MrNasdog Pressure Framework · full analysis
518.23M circulating. Burn-and-Mint Equilibrium mints new RENDER each epoch for compute providers; creators pay for rendering and AI jobs, and that RENDER is burned. No price talk — just the structural read.
Render Network is a decentralized GPU compute network. Tokenomics run on Burn-and-Mint Equilibrium (BME): compute providers earn newly-minted RENDER per a published annual emission schedule, and creators pay in fiat that the Foundation converts to RENDER and burns at the end of each weekly epoch. Mint is rule-based by governance proposal; burn is mechanical to every completed job. Net direction depends on whether network usage (burn) outpaces the emission schedule (mint).
The RENDER token migrated from a legacy Ethereum ERC-20 to a Solana SPL token in 2023. The Solana mint authority is currently active: the BME schedule mints into the SPL supply each epoch. There is no hard supply cap — the ~644M figure aggregators publish is a soft economic ceiling assuming the current declining emission curve continues.
Net 90d % = (sell total − buy total) / circulating × 100
Last 90 days · sell total
0.27% of circulating
Next 90 days · sell projected
~0.27% of circulating
SOURCE #1
Last 90 days
RNP-018 set the Year 2 annual cap at 5.91M RENDER. The 2025 Annual Financial Overview reports actual 2025 emissions of 5.64M RENDER. Split evenly between Network operations (compute providers) and Foundation operations. A 90-day slice runs ~1.41M RENDER.
Next 90 days
Same schedule continues through the window — the emission curve is governance-ratified per RNP-018 and only steps down on annual cadence.
Is this rule-based? Yes — the schedule is on-chain governance and the mints happen on a weekly epoch. Confidence is high: barring a new RNP, the next-90d emission should land within a few percent of the projection.
SOURCE #2
Last 90 days
Original 2018 ICO + team allocations were fully unlocked years ago. There is no scheduled cliff remaining.
Next 90 days
Same — no vesting overhang exists to release in the window.
SOURCE #3
Last 90 days
~2.02M RENDER sits in Foundation custody at end of 2025 (cumulative, per the 2025 Annual Financial Overview). Deployment cadence is at Foundation discretion — quarterly grants, ecosystem deals, operational coverage — but no published per-quarter rule. To avoid double-counting, this flow is absorbed into the BME mint row above; only un-deployed custody is genuinely off-market.
Next 90 days
Same shape — Foundation reports flows monthly but doesn't pre-announce them.
Is this rule-based? Partially. The 50/50 split between Network ops and Foundation ops is rule-based per BME design. Deployment timing of the Foundation half is discretionary. Treated as watching · estimate.
SOURCE #4
Last 90 days
No bankruptcy estate distributes RENDER. No long-term-locked RENDER scheduled to unlock in the window.
Last 90 days · buy total
0.10% of circulating
Next 90 days · buy projected
~0.12% of circulating
SOURCE #1
Last 90 days
Render does not run a revenue-funded open-market buyback. The Foundation does not buy RENDER from secondary markets — burns come exclusively from the BME job-completion flow.
Next 90 days
Same — no buyback mechanism is announced.
SOURCE #2
Last 90 days
Creators pay fiat for GPU rendering and AI compute jobs; the Foundation batch-purchases the equivalent RENDER from compute providers at end of each weekly epoch and burns it. Cumulative burns reached 1.0M RENDER by Dec 2025 (≈2 years since BME launch). 2025 alone added ~500K, and burn pace grew +278% year-on-year Jan–Sep 2025 vs 2024 — the load-bearing growth lever.
Next 90 days
Project a modest lift: 2026 Q1 pace was already ~200K / 90d, and RNP-023 (Salad Network subnet, 98.86% first-vote approval Apr 2026) onboards 60–70K daily-active GPUs which should accelerate creator usage and burn through the window.
Is this rule-based? Yes — the burn is mechanical to every completed job. The magnitude, however, scales with network usage, so confidence is moderate. Treated aswatching · fixed mechanism · estimate magnitude.
SOURCE #3
Last 90 days
No Foundation accumulation programme separate from the BME burn flow.
SOURCE #4
Last 90 days
Render does not run a long-term staking lockup programme. Compute providers stake operationally but balances are not exposed as long-term locked.
Plug the totals back into the formula:
Last 90 days = (1.41M − 0.5M) / 518.23M × 100 = +0.18%
Next 90 days = (~1.41M − ~0.6M) / 518.23M × 100 = +0.16%
RENDER reads slightly to market — mint outpaces burn by ~3×. ~1.41M RENDER was minted over the last 90 days while only ~0.5M was burned — about +0.18% of circulating supply to market. The same shape projects forward into the next 90 days, with burn lifting modestly to ~0.6M as the Salad Network subnet ramps under RNP-023.
The line to watch is burn growth. 2025 burns ran +278% above 2024, taking cumulative BME burn to 1.0M RENDER by December 2025. If usage growth continues — RenderCon 2026, the Dispersed AI compute subnet, RNP-023 onboarding 60–70K daily-active GPUs — the burn line could close the gap with the emission line inside 2027. Until then, the structural read is mildly inflationary by design.
Our inflation monitor reads +0.17% supply growth over the same window — gap 0.01pp, well inside the framework's 0.5pp tolerance. ✓ verified.
MrNasdog Pressure Framework analysis of RENDER, Metrics 1 & 2. Data + explanation only. Not financial advice. Updated Jun 4, 2026.