RENDER

Render Network

AI

A GPU marketplace for 3D rendering now pushing into AI compute, with burns far below emissions.

Real product, weak token v1.1 · as of 2026-10-21 · framework v1.13 Coinsight · all analyses
Bottom line

Render has a real product with paying 3D artists and a credible founder company in OTOY, and it is widening into AI work through the Dispersed subnet and the Salad integration approved in April 2026. The token story is weaker: monthly burns of ~45k to 63k RENDER in mid-2026 covered only about a tenth of the ~492k RENDER emitted, and burns were down ~60% year on year. Price is +50% year to date but still −86% from the March 2024 ATH and roughly level with BTC over 12 months. Usage growth from AI jobs has to show up in the burn before the BME model works in holders' favour.

Scorecard (1–5)
Project
Token performance
Tokenomics
Price
$1.93
+5.1% 24h · +8% 30d · CoinGecko 21 Oct
Market cap
$1.00B
rank #79 · FDV $1.03B
24h volume
$51.6M
5.2% of market cap
From ATH
−86%
ATH $13.53, Mar 2024
2026 YTD
+50%
$1.29 → $1.93
Burn vs emissions
~13%
June 2026: 63k burned vs 492k emitted · burn tracker

The last 12 months

$1$2$3Oct 25NovDecJan 26FebMarAprMayJunJulAugSepOctNovDec2025-12-19: $1.2094$1.21 low2026-01-12: $2.5781$2.58 peak2026-08-13: $1.2534$1.252026-10-21: $1.9293$1.931Dispersed AI subnet unveiled212-month low at $1.213Year 3 emissions begin4Year high at $2.585RNP-023: Salad subnet approved6June burn 63k RENDER72026 low at $1.258September rally +34%9Year 3 emissions period ends
ProductMarketTokenomicsGovernanceAdoptionUpcoming

Daily closes from CoinGecko, 22 Oct 2025 to 21 Oct 2026.

Key events
  1. 1
    12 Dec 25 Dispersed AI subnet unveiled. At Solana Breakpoint 2025, Render presented Dispersed, the customer brand of its compute subnet for AI inference and general GPU work.
  2. 2
    19 Dec 25 12-month low at $1.21. A slide from $2.58 in late October bottoms at $1.21, a 53% drop in under two months.
  3. 3
    20 Dec 25 Year 3 emissions begin. RNP-022 sets 5.9M RENDER of emissions from 20 Dec 2025 to 19 Dec 2026, about 492k a month.
  4. 4
    12 Jan 26 Year high at $2.58. Price doubles from $1.29 on 1 Jan in twelve days, then gives it back by early February.
  5. 5
    16 Apr 26 RNP-023: Salad subnet approved. Approved live at RenderCon in Hollywood; Salad joins as an exclusive subnet with ~60,000 GPUs, paid in RENDER that feeds the burn.
  6. 6
    30 Jun 26 June burn 63k RENDER. About $107k of jobs burned, −60% year on year and ~13% of that month's emissions, per a community burn tracker.
  7. 7
    13 Aug 26 2026 low at $1.25. A steady slide from $2.18 in late May ends at $1.25, close to the December low.
  8. 8
    30 Sep 26 September rally +34%. From $1.42 to $1.91 over the month, with a $2.05 close on 28 Sep.
  9. 9
    Dec 26 Year 3 emissions period ends. The Year 4 emissions budget needs a new RNP vote; no proposal was found in public sources yet.

How a render or AI job flows through Render Network

Creator
Submits a job

Uploads an Octane or Blender scene, or an AI workload via Dispersed.

Payment
Pays in USD or RENDER

Job price is set in USD; the network settles it in RENDER.

Burn
RENDER is burned

The USD value of the job is burned as RENDER under Burn-Mint Equilibrium.

Node operators
GPUs do the work

Independent operators (and Salad's subnet) render frames or run inference.

Verification
Output checked

Frames are verified and delivered back to the creator.

Emissions
New RENDER minted

Operators, creators and the foundation receive tokens from the yearly emissions budget.

Where RENDER comes in: every paid job burns RENDER worth its USD price, and node operators are paid from a fixed emissions budget (5.9M RENDER in Year 3). Price per job does not depend on the token, so value accrues only when job volume burns more than is minted, which is not the case today.

Usage and adoption

RENDER per month, mid-2026
Burned (May–Jun avg)
~54k
Emitted (Year 3 schedule)
~492k

Burns of 45,150 RENDER (May) and 63,281 RENDER (June 2026), about $87k and $107k of paid jobs, against a Year 3 emission of 492,132 RENDER a month (5.9M a year, RNP-022). Burn covered roughly 11% of new supply; year to date to June, net supply grew by ~2.49M RENDER. Burn figures come from a community tracker on X, not the foundation.

  • strong signal
    Jobs burned
    ~$107k / month

    June 2026 (63k RENDER), −60% year on year. The cleanest paid-usage signal.

  • medium signal
    Network fees
    ~$232k

    September 2026, −51% year on year (CoinStats, secondary).

  • medium signal
    Cumulative burn
    ~1.56M RENDER

    Since BME launch, as of 6 Oct 2026; about 0.3% of circulating supply.

  • weak signal
    Frames rendered
    ~82.6M

    All-time, foundation dashboard. Shows history, not current demand.

  • weak signal
    GPU supply
    ~5,600 nodes + Salad

    Plus ~60k GPUs claimed via the Salad subnet. Capacity, not paid usage.

Render has plenty of GPU supply but paid demand is shrinking in token terms: mid-2026 burns were down ~60% year on year and covered about a tenth of emissions. The scoreboard is monthly RENDER burned vs emitted; watch whether Salad and Dispersed AI jobs lift it.

Project

What it is
A decentralised GPU network, live since 2020, that sells GPU time from independent operators to 3D artists and, since late 2025, to AI workloads. Settles on Solana since the 2023 migration from Ethereum.
Team
Founded by Jules Urbach, CEO of OTOY (maker of the Octane renderer). The Render Network Foundation runs governance and treasury; OTOY remains closely involved in core infrastructure.
Technology
Job routing across consumer and data-centre GPUs, tight integration with Octane and Blender Cycles (RNP-014), and a Burn-Mint Equilibrium token model. Dispersed adds a general compute subnet for AI.
Traction
~82.6M frames rendered to date and ~5,600 nodes, per the foundation dashboard. Paid usage is small: network fees of about $232k in September 2026, −51% year on year (secondary source).
Competitors
io.net, Akash and Aethir in GPU DePIN; centralised clouds (AWS, CoreWeave) and render farms for professional work.
Key risks
Emissions far exceed burns; AI compute is crowded and price-competitive; reliance on OTOY's ecosystem; usage data is mostly from secondary trackers.
Roadmap
Scale the Salad subnet and Dispersed for AI jobs, add enterprise GPUs (H100/H200 class), and vote the Year 4 emissions budget before the Year 3 period ends on 19 Dec 2026.

Token performance

1-year return (22 Oct 2025 → 21 Oct 2026, CoinGecko)
RENDER
-22%
BTC
-22%
ETH
-35%

RENDER matched BTC and beat ETH over 12 months. Over 3 years it is roughly −19% (from ~$2.39, an end-October 2023 monthly figure; prices earlier that month were lower, so treat this as approximate), far behind BTC (+179% from ~$29.7k) and ETH (+53% from ~$1.6k). 3-year figures are manual because the free CoinGecko API covers 365 days.

Range 2026
$1.25 low (13 Aug) to $2.58 high (12 Jan), daily closes; now $1.93
12-month drawdown
−53%, from $2.58 (27 Oct 2025) to $1.21 (19 Dec 2025)
Liquidity
$51.6M traded in 24h, 5.2% of market cap; rank #79
Relative strength
−21.9% over 12 months, level with BTC (−22.1%) and ahead of ETH (−35.4%); +49.8% year to date
ATH check ATH check passed. The $13.53 high (17 Mar 2024) came about four years after launch during the AI-token rally, so it is used as the reference; price is now 86% below it.

Tokenomics

Supply
~518.8M circulating, ~533.5M total, 644.2M max. FDV ($1.03B) is close to market cap ($1.00B).
Emissions
5.9M RENDER in Year 3 (20 Dec 2025 to 19 Dec 2026, RNP-022), ~492k a month or ~1.1% of circulating supply.
Unlocks
No investor cliffs; new supply comes from the emissions budget split between node operators, creator rebates and the foundation.
Utility
Payment for GPU jobs (burned), rewards to node operators, and governance votes on RNPs.
Concentration
The foundation receives about half of each year's emissions (~49% in Year 2) and holds a treasury; proposals pass with a 25% supply quorum.
Sinks
Job burns only: ~1.56M RENDER burned cumulatively by early October 2026. No staking yield, buybacks or ETFs.

Bull case

AI jobs from the Salad subnet and Dispersed push monthly burn from ~54k toward the ~492k RENDER emitted, and a leaner Year 4 budget cuts new supply. Price holds above the $1.25 to $1.21 lows and retakes the $2.58 January high.

Bear case

Burns keep falling while ~5.9M RENDER a year is minted, so the token stays inflationary and AI competitors win on price. Price loses $1.25 and heads below the $1.21 December low.

Watch before the next re-run

  • Monthly RENDER burned vs ~492k emitted
  • Year 4 emissions RNP before 19 Dec 2026
  • Paid AI jobs on the Salad subnet and Dispersed
  • $1.25 to $1.21 lows and the $2.58 January high

Where to trade

Krakenlisted

RENDER against EUR · USD

24h $950.5k · ±2% depth $405.6k

OKXlisted

RENDER against EUR · USDT · USDC · TRY

24h $1.06M · ±2% depth $593.5k

Largest exchanges

Exchange24h vol±2% depth
BinanceRENDER/USDT$3.94M$721.1k
CoinbaseRENDER/USD$1.11M$661.4k
OKXRENDER/USDT$1.02M$553.6k
KrakenRENDER/USD$788.6k$424.4k
BybitRENDER/USDT$657.5k$491.5k

Deepest DEX pools

Pool24h vol±2% depth
Uniswap V2RENDER/WETH · Ethereum$25.9k$16.0k
Raydium (CLMM)CLRENDER/SOL · Solana$140.2k$15.9k
OrcaCLRENDER/SOL · Solana$32.6k$12.0k

Pool size (TVL), fee tier and fee APR are not in yet: they need DefiLlama, which this setup cannot reach so far. CL = concentrated liquidity (higher fees, more impermanent-loss risk).

On-chain share of all RENDER volume: 0.8%.

As of 21 Oct 2026 · CoinGecko tickers (24h volume, ±2% depth). ±2% depth is the money it takes to move the price 2% either way: the real size of a market. Exchanges ranked by volume among well-known venues; pools by depth. Not investment advice.

Where to follow

Official
People on X
Code and governance
Data