Compiled by: Felix, PANews

On November 2nd, Render Foundation announced that the decentralized computing network Render Network has successfully upgraded its core infrastructure from Ethereum to Solana. RNDR token holders can migrate their tokens from the Ethereum blockchain to the Solana blockchain.

After upgrading from Ethereum to Solana, Render Network plans to undergo another upgrade, which involves the launch of the new token "RENDER". This is a new network token based on SPL (Note: SPL is the token standard of the Solana blockchain). The RENDER token will introduce the BME token model (Note: Burn-Mint-Equilibrium model, which requires burning the protocol's native tokens to access services). The upgrade will also include other features, such as new computing client functionality. This upgrade is expected to take place in the coming weeks.

Below are the upgrade process from RNDR to RENDER tokens, the BME model, and the related release and reward structure on the Render Network.

Token Upgrade

Holders can use the upgrade assistant on Upgrade.rendernetwork.com to upgrade RNDR tokens to RENDER tokens. The upgrade assistant is now live, and after approval in RNP-006, the community will formally approve and adopt the release and upgrade of RENDER tokens. Token holders can upgrade RNDR to RENDER at any time. The Render Network upgrade assistant uses the Wormhole cross-chain messaging protocol (Note: Wormhole is a cross-chain messaging platform that connects over 30 blockchains, providing support for use cases such as DeFi, NFTs, governance, and oracles) to facilitate asset transfers between Ethereum and Solana, ensuring a secure and trustless upgrade process.

To expedite the completion of the upgrade, Render Foundation has allocated 1.14 million RNDR tokens in grants in the first year to subsidize Ethereum user transfer fees related to the upgrade. The upgrade assistant plan is valid for three months and will cover the Gas fees for one transfer for each Render wallet. After three months, RNDR token holders must pay their own Gas fees to migrate RNDR tokens to the Solana blockchain. RNDR tokens will continue to be functional in the medium term, with their relative total supply and liquidity exceeding that of RENDER.

Polygon tokens cannot be directly upgraded to Solana; they must be bridged back to the Ethereum mainnet before token transfer. Render Foundation will not cover the cost of bridging Polygon to Ethereum.

All work (3D and AI) on the Render Network will be paid in RENDER tokens. RNDR points can be upgraded to RENDER. The Render points plan will soon depreciate and be replaced by new points in the BME model.

In addition, releases on the network will be in the form of RENDER tokens. RENDER paid to the network by users (artists) and computing clients (or their third-party providers) will be burned by the network after deducting a 5% transaction fee. During the transition period, users (artists) and computing clients will continue to pay the network in RNDR instead of RENDER, and this RNDR will also be burned by the network.

Rewards

Token holders who upgrade to RENDER tokens will be grouped according to the incremental upgrade. Future protocol earnings and rewards will be tiered based on these groups.

Total Upgraded Token Amount:

For each RNDR token upgraded at a given time, a specific number of points will be allocated to the address holder. No points will be allocated for tokens migrated after the 230 million mark (inclusive). Each month, RENDER tokens will be proportionally allocated based on the ratio of points allocated to the wallet to the total points allocated to date.

For example: If 10 million RNDR tokens are upgraded in the first month, the wallet holder with 100,000 RENDER will receive 100,000 x 5 points = 500,000 points. 500,000 points divided by 50 million total points x 95,071 RENDER = 950.71 RENDER. This is the amount of RENDER the address will receive at the end of the first month. In the second month, as more RNDR is upgraded, the total points allocated will be higher, and the proportion received by this wallet will be smaller, and so on, for 12 months.

Initial Allocation after Release

The BME model will be launched in the coming weeks, and once the BME model is deployed, the initial allocation after release will be as follows:

1. A total of 9,126,804 RENDER tokens will be minted on the network, representing the entire release amount for the first year mentioned in RNP-001.

2. This is equivalent to 760,567 RENDER tokens per month. According to proposal RNP-003, 50% (380,284 RENDER tokens) will go to the network, and 50% will go to the Render Foundation.

3. Node operators will receive 50% of the monthly network release amount (190,142 RENDER tokens).

4. In the first 3 months, the remaining 190,142 tokens will be allocated to the liquidity reward pool. After that, in the next 6 months, this portion will be split, with 50% (95,071 RENDER tokens) allocated to the liquidity reward pool and 50% (95,071 RENDER tokens) allocated to the user (artist) reward pool. After that (9 months after BME deployment), all remaining release amount (190,142 RENDER tokens) will be allocated to the user (artist) reward pool.

5. Up to 1.14 million RENDER tokens (25% of the foundation's first-year release amount) will be allocated for incentivizing computing clients in the first year. The Render Network Foundation has committed to distribute 300,000 of the total 1.14 million RENDER tokens by December 31 to incentivize new GPU node operators to join the computing client.

6. Additionally, up to 1.14 million RENDER tokens (25% of the foundation's first-year release amount) will be allocated for point incentives in the first year.

Operational Steps

Here are the operational steps for correctly using the tool and upgrading RNDR to RENDER:

First, visit Upgrade.rendernetwork.com. It is recommended to enter the URL in the browser to verify that you are on the correct page.

You should see this exact page. If not, please manually re-enter the URL or contact the network team.

Click "Connect" under "Connect Your Ethereum Wallet".

If you have an ETH wallet outside of Metamask, select "Metamask" or "WalletConnect":

If using a desktop connection, select the "Desktop" tab, then click "Connect using Metamask extension".

A Metamask window should appear. Select the account containing your RNDR, then click "Next".

On the next page, click "Connect".

Then, your wallet should show as connected under the Step 1 tab.

Under "Connect Solana Wallet", select your wallet.

• Choose your wallet option from Phantom, Solflare, and Torus. If you have a wallet plugin installed on your browser, one of these wallet options should be detected.
• A window should appear showing your selected wallet (in this case using Phantom). Select "Connect".

After connecting both wallets, enter the amount of ETH-RNDR to be transferred to SOL-RENDER, then click "Transfer".

Two transactions will appear on Metamask. The first is the transaction to allow token transfer, followed by the token transfer itself.

A Metamask window should appear, showing the total amount of tokens being transferred and the estimated Gas fee for the transaction. Check these details, and if correct, click "Confirm".

The transaction will take approximately 15 minutes, but the time may vary based on blockchain factors, so it is recommended to monitor your token transfer using a network browser such as Etherscan.

Reference: Render Network

Related Reading: Why Render Network is migrating to Solana and building a mint and burn model

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