RENDER Emissions and RNDR Metrics (Legacy) Summary
Breaking down the history and mechanics behind the RNDR token and RENDER SPL Token
Last updated
Breaking down the history and mechanics behind the RNDR token and RENDER SPL Token
Last updated
The Render Network has migrated to a new Burn Mint Equilibrium (BME) model passed by Render Network governance in . Updates to Burn Mint Equilibrium (BME) emissions have been made in , , and . Legacy RNDR ERC-20 token information is summarized below.
A total of 117,843,239 RNDR out of 536,870,912 RNDR have been allocated since the public token sale in October 2017. These numbers will be fully updated via our — we are currently in the process of verifying everything with them to provide clarity to our users.
Circulating Supply: 156m RNDR*
Total Supply: 522m RNDR**
Max Supply: 536m RNDR***
* A total of 6m RNDR from the RNDR Reserve (“RR”), see below, have been set aside for user acquisition.
** As the network scales, we will need to flow more tokens into the ecosystem. These tokens will either come through the Render Reserve as user acquisitions, bonuses for node operators, airdrops, or other future token allocation methods. In the meantime, these tokens are sitting in a third-party custody and escrow account.
*** The oversupply on the old contract of 1,610,612,736 (1.61bn) RNDR will be burned — more on the details in a later blog post. For final allocations, see Token Migration below.
RNDR Token Allocation:
25% sold
10% in the RNDR Reserve (“RR”)
65% in escrow* (for supply/demand flowback to the network)
*The escrow tokens will sit in a third-party custody account.
A significant number of tokens were not issued to the company or the team during the initial public sale or the follow up private sale. The addresses for the RNDR Reserve as well as the Escrow will be made public once the tokens are migrated (see below) and the addresses are set up.
The costs to run and maintain the RNDR Network will be covered by a variable network transaction fee on every job ranging from 0.5–5% of the total RNDR needed to process the job (adjusted against GPU supply and Creator demand).
The sale took place in two phases. The project kicked off with a public sale on the Ethereum blockchain followed by a private sale phase in the months after. All tokens sold have been issued on the old Ethereum contract.
Public Sale: Oct 2017
Public Sale Price: 1 RNDR = $0.25 USD equivalent of token*
Public Sale Bonus: 20% Genesis Bonus (Dec 5, 2018)
Public Sale Vesting: none
*The ETH/RNDR exchange rate was 1150 RNDR per 1 ETH for the token sale. This was decided by taking a 30-day weighted average of the price of ETH when the sale started.
Private Sale: Jan 2018 — May 2018
Private Sale Price: 1 RNDR = $0.25 USD equivalent of token*
Private Sale Bonus: 2.5% to 30% Bonus
Private Sale Vesting: none
*Converted to ETH at time of purchase
Migration ratio: 1 RNDR old => 1 RNDR new
Currently migrated: 504.8m RNDR
Migration end: Migration stays open indefinitely
Migration supply limit: 536,870,912 RNDR*
* The oversupply on the old contract of 1,610,612,736 (1.61bn) RNDR will be burned by July 2020. More on how this process will occur will be announced before the actual burn date.
There is a limit on how much we can withdraw on ProBit on a daily basis, and we will continue to flow tokens into the address. The plan is to continue to transfer previously purchased RNDR to this address and use this wallet as a way to increase user acquisition over the coming months.
To date, we have acquired 3.2m tokens from ProBit at an average price of about $0.042. We will continue to purchase tokens from time to time in order to support faster network growth and initiatives like the RNDR Credit system.
The RNDR team is constantly exploring ways to make a more sustainable ecosystem for users, including working with partners who align with RNDR’s mission to provide easy and secure access to the network for all node operators and creators. Due to the current nature of exchange news and listings, we can only announce developments when confirmed by our exchange partners. Please turn on Telegram/Twitter notifications, as well as Medium reminders in order to stay up to date on any updates that may occur over the coming weeks and months.
— The RNDR Team
RNDR Token’s migration updates the ERC-20 tokens distributed to token holders to include additional escrow smart-contract functionality. , (or 2^29). This number was derived from our analysis on the supply/demand for rendering over the next 10–12 years.
New contract:
These tokens will flow back to creators and new users on the RNDR ecosystem in order to provide an easier way to get started using RNDR, ultimately helping scale the network for both creators and node operators. Although the initial timeline for token purchasing has completed, we will continue to purchase tokens on the open market as needed for user growth + user acquisition efforts.
We have since made an .
The RNDR token information is available from and .
Coinbase recently announced that they are exploring the addition of a range of new assets. .
The network also introduced RNDR Credits, an easy creator friendly way to purchase rendering power on the network using and . These Credits are non-exchangeable and only usable on the network. The RNDR Network uses tokens purchased on the open market to support this RNDR Credit system. As new payment options are created we will release information on the .