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What is RENDER’s token economics model?
RNDR tokens, the native cryptocurrency of the Render Network, are utilized for payment of rendering services, rewarding nodes for computing power, staking incentives, and network governance.
Dec 04, 2024 at 02:02 am
Step 1: RENDER Token Overview
The RNDR token is the native cryptocurrency of the Render Network, a decentralized network for rendering 3D graphics and simulations. RNDR is an ERC-20 token built on the Ethereum blockchain. It is used to pay for rendering services on the network and to reward nodes for providing computing power.
The total supply of RNDR tokens is 533 million and the circulating supply is currently 271 million. RNDR tokens can be purchased on several cryptocurrency exchanges, including Binance, Huobi, and Coinbase Pro.
Step 2: Token Allocation
The initial distribution of RNDR tokens was as follows:
- Team and Advisors: 20%
- Investors: 30%
- Network Contributors: 33% - Specifically, the original miners and node runners that minted RNDR tokens through Proof-of-Work (POW) and Proof-of-Render (POR).
- Community Development: 10%
- Partnership Distribution: 7%
Step 3: Token Uses and Utility
RNDR tokens are used to pay for rendering services on the Render Network. Users can purchase RNDR tokens on a cryptocurrency exchange and then use them to pay for rendering jobs. The price of a rendering job is determined by the complexity of the job and the desired turnaround time.
RNDR holders also receive staking rewards for maintaining a proportion of their RNDR token holdings on the network. Staking rewards are paid out in newly minted RNDR tokens and rewards are determined by the length of time a holder maintains the stake and also for delegation of their stake to a Katana or Node Provider.
The RNDR token is also used to incentivize node operators to join the network and provide computing power. Node operators earn RNDR tokens for completing rendering jobs and for maintaining a reliable connection to the network.
Step 4: Token Value Accrual
The value of the RNDR token is derived from the demand for rendering services on the network. As the demand for rendering services increases, the demand for RNDR tokens will also increase, which will drive up the price of the token.
In addition, the RNDR token is used for staking and governance, providing additional incentives for holders to accumulate and hold RNDR tokens.
Step 5: Token Economics Model
The RNDR token economics model is designed to create a sustainable ecosystem for the Render Network. The model is designed to attract users, node operators, and investors to the network and to create a virtuous cycle that drives the growth of the network.
Overall, the RNDR token economics model is well-designed and should be able to support the growth of the project.
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