Upgrade RNDR to RENDER

The Render Network Foundation facilitates the governance of the project. Two big votes passed in 2023 impacting the future of the Render Network. In RNP-002 the community voted to move to Solana to power the network as the Layer 1 infrastructure. RNP-006 the community voted on incentives for the community to upgrade their RNDR to RENDER.

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The Upgrade Tool From RNDR to RENDER

The Render Network was launched in 2017 as an Ethereum (ETH) project, and changed over to a Solana (SOL) project in 2023 after a community vote. The Solana switch was proposed for faster transactions, cheaper fees, and the needs of the project to achieve more ambitious goals with more on chain data and transactions.

As of November 2nd, 2023 RENDER, a new SPL token, is live and users can choose to Upgrade.

Incentives to Upgrade

In RNP-006, the community voted on incentives for users choosing to upgrade RNDR to RENDER. 1.14 million RENDER was set aside for those that upgrade. The earliest users that upgrade will be awarded a share of the 1.14M RNDR based on a points system, broken down in cohorts of 40M until 220M. This will be paid out every month to the original upgrading RENDER address, starting with November and lasting until October of 2024. Users in the first 40M RENDER cohort will receive 5 points per RENDER, users in the 40-80M cohort will receive 4 points per RENDER, users in the 80-140M cohort will receive 3 points per RENDER, users in the 140-180M cohort will receive 2 points per RENDER, 180M-230M cohort will receive 1 points per RENDER, and users upgrading after 230M will not receive any incentives.

Example: If 10,000,000 RNDR have been upgraded in month one, a wallet holder of 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 paid to that wallet at the end of month one. In month two, when more RNDR have been upgraded, the total points allocated will be higher and this wallet will receive a smaller proportion, and so on. This will go on for 12 months.

Note for clarity: the Foundation will upgrade RNDR to RENDER in order to fund upgrade incentives until the BME model is launched, and will opt out of incentives.

Gas and Upgrade Fees

This offer has expired as of January 31, 2024. The Render Foundation covered upgrade gas fees for every ETH wallet, captured as of Oct 30, 2023, that has $RNDR tokens, for the first 90 days of the Upgrade. Wednesday, January 31, 2024 was the last day gas fees were eligible for reimbursement.

How to Upgrade

A step by step guide can be found at Using the Solana Upgrade Assistance Tool.

The Upgrade Tool can be found at https://upgrade.rendernetwork.com

Please double check the URL and be aware that scammers are sharing similar looking URLs.

The Upgrade Tutorial

As voted on by the Render Network community in RNP-002, the Render Network will be building out an expansion onto the Solana Blockchain. This guide will cover what you need to know to continue to use the Render Network without a hitch as it expands and grows in the coming months.

One of the most important changes for the everyday user is that Metamask wallets are not supported on the Solana Blockchain, so Node Operators will need to setup Solana compatible wallets in order to continue receiving tokens in exchange for rendering work.

A full Wallet Tutorial is here.

Upgrade Timing and History

The Upgrade tool launched November 1st, 2023. The following are the dates of the epoch (we are defining 30 days as a month). Users upgrading in an Epoch will see their rewards paid out in the following days after the end of that epoch. In the first few epochs some users saw combined rewards, resulting in just one transaction for two epochs. Users should expect one payment per epoch after their upgrade epoch.

Epoch 1: Nov 1 - 26th, 2023

94872.36 RENDER distributed between 18474635.47 RENDER that had been upgraded, all in the 5 point tier. 1000 RENDER upgraded would have resulted in 5.14 RENDER as a upgrade reward for this month. To calculate this you would divide the total rewards by the total upgraded and multiply that by the amount you upgraded, or 94872.36/18474635.47*1000. Or multiply your upgraded total by ~0.0051.

The epoch ended early to get with the rest of the BME schedule.

Epoch 2: Nov 26th - Dec 19th

94864.22 RENDER distributed between 20801781.6 RENDER that had been upgraded, all in the 5 point tier. 1000 RENDER upgraded would have resulted in 4.56 RENDER as a upgrade reward for this month. To calculate this you would divide the total rewards by the total upgraded and multiply that by the amount you upgraded, or 94864.22/20801781.6*1000. Or multiply your upgraded total by ~0.0045.

The epoch ended early to get with the rest of the BME schedule.

Epoch 3: December 19- January 18, 2024

91244 RENDER distributed between 23,375,525 RENDER that had been upgraded, all in the 5 point tier. 1000 RENDER upgraded would have resulted in 3.9 RENDER as a upgrade reward for this month. To calculate this you would divide the total rewards by the total upgraded and multiply that by the amount you upgraded, or 91244/23375525*1000. Or multiply your upgraded total by ~0.004.

Epoch 4: January 18- February 17

92,071 RENDER distributed between 25,725,392 RENDER that had been upgraded, all in the 5 point tier. 1000 RENDER upgraded would have resulted in 3.57 RENDER as a upgrade reward for this month. To calculate this you would divide the total rewards by the total upgraded and multiply that by the amount you upgraded, or 92071/25725392*1000. Or multiply your upgraded total by ~0.00357.

Epoch 5: Feb 17-March 18, 2024

92,071 RENDER distributed between 29,412,245 RENDER that had been upgraded, all in the 5 point tier. 1000 RENDER upgraded would have resulted in 3.13 RENDER as a upgrade reward for this month. To calculate this you would divide the total rewards by the total upgraded and multiply that by the amount you upgraded, or 92071/29412245*1000. Or multiply your upgraded total by ~0.00313.

Epoch 6: March 18- April 17, 2024

92,071 RENDER distributed between 29,885,522 RENDER that had been upgraded, all in the 5 point tier. 1000 RENDER upgraded would have resulted in 3.08 RENDER as a upgrade reward for this month. To calculate this you would divide the total rewards by the total upgraded and multiply that by the amount you upgraded, or 92071/29885522*1000. Or multiply your upgraded total by ~0.00308.

Epoch 7: April 17- May 17, 2024