon Network and transition to Solana reflects a strategic shift in response to security concerns and aims to enhance operational efficiency.
Recent industry reports indicate a noticeable trend in blockchain migration towards Solana, which is praised for its high performance and appeal to developers. This aligns with the Render Network’s move to Solana, which is expected to improve transaction efficiency and support complex rendering tasks.
As per insights from expert reviews, the switch to Solana is seen as a strategic move due to its higher throughput and lower transaction fees. This supports the Render Network’s operational needs and enhances its capacity to handle sophisticated rendering processes, positioning it well for future growth.
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