Last Friday, Zeta Markets informed its users on the X platform that the trading of the existing ERC-20 token on the platform will be suspended due to the transition of the Render token to RENDER. The Render token’s symbol is expected to be changed to RENDER on July 26. This announcement comes after most of the cryptocurrency world’s leading exchanges announced their support for the upgrade.

Major exchanges such as Binance, OKX, Crypto.com, Kraken and KuCoin plan to automatically upgrade RNDR to RENDER for their users. In this way, users will not need to take any action themselves. However, Zeta Markets has adopted a different approach.

In Friday’s update, the Zeta Markets team announced that the trading halt will also affect all open positions for RNDR-PERP. In this context, the positions in question will be closed at the current price of the token in the PYTH oracle price stream. That is, if users have open positions at the time of the stop, these positions will be automatically closed and their profits or losses will be calculated in USDC and transferred to their accounts.

Zeta Markets warned its users about this situation, saying, “If you leave your positions as they are, your unrealized profit/loss at the time of the stop will automatically turn into realized profit/loss (settled as USDC).” He made a statement as follows.

Zeta Markets users can manually close RNDR positions themselves before the planned suspension to avoid the automatic closure mentioned above. Zeta stated that it will announce any future decisions regarding the relisting of RENDER when it becomes available.

Prior to the upgrade of the render token, there was a significant increase in network activity. Blockchain data shows that the number of Render active addresses reached a new peak on July 15. More than 1,130 new addresses were added to the network that day, according to IntoTheBlock data.

Interest in upgrading is reflected not only in the number of new addresses but also in the number of transactions. There has been an increase of 27.20% for new addresses in the last 7 days. In the same period, the number of active addresses increased by 50.26% and the number of addresses with zero balance increased by 126.13%.

There is also an increase in transaction volume on the rendering network. Over the past 30 days, transactions between $1 and $10 increased by 627%, while the 30-day change for transactions between $10 and $100 reached 459%. Large transactions worth more than $10,000 increased by 70% in the last month.

Despite the activity in the Render token, the price of the token has decreased in the last 30 days. Having retreated from highs above $8.20, RNDR is currently trading at $6.48. This shows that despite the strong investor interest in the upgrade, the negative trend in the overall market also affects the Render price.

In summary, the upcoming upgrade of the Render token is creating activity on cryptocurrency exchanges. Some exchanges, such as Zeta Markets, decide to suspend trading, while others prefer automatic upgrades. Users can go through the upgrade process smoothly by choosing the most suitable option for them.

While investor interest in the upgrade leads to an increase in network activity, the token price declines, affected by market conditions. In the coming days, both the course of the Render price and the approaches of the stock exchanges towards increasing prices need to be closely monitored. What impact this upgrade will have on the Render network and the cryptocurrency ecosystem will become clear over time.