What is Render Network (RENDER)?

The Render Network helps connect individuals seeking rendering services with those who have unused Graphics Processing Units (GPUs) available for processing. By linking their GPUs to the Render Network, owners can undertake and complete rendering tasks for others using OctaneRender. When users require rendering work, they can send RENDER (Render Tokens) to the assigned render operator, and a small portion of RENDER is retained by OTOY to facilitate the transaction and support the functioning of the Render Network.

Upon registering their idle GPUs on the Render Network, these GPU owners become "Node Operators" and have the opportunity to earn RENDER Tokens. They achieve this by accepting rendering jobs from "Creators," who are individuals seeking rendering services. Creators submit their files to the Render Network, which then assigns them to the Node Operators. To sustain the network and enable smooth transactions, Render receives a small percentage of the RENDER distributed as compensation.

What is RENDER token?

On November 2, 2023, the Render team announced a major upgrade of their network, shifting support from the Ethereum network to the Solana network. Per the upgrade, RNDR ERC-20 (Ethereum) tokens became eligible to be converted to RENDER SPL (Solana) tokens via the Render upgrade bridge. The maximum supply of RENDER remains the same at ~536 million units.

On August 13, 2024, Wealthsimple upgraded client holdings of RNDR (Ethereum) to RENDER (Solana). This upgrade occurred on a 1:1 basis, and trading for RENDER (Solana) is now enabled.

RENDER is a Solana Program Library (SPL) token that provides “Creators” with the ability to leverage unused GPU capacity run by “Node Operators” on the Render Network. The RENDER token serves as a form of payment for rendering services.

Risk statement

Before trading any crypto assets it is important to understand the risks. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

No securities regulatory authority or regulator in Canada has evaluated or endorsed the Crypto Contracts or any of the crypto assets made available through the platform. 

Wealthsimple has performed an assessment of whether RENDER can be supported by Wealthsimple’s platform, including whether RENDER is a security and/or a derivative and is being offered in compliance with securities and derivatives laws.

We evaluated RENDER based on publicly available information, including (but not limited to):

• The creation, governance, usage and design of RENDER, including the source code, security and roadmap for growth in the developer community and, if applicable, the background of the developer(s) that first created RENDER;
• The supply, demand, maturity, utility and liquidity of RENDER;
• Material technical risks associated with RENDER, including any code defects, security breaches and other threats concerning RENDER and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them;
• Legal and regulatory risks associated with RENDER, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of RENDER; and
• Statements made by regulators or securities regulatory authorities in Canada and other jurisdictions regarding whether RENDER, or generally about whether the type of crypto asset, is a security and/or a derivative.

Wealthsimple monitors ongoing developments related to crypto assets available on its platform for significant changes that may affect Wealthsimple’s original assessment of those assets, including Wealthsimple’s assessment of the application of securities and derivatives laws. Any significant changes relating to RENDER may result in changes to this Crypto Asset Statement and/or Wealthsimple’s ability to support RENDER.

Like all other crypto assets, there are some general risks to investing in RENDER. These include short history risk, volatility risk, liquidity risk, demand risk, forking risk, cryptography risk, regulatory risk, concentration risk, electronic trading risk and cyber security risk. Please review the Wealthsimple Crypto Product Risk Disclosure for additional discussion of general risks associated with the crypto assets made available through the platform.

We emphasize that this Crypto Asset Statement is not exhaustive of all risks associated with trading RENDER. Investors should perform their own assessment to determine the appropriate level of risk for their personal circumstances.

Wealthsimple is offering Crypto Contracts in reliance on a prospectus exemption contained in the exemptive relief decision Re Wealthsimple Investments Inc. dated December 18, 2023 (the Decision). 

The statutory rights of action for damages and rescission in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under securities legislation of other jurisdictions of Canada, do not apply in respect of this Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.

Last updated: August 13, 2024