Leading AI + DePin Project
Render Deep Dive
Capitalising on its transition to Solana and the expanding AI bubble, Render has seen a 300% increase over the past year, signalling that this growth could just be the beginning.
Here's your comprehensive analysis and project scorecard for $RENDER.🧵
Here's what we'll cover:
Overview
Use Case
Adoption
Revenue
Tokenomics
Treasury
Governance
Team & Investors
Competitors
Risks & Audits
Summary
Note: I am NOT an advisor or ambassador of Render.
The Render Network is a blockchain based global rendering platform that uses GPU power for digital photon tracing and 3D content creation.
It connects node operators with artists to monetise unused GPU power and scale intensive 3D rendering work and applications to the cloud.
The Render Network serves artists, engineers, designers, and developers, offering GPU resources for creative, scientific, and industrial projects.
It allows for cost-effective production that could be prohibitive with local infrastructure or centralized services.
Since its inception, @rendernetwork has rendered over 33 million total frames.
It has been used to create works ranging from blockbuster TV shows and films to large-scale stadium graphics, and some of the most iconic 3D non-fungible token (NFT) collections.
The $RENDER token enables payment transactions between artists and node operators using a Burn & Mint Equilibrium (BME) system:
Artists burn $RENDER for work credits.
The network mints or allocates $RENDER to operators based on completed work and reputation.
$RNDR, launched in 2017 as an Ethereum token, transitioned to the Solana blockchain in 2023 as $RENDER, following a community vote.
This move aimed to speed up transactions, lower fees, and support the project's goals of managing more on-chain data and transactions.
When upgrading RNDR ERC-20 tokens to RENDER SPL tokens, there is a 1:1 upgrade ratio. 1 $RNDR = 1 $RENDER. The transition is still in progress.
Current supply stats:
Circulating supply: 34.7m
Total supply: 39.9m
Market cap: $3.9b
FDV: $5.4b
Market cap/FDV: 73%
According to Token Terminal, the Render Treasury currently holds $1.45 billion in on-chain funds.
The Treasury is managed by the Render Network Foundation, a non-profit organization committed to maintaining the core Render Network protocol and growing its community.
Governance of the Render Network is managed by the Render Network Proposal (RNP) System. The process includes:
Initial Proposal or Grant
Draft Submission
Initial Proposal Vote
Render Network Team Review
RNP Vote
Implementation
So far there have been over 15 RNPs.
Founded in 2017 by Jules Urbach, then CEO of OTOY, a company specializing in rendering and computer graphics, the Render Network project has raised over $47m through a Public Sale and Funding Rounds.
Noteworthy investors include Multicoin Capital, Solana Ventures, and Sfermion.
Render plays a role in various narratives such as AI and DePin. Its primary competitors are:
Akash Network $AKT
Filecoin $FIL
Golem $GLM
IONET $IO
Nuco cloud $NCDT
OctaSpace $OCTA
@rendernetwork holds a significant first-mover advantage in this field.
Render has obtained a CertiK score of 79.68, placing it at 751st among all cryptocurrencies evaluated by the company.
Although CertiK has not performed any code audits themselves, Render has revealed that Otter Security has audited their bridge code (ETH to Solana).
Overall, I am pretty bullish on @rendernetwork . Over the past year, they have been one of the best performing tokens.
Upcoming catalysts:
Transition to Solana blockchain
Growth in the AI + DePin narrative
Partnerships (e.g. @ionet )
Overall weighted score = 8.50