What is Render Network (RNDR)?
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 RNDR (Render Tokens) to the assigned render operator, and a small portion of RNDR 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 RNDR 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 RNDR distributed as compensation.
What is RNDR token?
RNDR is an ERC-20 utility token that provides “Creators” with the ability to leverage unused GPU capacity run by “Node Operators” on the Render Network. The RNDR token serves as form of payment for rendering services. There is a maximum supply of ~536 million units.
On November 2, 2023, the Render team announced a major upgrade of their network, shifting support from the Ethereum network to the Solana network. RNDR ERC-20 tokens may be converted to RENDER SPL (Solana) tokens via the Render upgrade bridge. Note that this upgrade does not currently impact trading of RNDR at Wealthsimple. Although RNDR does not currently feature transfer support at Wealthsimple, transfer support is expected sometime in 2024.
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 RNDR can be supported by Wealthsimple’s platform, including whether RNDR is a security and/or a derivative and is being offered in compliance with securities and derivatives laws.
We evaluated RNDR based on publicly available information, including (but not limited to):
- The creation, governance, usage and design of RNDR, 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 RNDR;
- The supply, demand, maturity, utility and liquidity of RNDR;
- Material technical risks associated with RNDR, including any code defects, security breaches and other threats concerning RNDR 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 RNDR, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of RNDR; and
- Statements made by regulators or securities regulatory authorities in Canada and other jurisdictions regarding whether RNDR, 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 RNDR may result in changes to this Crypto Asset Statement and/or Wealthsimple’s ability to support RNDR.
Like all other crypto assets, there are some general risks to investing in RNDR. 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.
Additional Risks / Information
Wealthsimple only supports the ERC-20 version of RNDR and does not support the version of RNDR available on the Solana blockchain. Wealthsimple cannot bridge or convert the ERC-20 version of RNDR to the token on Solana. If you wish to bridge or convert your ERC-20 version of RNDR, you must first withdraw it and then bridge or convert it using tools provided by the platform or protocol, which may subject you to additional risks.
We emphasize that this Crypto Asset Statement is not exhaustive of all risks associated with trading RNDR. 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: January 1, 2024