RENDER Has Real GPU Demand—But Does the Token Capture It? | Daily Crypto IQ🧠

How does render work? I know it helps AI images or something. Do you like buy the token to use their service or something? Hey, I don't want to spoil it. You're going to have to hang around to hear the answer to that question, but you're certainly on to the right idea. So, this is a network selling a recognizable service, right? Rendering service is not something nobody had ever heard of before and it's certainly not something that's like only exists in blockchain, right? Rendering services have existed for quite some time. Artists submit demanding graphic works, right? Sorry, I'm choking on my coffee. Hold on, I need another sip of it. It's too good. Distributed GPU. Render it. Right. So, an artist submits a design or something, a graphic, then the GPUs render it, hence the name rendering, and render is

burned as part of the payment process. That's a little hint answer to your question there. That is a much more direct economic connection than we find in many cryptocurrency projects. So, we're on to something good. You might want to stick around for this one. But it does not settle the autopsy, right? It's not settled right there just because we know that it burned something, right? Look at Reliable Jay. Reliable Jay just gifted five memberships. I appreciate you so much. Reliable Jay, thank you very much. Chill Will, Cars to Crypto, uh, Satoshi 111, uh, SBK Cam, and who did I miss there? Rosario Sorbelloo. All right, guys. A lot of names there who I've never seen in the chat. Feel free to drop a chat and join that free discord. Uh, congrats on that free membership. So, the same system

also creates scheduled render emissions. So, you have burn, but you also have emissions to compensate the node operators and of course to fund the network development. A token can have real burns and still experience net inflation if emissions remain larger than what is being burned, right? Think of it this way. If you had a cup of water, right, and it had a straw in it, and somebody was drinking out of that cup of water, maybe at your local restaurant, but the server is pouring water into the cup as they drink it. You get what I'm saying? I think this is a good metaphor. I think I'm on to something here. how much water they're drinking, how fast they're drinking it is how much is coming out of the cup. And how much the server is pouring into it is

how fast the cup is being filled. So something that is deflationary is the person who's drinking out of the cup, taking things away. Where emissions and things that are increasing or inflating the supply is the waiter pouring the water into the cup. I'm going to save that one. I think that one's good. I just came up with that off the fly. So tonight we are going to be separating three things that are frequently blended together. Real demand for GPU computing, real usage of the render network, and of course real value captured by the render token. Those are related, but they're not interchangeable. Render has a real product and a genuine token uh consumption mechanism. The unresolved question is whether paid network activity is large enough to overcome emissions competition and of course central point [music] of failure. So, let's

do our uh signal versus noise here. And let's get that up on the screen because of like I always say, I know some people are visual learners and I know that they're going to want to see the notes for tonight. Let's see what we going on. Cam says, "Ccbp told me I was the most beautiful girl in the world." Congratulations, Cam. All right, so here's the development. Amazon agreed to purchase up to 60 billion of Qualcomm AI data center products under a longterm arrangement. This is kind of a news segment, but we're doing signal versus noise, meaning signal important, noise un less important or unimportant, right? So, Amazon has already agreed to this Qualcomm uh AI data center products, right? $60 billion is kind of what they've agreed to over a long-term arrangement. Signal, of course, it is important

because demand for AI infrastructure and specialized computation is undeniably a real thing. Noise to remove though. Centralized AI spending does not prove customers will use render network or purchase render. So, we're saying just cuz you have a story about data centers and things like that doesn't mean that render is included in that, right? And sometimes people just correlate what they want to hear. They're invested in a product. So, when they hear something that has similar terminology or similar, they just assume Render is somehow going to benefit from it. Not always the case. Here's another story. Approximately 320 million was withdrawn from Liquid Network Federation wallet in a reported hack. Now liquid is the company architectural operational controls and trust intermediaries still matter in blockchain infrastructure. So that signal what is noise though is that blockchain secured does not mean

every surrounding contract bridge or federation is equally secured. They can fluctuate where they're getting their security from. Right? So the Amazon Qualcomm agreement demonstrates the enormous realworld market render wants to address, but it also demonstrates the financial strength of its centralized competitors. So it's got competition. [music] And of course, the liquid incident is a useful reminder that demonstrates claims must include the operational system around the blockchain, not merely the blockchain itself. And I just want to say that it does seem to be true that out of this 320 million that was taken by some white hats, usually meaning good people, um 286 million, something like that has been recovered. So they've already recovered a large chunk of it here. Blues guy, welcome in. Welcome in. Shout out to all my undergrounders. Thank you all for being here. So product

before the token. So kind of before we get into the token itself and how much value is captured, it is good to know what things are and where they fit in in crypto and who their competitors are. We're going to get through all of that here. So render network connects people who need GPU rendering. That part is relatively simple, right? with operators who can provide compatible GPU cap uh capacity or capability right the customers who might use render right that that's a good place to start here 3D artists motion graphic designers [music] animators visual effect creators uh architects and visual professionals and there's a lot of people just in those first categories independent filmmakers studios with temporary rendering demands and potential AI and generated computation customers or compute. I always say computation same thing. The problem a complex 3D

scene can take hours, days or weeks to render on one local machine. So without buying GPU and all this extra stuff, you just do it on like I don't know the computers they have there. It could take them a really long time. Movies already movies for example, uh they already take forever to do. You don't want to wait days or [music] weeks for like one little piece of a scene. A distributed network can divide that workload amongst multiple GPUs and get it done very quickly. So they have a good product and a good use case. Of course, the product is the customer purchasing completed computational work, not a speculative coin. So their customers are not there for the coin. They're there for what render can do as a product. The blockchain does not render the images, right? Let's get

that out of the way. GPUs perform the rendering. Job file scheduling, processing, and output verification largely occur away from the blockchain. Salana is used for token settlement, emissions, and parts of the government governance. So, we want to connect this project to Salana. Of course, that does not make the product illegitimate though. It tells us precisely where blockchain is and is not necessary. So, the fact that it's not rendering the actual service on blockchain shouldn't damage your confidence in Render's ability to do what it does, even if you're a blockchain maximalist, if you will. Chat's going ham. Keep that chat running. Keep that chat running, guys. Okay, so what has actually been accomplished here? First thing I'm going to accomplish is sipping some more coffee. Ah, perfect. So, the Foundation dashboard currently reports frames and rendered since inception. So, we're

going to get a little bit numbers here, but I'm going to try to dial it back so we don't get too crazy. Reportedly, they've rendered about, let's just, can we call that 80 million 79.9 something? Almost 80 million things have been rendered, I guess. I don't know the proper way to say that. And what that proves, of course, is that the network has processed substantial real workloads. So, it's a little bit battle tested when you've done 80 million renderings nodes. Since inception, since the project was created, 5,600 GPU suppliers have participated. How many are participating today? I don't know. We'll get there. Cumulative render burned by December 2025 is 1 million. And that was paid work has produced or paid work has produced observable token consumption. So what we're saying is render is burned all the time when render

is doing its product. [music] Right? And of course 2025 scheduled emissions are 5.6 million render. You see the difference? Uh million burned and we're going to have in 2025 it looks like 5.6 6 million burns must be evaluated against the newly created incentive. Hence my metaphor with drinking a glass of water why somebody pours more water into it. So what does all those numbers really matter? So the current dashboard figures are reported by render network foundations that come straight from the source. So they are useful preliminary data but still self-reported ecosystem statistics rather than independent audited revenue. So that tells you that we're taking that from them as truth. It could be, it could not be. So December 2025 milestone confirms that 1 million render has been burned. The foundation's annual report separately states that 5.6 6 million and

some change render was also omitted during 2025. So five times more render probably 5.5 times more render if I'm doing math correctly today was issued than what was burned. So we're not in a deflationary territory yet. Now they're not identical reporting periods and some emission allocations remained in operational balances. So are they circulating? Are they not circulating? Right? And so we cannot treat it as a clean net supply calculation. They do demonstrate why the burn number should never be shown by themselves. So if you see news lines or somebody trying to tell you like, oh, they're inflationary because they burn some, that's not necessarily true. You don't want to be duped out there because FUD headlines are made to sway people one direction or the other. In a bullish environment, all the headlines are very bullish. retail comes running

in. In a bearish environment, it's quite the opposite. So, real product example. So, the animated short film SunSpark processed more than 27,000 frames through Render's network over approximately 9 and 1/2 months. Its creator estimated that rendering locally would have required months of continuous work, while individual network jobs completed in minutes or hours. That's a big deal. And of course, that proves that Render is solving a legitimate creative problem and it is very valuable to the people who need it. That's the point here. However, SunSpark received a Render Network Foundation grant. It demonstrates technical capability and value and creator value, but it should not be presented as pure evidence of unsubsidized customer demand. So, I guess that they were given, you know, uh, a discount by giving them some free. I don't know how much they actually paid for that.

So, let's get into the economic loop here. Why is that so small? Can we We can make that bigger. Does that work? I don't know if I like that. Okay. Wow. I've never seen this function inside chat GBT before. I was just going to zoom in. So creators they buy GPU work. This is the flow of the system or the company that is render and then USD value converted into render. So they pay probably in US dollar or whatever dollar that they're paying in and that gets converted to render. Render is then burned a non-transferable render credit. So they get credits for the render and the render is burned. This is good information to know. GPU node completes the job. So they then give them what they paid for. Nodes then receive render as a reward, but it's not

the render that they paid. It's newly emitted render, which is an interesting dynamic. I don't know how that plays out long term. I don't know what their long-term road map game is here, right? So why this is better than a vague utility claim? Well, because it has real utility. A completed paid job creates measurable burn. The token is integrated into settlements. Demand does not depend entirely on governance participation, which is great. We talked the other day a lot about a revenue burn or a revenue buyback versus a treasury burn or a treasury buyback. Which one is more important? Put that down in the chat. Let me see who's been paying attention. So, customers can receive predictable dollar denominated pricing. Node operators receive a common network asset rather than an isolated payment credit. This is genuine value capture. It is

not yet proof of sufficient value capture for the token. So a simplified equation the net supply equals render emitted minus the render burn. So if emissions can exceed what is burned, circulating supply then is expanding. And if burns equal emissions, then the system approaches some kind of like equilibrium. And if burns consistently exceed emissions, usage becomes net deflationary. So this is something you're going to want to keep in mind all the time in all of our token autopsies. Correct? because one is saying hey if emissions are high and the circulating supply is going to expand. You can get to like an equilibrium where burn and emissions are about equal and then you have the opposite of that where emissions uh are much higher or when the burns are more high than the emissions and you have deflationary. Shout out

to everybody who's here. Smash that like button. Let me know if you hold some render down in the chat. So actual circulating supply changes also depend on treasury movement, migration activity and whether emitted tokens and distribution are distributed or retained. So there's other forces at work here when we talk about our economics of a token or tokconomics. So why token price changes the burn count image? It says imagine a rendering job priced at $100. Right? So render price a dollar approximate burn 100 render at $250 render $5 20 render. Do you get it? A high token price means fewer tokens need to be burned for the same dollar denominated job. So basically $100 worth of render is $100 worth of render at the time that you're doing your service regardless. So they charge a dollar denominated amount fee for

the work for the processing and if render goes up they don't just pay more money just because render went up. All right so product demand versus token demand. Obviously I think the product is pretty in demand. Are GPUs completing real work? Okay. Obviously, they are nearly 80 million reported frames and documented production examples. Missing evidence here, though, is consistent, independently verified customer reporting. We could use some audits here. Does paid work reach render? Well, completed jobs require an equivalent render burned. On first glance, that's pretty bullish. A clean reoccurring report connecting customer spending, burns, and emissions is missing. Is usage organic? artisan projects use the system. So, it seems to be very organic and not just, I [music] don't know, the treasury buying GPU, you know what I mean? And trying to prop themselves up. But what is missing

here is grants and incentives make organic versus subsidized activity very difficult to separate. And without those audits, we don't really know. Are operators economically sustainable? Job and availability rewards do exist. What is missing is utilization, operator costs and unsubsidized earning across the complete network. Is AI demand material dispersed in computation integration are developing compute integration [music] uh sustained production revenue from outside the traditional rending market? That is our question. Now, here's a quick little snapshot of some facts and we'll roll through them real quick. At this moment, render is about $151. Hey, Lozo, good to see you in the chat. Welcome in. Welcome in. Um, I always get excited when I see people in the chat coming back show after show. So, market cap and rank, it's about 87 by market cap right now. So, it's in the top

100, right? It's got about market capitalization is approximately 782 million. Circulating supply as best we know about 518 [music] million. Total supply about 533 and theoretical maximum supply about 644. So it looks like it is getting close to [music] its max supply here. There is an important data quality issue here. Coin Gecko displayed market cap or to total diluted value ratio of approximately [music] 97 corresponds closely to the circulating supply divided by the current total supply 97%. There's the math. Some people I guess would be very interested in that. Shout out to all my undergrounders. Make sure you smash that like button and you are subscribed. However, the same page separately lists a theoretical maximum supply of approximately 644 million at the current price. Valuing the larger maximum would produce a higher fully diluted valuation. That does not mean

one number is fraudulent. It means viewers should always check which supply definition a data provider is using. So what we're saying is there is some discrepancy between max supply of render. What you may not know, this is always the fun part of the show. Render does not perform the rendering. The GPUs do it. So render is connecting GPUs with people who need to use them. They are kind of a middleman, if you will. They don't necessarily own the GPUs from my understanding. They're connecting them with people who need them. They are a facilitator, right? They are facilitating the people who need it with the people who have it. Render credits are non-transferable work credits. So, they only work through render system, not another freely traded token. So, there's no secondary token here. Customers can work with predictable dollar pricing

without personal speculation on render. Right? So they charge what they charge for their service in a certain price and that price stays the same no matter the fluctuation of render. More available nodes represent more supply not automatically more customer demand. So there's a distinction. O00 says good to see you blues guy. Yep. What kind of inspiration you have for us today or did I miss it? Oh no. Blues guys never out of motivation, I'll tell you that. And shout out to Reliable Jay. Uh I haven't forgot those memberships that you gifted. You're a real one for that. I really appreciate that. You get extra MVP points for sure. I love my undergrounders and I love this community that we've created. Nobody has to twist my arm to get in here and do this show. That's for sure. So, availability

rewards can compensate operators even when their GPUs do not complete customer jobs. That's an interesting distinction. And you may not know that a cumulative burn number is incomplete, of course, without the emissions recorded over the same period. Basically, if I just tell you how much is burned, we don't really know if we're in inflation or deflation territory. The number of nodes since inception is of course not the same number of active productive nodes today. So it's a little bit of a skewed metric. Want to point that out. And a foundationf funed production proves the system works but it doesn't necessarily that the customer market will support it without subsidy. So the question becomes would those people have paid money for rendering service if render foundation hadn't given them some subsidy or given them basically some free rendering. Render began

with specialized creative rendering. It's large AI computation or compute opportunity is newer and less proven. So it still has to kind of prove itself that it can do what it needs to do. But of course AI in itself is probably the biggest market for video rendering right so if you're somebody like say chat GBT which at this time doesn't really have any video rendering there's image rendering but not video rendering um some platforms of course specialized AI do have video rendering I would imagine the video rendering requires a lot more GPU and a lot more processing but creates a huge huge both market and uh customer for render. Even if it doesn't capture a large part of that market, if it just captures a small amount of that market, it's going to make some money. I'm sorry, Melissa. I'll

have to deal with that after the show. At least he At least it's all digital, right? Looks like you have more than one, Melissa. So, render is expanding beyond traditional 3D rendering through dispersed and external compute relations. So, the AI expansion here, of course, as I've already kind of pointed out, is a very bullish argument and is quite straightforward. AI inference requires enormous amounts of GPU capacity. I mean, render writer might really have built something great right before it has an enormous demand for what it does. Centralized cloud access could be expensive and concentrated. So, they do kind of give an alternative um method for getting what you need when it comes to this GPU uh rendering and capacity that maybe a centralized cloud service, which I think most of them are, are not going to offer. and may

be far more expensive. Render has years of operational experience coordinating distributed GPU. So they have that on their competitors. I would imagine rendering and generative AI increasingly overlap and existing operator networks may provide a foundation for additional workload. So more people coming in and providing that GPU capability only helps them to grow. The caution disperse remains very early. Traditional rendering does not automatically translate into competitive AI infrastructure. AI customers require reliability, security, compatible hardware, and predictable performance and support, especially if you have something big like Chat GBT using a product like this. Render competes against companies with enormous balance sheets and establish enterprise relationships. Of course, Render is blockchain type project. Of course, there are big centralized companies with tons of money. Where are we at? Says Dot, baby. Okay. Melissa says, "Afraid to come out of my home

now." All right. Where are we going with that? All right. So, the approved salad relationship is more meaningful than a generic partnership announcement because it intends to use Render as an onchain rewards and payment layer. Now, you know, I love to be very transparent. I'm not exactly sure what Salad is. All right. Obviously, they're some kind of company with a relationship with Render. Maybe I should know who they are. Hopefully, by the end of this, I will know who they are. And once again, I will prove to you why it is so important to raise your crypto IQ here at the Underground Crypto Deep Dive Show and nowhere else. Of course, that part's a joke. I mean, obviously, there's other places to learn stuff. But anyways, I I look forward to learning what the heck Salad is. Or maybe

we'll have to look it up at the end of the show. So, Salad estimated approximately 4.3 million in the first year revenue during the proposal process. That remains an estimate, not a completed revenue. So if you see any headlines about this now you know that's not completed revenue. The evidence becomes materially stronger when the integration uh produces reoccurring payments and observable render burn. So ultimately we're only concerned about this if it comes back and increases that render burn. So competitive position this is good because this is where we start to get into where does it fit amongst its competitors. Now look at who its competitors are. AWS, Google Cloud, Microsoft, Azour. Those are big companies. All right. But I think that Render is a little niche in where it is positioned and how it does what it does and

that might help its case to the right customer. So of course competitor's advantage here reliability, enterprise support, integrated service and enormous scaling ability. Render's advantage is distributed capacity in creator focused pricing. Coreweave is a competitor and specialized GPU clouds. Of course, they have high performance infrastructure designed for AI, but access to geographical distributed independent GPUs is where render shines. So, this other list here is where we're really focused when we're talking about render. Akos and other decentralized computation markets. Of course, they have a broader general purpose computation offering or compute offering. I just think computation is an easier word when you're reading it to understand. But a lot of times they say compute. Well, render has a longer history in professional GPU rendering than a Kosh network in other decentralized. So other crypto project style rendering, GPU facilitator, connector,

whatever you want to call it. Um they kind of beat them with a much longer history in professional GPU rendering. Uh internet of things.net net or that's just io.net net sorry aether and other cryptoGPU networks cuz there are some other ones they're aggressively focused on AI and of course compute narrative render is established creative workflow and recognizable production examples and I think that their price may not fluctuate as much as these competitors would traditional render farms right big facilities with GPUs they have a familiar professional service and support that's kind of their advantage But tokenized global marketplace and flexible capacity is where render can kind of really shine. So the potential moat emote is just your ability to fend off your competitors and win out over your competitors. Of course they have years of operational experience connection to oy

and octa render. They specialized knowledge of complex rendering workloads which I guess for very big projects could be very useful. They have creator relationship, existing GPU operators, and integrated burn and reward economics. A growing library of completed work and reputation data does serve them where where their mo or their ability to win against their competitors is kind of vulnerable. permissioned or qualified node participation dependency on ecosystem partners and proprietary software off-chain job routing limited [music] public visibility into customer concentrations concentration so um in blockchain I guess you would know about them but outside of that maybe people don't really know render exists centralized competitors can reduce prices to beat them other decentralized networks can offer similar operator incentives AI customers may demand hardware and service levels different from creative rendering. Meaning they might need like these huge farms full

of it, not just a third party who connects you to GPUs in a decentralized manner. Let's get into some security though and decentralization. So more decentralization. GPU work is distributed among independent machines. Payments and token operators use Salana. So Salana again is kind of the backbone of render. Render burns and emissions can be observed onchain and RNP governance allows holders to consider network proposals. So you do have some stake in the governance proposals if you are a RNP governance holder. No single physical data center must process every job. I can see that being very much a pro and I could also see that being very much a con. More centralized, no participation is qualified rather than completely permissionless. Job scheduling and actual rendering process are not executed by Salana. Neither is the rendering actually done by render itself. They

are again like a third-party facilitator connecting people who need rendering services of course with the people that actually do the rendering. So OTO remains an important technology provider to them. The foundation administers significant incentive and ecosystem programs. Of course that is good to attract but it's also bad because it kind of subsidizes a lot of the things going on in their network. operational software and customer workflow contains proprietary components. That's just things that they patented and don't share with everybody else. And of course, token voting does not give holders of render direct control over every product decision. Historical security note. So again, that was about decentralization. Let's talk about security when it comes to Render. Apparently, maybe there was an incident here. So, in July 2025, unauthorized [music] access, this is where we're getting, I think, to the Polygon

stuff, right, that I talked about at the beginning. Unauthorized access was identified involving an inactive wallet connected to the legacy Polygon R&D, the old token contract. The foundation says as many as approximately 1.4 million legacy tokens could have been affected, but reported that no funds were actually lost. It depreciated the legacy implementation and introduced a direct Polygon to Salana upgrade route. So you could just upgrade if you weren't directly affected then you could just hop on real quick I guess and upgrade. The response appears effective but the incident reinforces the need to distinguish current Salana baseased render from the old token R&DR contracts. Maybe this incident is why they decided to go over to render although I think they had already done that. So let's talk about some strong evidence here. So dollar value of completed customer work. Render

burned over the same reporting period. Render omitted and actually distributed during that period. Repeat paying customers is strong evidence and active node utilization. operators earning from completed jobs rather than available subsidies says that it's not all subsidized work on their network and customers returning without grants or promotional credits. And again, that is the idea of grants and credits is that people would use it, they would like it, and next time around they can be a real customer. supporting evidence, of course, frames rendered. They've done a lot, almost 80 million recognizable creative projects, software integration, new computational clients, qualified node growth, and governance approval. But where is the weak evidence? Token price, weak [music] evidence. Social media engagement, weak evidence. Partnership announcements total registered nodes general claims about AI and GPU s shortage is not necessarily good evidence for render

one-time foundation sponsored products projects that's not [music] a good use uh sell case or sell point right it's not a good sell point for render and cumulative burns shown without emissions now these are weak evidence because they don't prove anything future and reoccurring so here we are at our daily crypto IQ score. It's broken into seven categories. [music] And again, if you follow me on Twitter, you will find these posted there. If you want to get into how each category was actually scored. So, real utility and adoption, it got a 15 out of 20. I consider that a pretty high score. Token value capture only a 14 out of 20. It definitely leaves some things to be desired here. Economic and supply, tokconomics and supply, right? N out of 15. That's not an amazing score. Competitive mode, it actually

scored a 10 out of 15. It is very specialized and so it could maybe win out in certain areas with certain customers over cloud comput you know cloud rendering and cloud services that deal with rendering. Security and decentralization it got a 6 out of 10. That's pretty in the middle there. And catalyst and execution an 8 out of 10. So it actually scored pretty well in this category. Says render continues releasing support for creative software. So they're still maintaining what they're doing. And the salad integration could extend render into existing computes. [music] So that gives it exposure to other places, meaning it can have more customers, meaning more tokens could be burned. Risk and unanswered questions. It got a six out of 10. Why some health why points were withheld here is the relationship between customer revenue, [music] grants,

burns and emission, operator profitability and active utilization remain difficult to reconstruct from p public reporting, right? And we are relying very much on that public [music] reporting. We don't have a lot of like official audits. So that's that's troublesome, but it doesn't necessarily mean disaster, right? So here we are. Here's another layout here. [music] And that gives it a 68 out of 100. And they put it in a bar graph. I don't think we need to go over the bar graph. So let's go ahead and take everything we just said and give the strongest counterargument to our case. So everything I just laid out for you, what is the strongest counterargument? Well, the bull case would be that Render is one of the relatively few crypto networks where customers purchase a real service and that real service creates permanent

tur token burn, right? So, you can't sleep on the fact that there aren't a lot of crypto networks that have a real service that out in the real world outside of cryptocurrency land [music] asset class, whatever you want to say, actually provides a service that is very needed and is connected directly to a token burn. Meaning if they get the right partnerships with the right big companies and things instead of fighting some of their competitors, if they're able to integrate in certain places where those competitors lack AWS or Google Cloud and things like that, that could actually turn into more money for Render and that props those bigger companies up, makes them looks real, real capable, right? So, it operated before the current AI narrative, has processed substantial rendering work, and has the has a product and independent creators

can understand. So, it it it's something that the people who need it can understand that that's very critical to a product. If paid workloads grow, while scheduled emissions start to decline, the BME model could eventually create increasingly strong token scarcity. And that's what you want for the price of render to go up. Render may therefore be undervalued if decentralized GPU markets capture even more small portions of expanding creative and AI computation demand. again, maybe that increase with Salad there, that um partnership, they can get into some other markets because I have a feeling, and this is just off my intuition here, that a lot of people who need rendering service outside of crypto probably have no idea that render is an option for them. So, their ability to make those people know that they're an option is really where

the money is. And that is [music] where they can beat out the emission rate through burned render. Of course, the bear case, well, we wouldn't be complete and I guess uh fair if we didn't talk about the bear case. So, the product is real, but the current economic scale may not justify the token's valuation. I want to be really clear here. From everything I've read, Render is an amazing product, but this is a token autopsy, not a is render an amazing project autopsy. So cumulative burns remain small compared with historical emissions. So emissions high burn small pouring a lot of water in the glass not being able to drink it fast enough [music] to empty the glass and create scarcity cuz if you could drink the glass faster than it was poured in of water then the water would

be scarce. So foundation grants and operator incentives can make activity look healthier than completely organic demand would [music] support. The system could depend or also depends on off-chain coordination qualified nodes and the foundation administration. That was a hard sentence. Render is competing against both enormous centralized companies and aggressive decentralized computation projects. Real global GPU demand does not guarantee that render receives a meaningful portion of that market. And of course, the final verdict here, it lands a watch score. Although it's very close, it's only on our watch list. And render passed the product test. Again, the product is great. It also passed the token necessity test. Meaning the token is actually necessary for their network. [music] More convincingly though than infrastructure projects because completed work creates a permanent rendered burn. It has not yet fully passed the value capture test.

Hence why it is on the watch list and not the pass list. So the burnment equilibrium creates a legitimate path from customers spending to token consumption. But scheduled emissions, subsidy activity, centralized operational components, and limited commercial reporting prevents us from actually concluding that current usage uh produces durable token scarcity. Really, Render, we need some we need some auditing. We need to have some actual third-party data from you more than self-reporting. I know they're not going to watch this. Render belongs above HAR and SU in our leaderboard here. um currently verified scores because it is product to token connection is much clearer than H bar and suite and let's see where's my there's our board so here's our leaderboard so far render and hideera we actually have more than that those are verified so oh these are all the ones

that are watch and speculative okay all right so that was a lot of fun follow Follow me over on Twitter where I will be posting all of this stuff. Here's my profile, cryptoron with a blue check mark ground crypto. And what is going on in this chat? Blues guy says, "Great info, Eugi. Sorry if I wasn't able to read the chat the whole time. Was a lot of information to get through, right?" Oh, you guys are talking about iPhone, the iPhone 26. I'm just rolling back through this chat. You guys have been going strong here. All right. Well, I have a couple minutes. Let's go ahead and maybe look at a few other things. Let's look at these crypto bubbles. It's been a while. Uh my friend in the Discord said VBV took off today. Oh, man. $24. It

was under 10 bucks not too long ago, guys, I believe. Wasn't it under $10? It's 11. Yeah, it sure was. All the way down here. I was This is where being It's a two-part thing. One, being greedy doesn't serve you well. I really wanted it at eight bucks and I was or and I at 80 cents. Wait, I was down there at a dollar. No, I wanted it around eight bucks and we got really low. We got very close to it. I swear we got closer than that over here. Anyways, long story short, it didn't hit my price point that I wanted and I was focused on accumulating a bunch of other things and it went ahead and did like a double up on me this month. That's okay. Other stuff I bought is doing well. [music] Uh Adam,

Ethereum Classic, right? That's Ethereum Classic. I haven't seen that on the board in a long time. Up 10%. I remember when this thing was like 25 bucks, 23 bucks. Vet, Dot, and Crow. This must be why you guys were talking about Dot. What do y'all think about scent teleportation? They should probably put that in iPhones, but beware. Your friends might do insidious things with scent teleportation. Wow, [music] Venice flew. Yeah, Venice went I again, it's like I wish I would have bought it. I bought other things. They did well. I'm going to wish I bought everything. It was really nice to see ICP doing something. I see it had a pullback, but 18% for the week. I'm I'm not going to be mad here for ICP. I I hope that ICP can really do something. It's something I bought

a long time ago and not I didn't buy a lot of it. So, we have Falcon Finance with a 22% useless 27 e-old 9.7 and Tibber and Cash Cat are down. What is Cash Cat down to? 177 million. So, it it's had a nice pullback. It's up 35 on the month, but down 21 on the week. And let's go to two to 300 here. So, Marscoin having a little bit of a sell-off. It is done 89% this week, even with the selloff. So, it was up 100%. Backpack 12.7. Is that another fire alarm? I can't I can't with them with these fire alarms. They're driving me nuts. Hey, if you don't know, don't put a fire alarm near uh a vent where your AC blows out cuz dust will get in it and it'll randomly go off while you're

live streaming. My wife is telling me there is no actual fire. She just burning something in the kitchen. I didn't mean to say that like it was some kind of disc. All right, so AI oz knock a fun. There's some good stuff here. What is the biggest grossing? So, a lot of negative actually in the overalls. 1.1 here. I noticed. Look, they added 1,100 and 1,200 down here. We didn't used to have those. Smells like bacon. TT Thundercore. I don't know anything about that. You get this far down and a lot of this stuff was probably newer stuff. Of course, you'll recognize something. We know what Hemi is. Bitcoin, DeFi, Asteroid. We know what that is. Man, that thing fell from where it once was. All right, let's take a look at our rundown. First render is up almost

uh 20 I was going to say almost 28, but it's low 2700% from inception, right? And that's way back like in 2020 if you had bought some. I didn't buy any. Render is not something that I bought. I wonder if the lifer holds any render uh still or if he sold that off a long time ago when he consolidated. All right, here's what I really wanted to get into. Where are we at with the overall market cap? Look at that. 2.8 trillion and overall market cap. So, it can get a little bit weird sometimes when you're looking at the numbers because a lot of times you get this 7-day number and you could click you go to the monthly numbers, but it's like, you know, we have a lot of pump and a little pullback and then another week

goes by and that 7-day number then is very different. And so, for me, the overall market cap of all crypto tells me a bigger story about money. And let's be honest, guys, these are big players, big institutions that are pumping money into this. A lot of this is Bitcoin ETF stuff. A lot of this is money coming in from Bitcoin ETF. I think last month, I think it was like uh or last week was like a billion dollars in in Bitcoin ETF. So, it's pretty important. And I think it had to been what was it? A billion. Had to have been more than that. There's no way it had been more money. We could take a look at that. Anyways, I'm getting off track here. Bitcoin 78,731, Ethereum 2,492, BNB 750, [music] XRP a$141. So, what it seems to

me is that everything had this nice pump and then we had some time of sideways and a little bit of pullback and then we had a little bit of a pump and now we're kind of doing the same thing again. And hopefully that was the bottom of the bare market and we're going to continue to pump. But nothing is guaranteed. Look at that. Dogecoin at 9. Zcash is ridiculous. We were just looking at this thing at like $400. I think I even saw it at like 350. That would have been a good buy. But remember, hindsight is 2020. You're always going to look at things and think, "Oh, I should have bought that. I should have known." Remember, we were in a bare market and we didn't know if we were going to 45K for Bitcoin, right? So, it's

hard to have a lot of confidence to ape in at that point. Now, you might think, and a lot of people will think this, oh, right now is terrible to buy. I missed the bare market. There's no point. There's still opportunity out here. This is the, you know, a fastly emerging asset class. Zcash might now might not be the buy right now. Or it could double up right now. I don't know. I don't give financial advice, just crypto research. But from my understanding when something like Zcash is up this much, you know, uh it's usually not the best time to speculate on it and you might want to get a meaningful pullback. And then think about how much this if you bought this right now, how far does this thing have to go in order to double up? It's

at almost 20 billion, 19.9 billion. It needs another 20 billion. Now, there's nothing to say 20. It's private secoin, so 20 billion dollars could run through it and incre easily, right? But there might be a better opportunity for upping your money here. Cardono 21 almost 22. Just doing a quick scan. Avalanche $7.96 up 10%. Sweet almost back to that dollar mark. It's at 81 cents. I think it's still good under a dollar. Haven't looked at me in a while. Uh $1.21. That's good. I think I bought around a $1.13. It was nice when we were at $3, but somebody big held a lot and sold off on us there. Wow, Bit Tensor doing well. Bit Tensor has a clear use case. It's AI. ICP up almost 20% this week, even with a little bit of a pullback. Glad to

see that. Caspa has been on a bit of a tear. Um 31% I think Caspa could do really well. I don't think I own that much Caspa. And I bought it I bought it at like 10 cents or something like that. So, we got a while to go before that's really worth anything above what I paid for it. Melissa says, "What do you think of Titan X?" Of course. Thank you for the super chat. It's another moment to remind you to smash that like button, hit the subscribe if you value the research that we do here in the close tight tight-knit crypto family that we're creating here, and I do consider you guys crypto family. And that we got rid of the ad revenue just for your viewer experience. So, feel free to send in a super chat to

support the channel and ask your questions. We're going to get right to that. Let's go look at Titan X. Now I when you say that I think of like two different maybe three different projects so I don't want to mix it up. Is this the right coin? Titan X. Holy. Whoa. Total supply 99.1 trillion. Is this the right coin here? I just want to make sure this is the right coin. Uh the market cap. They don't have the information for the market cap. I I I understand it, but I I hate when that happens. And we have no circulating supply. So, as far as tokconomics go, I have barely any numbers to work with here. Yes, you said this is the right coin here. Let's go. Their website's got to be more useful than their Coin Gecko page. Where

do I know Titan X from? Titan X. We've been over this project. Um, somebody made a case for Titan X with um, worthless coin and something else. Ah, I wish I could Oh, Dragon X. That's what it is. Dragon X. These things are all correlated. Um, I've watched several videos explaining this stuff. And mind you, I go over this. I go over crypto stuff every day and have been for years. It's still confusing to me. Um, I would probably need to hit a good refresher before I sat here and tried to really explain it to you. But we do have a video where we went in on it. Built on Titan X, right? So, let's go back to Coin Gecko. Let's go to our categories. Just decentralized finance. Okay. So, is it its own layer 1 platform? It is

an Ethereum contract. So, that's good. its max doesn't look good. It's down 98.1% but if it were to come back in relevance, you're not going to get a better price on it. [music] And I'm trying to remember they made a case that there's this connection between what is it the FOMO FOMO app and memecoins worthless coin which [music] never really pumped ever and then of course Titan X and things like that and Dragon X there's this whole correlation there and I wish I could remember all the details of it but I don't. I think it was like seven, eight months ago that I watched that. Mosa says, "We've been over it before." I know we've been over it before. I just wish I could remember a lot more details about it. And their website, in my opinion, isn't all

that helpful. I mean, you get in here and it's just like, "All right, here's the supply. [music] You got bot burn, buy and burn, bot protocol, liquid, staked." I mean, if we really spent some time on it, I probably could get you something. Uh, total circulating 43%, total burn 56%. Uh, here's a question. With 50% 56% almost 57% burned, why is it in the toilet? Did it just come out way too high? I don't think 57 or anything near that was burned initially when we went super high, right? And then what the heck is the market cap of this thing? And why are they not able to report it? That's, you know, it kind of gives me some PulseChain vibes a little bit where the tokconomics are kind of complicated. Not that's not a dis against PulseChain. We love

PulseChain in their community here. Got a lot of those people in the audience. But sometimes it's it just has weird tokconomics and it's not normal for the regular calculation of things. And so you're not going to have a good, you know, Coin Market Cap, Coin Gecko. You're not going to have a good [music] time with that. Let's go home real quick. Maybe that'll do us a little more. Okay, so Titan X is a hyperdelationary L1 within L1's aka DeFi 3.0. So they are trying to do something kind of different. Redefining what it means to be in a layer 1 paving the way to have hyper deflationary core assets at the heart of a fair decentralized DeFi ecosystem. I mean at first glance that sounds really good. I I I I feel bad because you sent me a super chat

and I really want to give you a clear answer of how I feel about this and I just don't have one for you. Uh fair ecosystem proof of burn 2.0 You know, [music] I love the whole deflationary idea. I love how much they've burned. But I think what strikes me as as very odd is if it's so deflationary and they burned 57% of what 100 trillion like why are they flat? Are people selling it at the same rate? And then we talked about this so many times. What is the emission rate? you know how much is coming out on a regular basis? Is this all gone to the ground just because they launched a bunch of tokens? People must have sold on this. I think it, you know, if you do your research personally how I feel, I'm not

giving anybody advice. My own thought here is I'd tread real lightly. I would keep my purchase under a hundred bucks. It's and that's proportionate to how much money you have and stuff. If you're a billionaire, whatever, throw a million dollars in it. That's your own business. But it's down so bad that if it really has any of the stuff it's saying, people could speculate on this thing, it could really pop. But other than that, let's go to like the three month here. That said alltime chart. It's not really helping its case. So, I mean, it had this nice pop here with it's almost like a memecoin with the 0.00. You kind of got to hit it from a market cap basis. Wow. That Okay, that's not going to work because we don't have any market cap reporting. Where are

we at here? Yep. Trying Blues Guy. What Blues Guy say? That's awesome. 07 been making big bucks. Hey, we love to hear that. share some of that wisdom in the chat with everybody else. You know, we will make it. I believe I'm [music] with you on that one. I think we'll all do well. I How long did I sit here if you were with me and say there's you do all the whatever you want to do as far as like day trading, swing, whatever. That's cool. But like please, in my opinion, I would have to at least buy bags of something in the bottom of the bare market because what I've seen is that usually those market those bags you buy from somewhere close to the bottom sold somewhere close to the top are going to outperform anything you

traded because with trades you can make amazing trades, but you can also make amazing losses and learn ex amazing lessons, but that's not great for profitability, right? So having some, especially if you are trading, this is my opinion, having some some spot bags of some things that you really believe in from somewhere close to the bottom of the bare market probably going to even you out at the end of it, right? I'd love to believe everybody's going to make themselves a millionaire just off of uh day trading, but it's a hard game. It is definitely a hard game, and I'm not going to pretend like it isn't. Then we going to meet up at undergrounds. Exactly. Yeah. Once uh we hit the top of the bull market, we we'll try to do something. I'm not exactly sure what we'll

do. But first, we'll have to take some polls and see who can travel and things like that or if there's a middle ground maybe I could travel to and stuff. I don't know if we're big enough for that yet, but we got a whole bull market ahead of us. Who knows? Maybe even a super cycle. Maybe we hit those 10,000 subs sooner than later. We're trekking our way up there to uh 2,000 subs, which is a good time for me to tell you if there's anybody who you know loves crypto, has a talent for something in crypto, is coming into being interested in crypto, any of those type of things. I highly recommend you to introduce them to the channel. Get them in the Discord if you can, especially if they have questions that you find it hard to

answer. I will do my best to answer those questions without of course telling them what to do with their money because that's not going to happen. Let's see. Yeah, I've been racking up on spot. Yeah, and and in where we are right now, spot is an amazing place to make some money with a lot of security. Of course, with your uh perpetual market, maybe you can make more money, but you also have a liquidation. It is nice to not have a liquidation and be in a very bullish time from the bottom. That can that can serve you real well. All right, guys. I just want to inform everybody of a couple of things, right? First of all, consider those memberships. They support the channel and I have gotten rid of the ad revenue so you don't have annoying ads.

Uh secondly, I'm going to be trying to do another token autopsy tomorrow night, but we are filming an interview and things like that. There's a lot going on. I have no idea how long it's going to take me. There's a pretty good chance there won't be a stream tomorrow night. But if I can make it happen, I will. Even if it's late, like 10:00 or something. Third, tonight, I even still have things that I have to do to prepare, you know, prepare for that interview. You don't walk into an interview with somebody who's of high profile and just be like I I scribbled some things down on a notepad, right? So, I'm working on that and I have, of course, I got to pick wardrobe. I got to do all kinds of different things for it that I haven't

got done. So, there isn't going to be a gaming stream. That's what I'm trying to get to. There's no gaming stream tonight after this stream. I hope I don't let any of you guys down. The the the gaming stream last night was hilarious to me. Uh it's one of those things like I feel bad. I don't want to like diss that because people put in work behind it, of course. But um if you watch that review of Kentaro, you'll understand what I mean. Struggle heart says, "Love some Bonk." I did see that Bonk had some nice um some nice pumps recently. Bonk is nice right now. Yeah, and I've noticed here's another thing. when things have like an exploit or a thing and they dump really hard, but they are still something that's been around like a really long

time, has good brand recognition like Salana did or many other things, it's usually worth speculating a little bit on it, but this is just from me to you and take it as a grain of salt. Anytime I eye something and I'm like, "This is the one." It's never the one. It is the one. It's the one you're going to lose the most money on. But anytime you look at something and you're like, you just can't go wrong. It's got all the things. That's almost always the one for me that doesn't do anything. And I do somehow manage to lose money even when you got in at the per it's it's amazing. So if you find yourself saying like this is my this is the one I got to go all in on this one. Yeah, you might want to

pump your brakes. I'm just telling you from experience, but you learn off of your own experience, right? And with that guys, I'm going to conclude the stream for tonight as I have many things to do for many different businesses. So, hit that Discord link in the description if you want to hang out with us or ask some questions that you might not have been able to get answered because I wasn't paying the best attention to the chat tonight. I will admit I'm usually much better than that till till tomorrow night or the next night. I will update you in the Discord. That's a good reason why you should go to the Discord because that is where I will update you if we're going live. And of course, you'll know about what we are going to be going over before

we actually go over it. Let's see how this poll went. Let's close this poll. How do I How do I even close the poll? It's a good question. Uh in poll, yeah, it's very straightforward. And it looked about 71% said they don't hold any render. So, a lot of people here don't hold render. Still good to raise that crypto IQ and understand how this all operates. And I do also want to shout out Melissa number one in the chat with 200 XP. Blues Guy number two with 90 XP. And 00o 75 XP. Shout out to Reliable Jay for gifting those five memberships. I really appreciate you more than you could ever know. That goes for all my undergrounders as well. And the people who gave super chats, which I think was just Melissa and Blues Guy. I might be

confusing that with a different stream. But anyways, I appreciate all of you and I do want to take the extra time to make sure that you know that. Catch you in the Discord. Underground Crypto out.