Audit log

Every state-changing event for Render Network: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-14 06:03:00Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"d8814204-c84a-49ff-b4f8-d8d55891c85f","kind":"publish","page_slug":"render-network","published_at":"2026-05-14T06:03:00.791Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Render Network","sections":[{"content":"Jules Urbach is a credentialed technologist with 70+ patents and 25 years in GPU rendering. OTOY has raised ~$98M from Disney, DST Global, Autodesk, and others. OTOY collects a 5% perpetual service fee from the Render Network.","heading":"Founder Background","severity":"low","sources":[{"credibility":2,"name":"Multicoin Capital: Rendering the Metaverse","type":"research","url":"https://multicoin.capital/2021/12/21/rendering-the-metaverse/"}]},{"content":"Public sale October 2017 raised 4,044 ETH. Private sale January-May 2018 at $0.25/token. OTOY Treasury and partner escrow together control approximately 50% of the original token allocation.","heading":"Token History and ICO","severity":"medium","sources":[{"credibility":2,"name":"Render Network: Foundation, Network, and Treasury","type":"official","url":"https://rendernetwork.medium.com/how-the-render-network-operates-foundation-network-and-treasury-a43bc492616e"}]},{"content":"$30M round in December 2021 led by Multicoin Capital, with Solana Foundation and Alameda Research as co-investors. Alameda's later collapse (FTX, November 2022) is a material historical risk marker. The extent to which Alameda held or liquidated RNDR before collapse is not publicly documented.","heading":"Fundraising and Alameda Connection","severity":"medium","sources":[{"credibility":2,"name":"CoinDesk: Render $30M Raise","type":"news_article","url":"https://www.coindesk.com/business/2021/12/21/decentralized-rendering-engine-raises-30m-in-rndr-token-sale-as-metaverse-graphics-go-big"},{"credibility":2,"name":"The Block: Render $30M Token Round","type":"news_article","url":"https://www.theblock.co/post/128266/metaverse-infrastructure-startup-render-network-raises-30-million-in-token-round"},{"credibility":2,"name":"Decrypt: Render Raises from Alameda","type":"news_article","url":"https://decrypt.co/88871/beeple-backed-render-network-raises-30m-from-solana-alameda-more"}]},{"content":"Completed November 2, 2023 at 1:1 ratio using Wormhole bridge. Grant program of 1.14M RNDR subsidized gas. Legacy ERC-20 RNDR delisted from Coinbase in May 2025, causing an 8% price drop from FUD before clarification.","heading":"RNDR-to-RENDER Solana Migration","severity":"low","sources":[{"credibility":2,"name":"Render Network: Successful Upgrade to Solana","type":"official","url":"https://medium.com/render-token/render-network-completes-successful-upgrade-to-solana-3d7947b60aed"},{"credibility":2,"name":"Crypto.news: RENDER Price Drops on Coinbase FUD","type":"news_article","url":"https://crypto.news/render-price-drops-8-on-coinbase-delisting-fud/"}]},{"content":"Circulating supply ~518.7M of ~644.2M max. ATH ~$13.60 (March 2024); current price ~$1.91 (-86% from ATH). Burn-Mint Equilibrium model live since December 2023. Burn activity up 279% YoY (January-September 2025). Jobs denominated in Euros, not RENDER directly.","heading":"Token Economics — BME Model","severity":"medium","sources":[{"credibility":2,"name":"Render Network: Burn Mint Equilibrium","type":"official","url":"https://know.rendernetwork.com/basics/burn-mint-equilibrium"},{"credibility":2,"name":"Messari: Understanding Render Network","type":"research","url":"https://messari.io/report/understanding-the-render-network-a-comprehensive-overview"}]},{"content":"65M+ lifetime frames rendered, 5,600+ GPU providers, 1,140 active nodes in Q2 2023. Blender Cycles integration in October 2024 beta. AI compute subnet 'Dispersed' unveiled December 2025.","heading":"Network Usage","severity":"low","sources":[{"credibility":2,"name":"Render Network Foundation December 2025 Report","type":"official","url":"https://rendernetwork.medium.com/render-network-foundation-monthly-report-december-2025-43d956808e3f"},{"credibility":2,"name":"OTOY/Blender Collaboration","type":"official","url":"https://home.otoy.com/rnp014/"}]},{"content":"OctaneX featured in Apple M4 keynote (2024). Stability AI + Endeavor collaboration announced March 2024. Jules Urbach presented at NVIDIA GTC 2024. No formal hyperscaler partnership agreement announced despite Microsoft Azure and Google references.","heading":"AI Narrative and Partnerships","severity":"medium","sources":[{"credibility":2,"name":"MESA: Stability AI/OTOY/Render Joint Forces","type":"news_article","url":"https://www.mesaonline.org/2024/03/19/stability-ai-otoy-endeavor-render-network-join-forces-to-develop-next-generation-ai-models-ip-rights-systems-and-open-standards-powered-by-decentralized-gpu-computing/"},{"credibility":2,"name":"Disruption Banking: RENDER AI Wave","type":"news_article","url":"https://www.disruptionbanking.com/2026/02/19/can-render-ride-the-ai-wave-in-2026/"}]},{"content":"No protocol-level exploit recorded. OpenZeppelin audited 2017/2018. EtherAuthority audited April 2024. Upbit exchange hack (late 2024/early 2025) exposed RENDER held in exchange's Solana hot wallet ($37M total, exchange-covered). HackerOne bug bounty program active.","heading":"Security","severity":"low","sources":[{"credibility":2,"name":"FinanceFeeds: Render Token After Upbit Hack","type":"news_article","url":"https://financefeeds.com/render-token-outlook-2025-is-render-safe/"},{"credibility":2,"name":"Crypto Briefing: Upbit $37M Hack","type":"news_article","url":"https://cryptobriefing.com/upbit-36m-hack-solana-coverage/"}]},{"content":"RNP system with 50% majority + 15% quorum threshold. Community concerns about Foundation treasury wallet's disproportionate voting weight. OTOY's dual role as fee recipient and governance participant is an ongoing structural tension.","heading":"Governance Concerns","severity":"medium","sources":[{"credibility":2,"name":"Render Network Proposals — GitHub","type":"official","url":"https://github.com/rndr-network/RNPs"}]}],"sources_used":[{"credibility":2,"name":"CoinDesk: Render $30M Raise","type":"news_article","url":"https://www.coindesk.com/business/2021/12/21/decentralized-rendering-engine-raises-30m-in-rndr-token-sale-as-metaverse-graphics-go-big"},{"credibility":2,"name":"The Block: Render Token Round","type":"news_article","url":"https://www.theblock.co/post/128266/metaverse-infrastructure-startup-render-network-raises-30-million-in-token-round"},{"credibility":2,"name":"Decrypt: Render from Alameda","type":"news_article","url":"https://decrypt.co/88871/beeple-backed-render-network-raises-30m-from-solana-alameda-more"},{"credibility":2,"name":"Multicoin: Rendering the Metaverse","type":"research","url":"https://multicoin.capital/2021/12/21/rendering-the-metaverse/"},{"credibility":2,"name":"Messari: Render Network","type":"research","url":"https://messari.io/report/understanding-the-render-network-a-comprehensive-overview"},{"credibility":2,"name":"Render: Solana Migration","type":"official","url":"https://medium.com/render-token/render-network-completes-successful-upgrade-to-solana-3d7947b60aed"},{"credibility":2,"name":"MESA: Stability AI Collaboration","type":"news_article","url":"https://www.mesaonline.org/2024/03/19/stability-ai-otoy-endeavor-render-network-join-forces-to-develop-next-generation-ai-models-ip-rights-systems-and-open-standards-powered-by-decentralized-gpu-computing/"},{"credibility":2,"name":"Render Foundation Dec 2025","type":"official","url":"https://rendernetwork.medium.com/render-network-foundation-monthly-report-december-2025-43d956808e3f"},{"credibility":2,"name":"Render: BME Model","type":"official","url":"https://know.rendernetwork.com/basics/burn-mint-equilibrium"},{"credibility":2,"name":"Render: Treasury Operations","type":"official","url":"https://rendernetwork.medium.com/how-the-render-network-operates-foundation-network-and-treasury-a43bc492616e"}],"summary":"Render Network (RENDER) is a decentralized GPU rendering network for AI and 3D graphics founded by Jules Urbach (OTOY CEO, 70+ patents). $30M raised in December 2021 from Multicoin Capital, Solana Foundation, and Alameda Research. Migrated from Ethereum to Solana in November 2023. No protocol-level exploits recorded. Key concerns include Alameda Research co-investment, OTOY's 5% perpetual fee and dual governance role, ~50% treasury/escrow token concentration, and 86% decline from ATH. OctaneX featured in Apple M4 keynote.","timeline":[{"date":"2017-10-01","event":"RNDR public token sale raises 4,044 ETH","source":"rendernetwork.medium.com","source_url":"https://rendernetwork.medium.com/how-the-render-network-operates-foundation-network-and-treasury-a43bc492616e"},{"date":"2021-12-21","event":"$30M token round from Multicoin Capital, Solana Foundation, Alameda Research","source":"coindesk.com","source_url":"https://www.coindesk.com/business/2021/12/21/decentralized-rendering-engine-raises-30m-in-rndr-token-sale-as-metaverse-graphics-go-big"},{"date":"2023-11-02","event":"RNDR-to-RENDER Solana migration completed at 1:1 ratio","source":"rendernetwork.medium.com","source_url":"https://medium.com/render-token/render-network-completes-successful-upgrade-to-solana-3d7947b60aed"},{"date":"2023-12-01","event":"Burn-Mint Equilibrium model goes live","source":"know.rendernetwork.com","source_url":"https://know.rendernetwork.com/basics/burn-mint-equilibrium"},{"date":"2024-03-01","event":"RENDER reaches ATH of ~$13.60","source":"messari.io","source_url":"https://messari.io/report/understanding-the-render-network-a-comprehensive-overview"},{"date":"2024-03-19","event":"Stability AI + OTOY + Endeavor collaboration announced","source":"mesaonline.org","source_url":"https://www.mesaonline.org/2024/03/19/stability-ai-otoy-endeavor-render-network-join-forces-to-develop-next-generation-ai-models-ip-rights-systems-and-open-standards-powered-by-decentralized-gpu-computing/"},{"date":"2024-10-01","event":"Blender Cycles integration enters beta","source":"otoy.com","source_url":"https://home.otoy.com/rnp014/"},{"date":"2025-05-01","event":"Legacy ERC-20 RNDR delisted from Coinbase; 8% price drop from FUD","source":"crypto.news","source_url":"https://crypto.news/render-price-drops-8-on-coinbase-delisting-fud/"},{"date":"2025-12-01","event":"AI compute subnet 'Dispersed' unveiled","source":"rendernetwork.medium.com","source_url":"https://rendernetwork.medium.com/render-network-foundation-monthly-report-december-2025-43d956808e3f"}]},"v":1}

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2. #2reviewby reviewerreviewer

   2026-06-04 16:59:42Z
   Score: 65 → 65 (no score change)
   The Render Network investigation page is substantially accurate on its core factual claims — the funding round, migration details, token economics, governance structure, and partnership announcements are all well-supported. The principal error is the Upbit hack date (stated as 'late 2024/early 2025' when it occurred November 27, 2025). Several citations are mismatched (pointing to sources that don't directly support their assigned claim), and the current price data is stale. The ~50% treasury concentration and 5% OTOY service fee claims are confirmed and represent the most substantive risk disclosures on the page.
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   {"actor":"reviewer","decided_at":"2026-06-04T16:59:42.516Z","decision":"review","investigation_id":"d8814204-c84a-49ff-b4f8-d8d55891c85f","new_score":65,"page_slug":"render-network","prev_score":65,"reason":"The Render Network investigation page is substantially accurate on its core factual claims — the funding round, migration details, token economics, governance structure, and partnership announcements are all well-supported. The principal error is the Upbit hack date (stated as 'late 2024/early 2025' when it occurred November 27, 2025). Several citations are mismatched (pointing to sources that don't directly support their assigned claim), and the current price data is stale. The ~50% treasury concentration and 5% OTOY service fee claims are confirmed and represent the most substantive risk disclosures on the page.","score_delta":0,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3review reviseby judgejudge

   2026-06-04 16:59:42Z
   Score: 65 → 55 (-10)
   The page is substantially accurate on its core claims — the $30M fundraise, Solana migration, token economics, and partnership announcements are all well-supported by Tier 1 sources. The reviewer flagged one disputed claim (claim_findings[24]): the Upbit exchange hack date is stated as 'late 2024/early 2025' but multiple Tier 1 sources confirm it occurred November 27, 2025. Additionally, claim_findings[8] and claim_findings[16] carry citation mismatches where the cited source does not directly support its assigned claim, though the underlying facts are accurate. Two high-priority coverage gaps — on-chain treasury wallet analysis and the 2017-2018 ICO's regulatory/securities history — warrant expansion before the page should be considered complete.
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   {"actor":"judge","decided_at":"2026-06-04T16:59:42.516Z","decision":"review_revise","investigation_id":"d8814204-c84a-49ff-b4f8-d8d55891c85f","new_score":55,"page_slug":"render-network","prev_score":65,"reason":"The page is substantially accurate on its core claims — the $30M fundraise, Solana migration, token economics, and partnership announcements are all well-supported by Tier 1 sources. The reviewer flagged one disputed claim (claim_findings[24]): the Upbit exchange hack date is stated as 'late 2024/early 2025' but multiple Tier 1 sources confirm it occurred November 27, 2025. Additionally, claim_findings[8] and claim_findings[16] carry citation mismatches where the cited source does not directly support its assigned claim, though the underlying facts are accurate. Two high-priority coverage gaps — on-chain treasury wallet analysis and the 2017-2018 ICO's regulatory/securities history — warrant expansion before the page should be considered complete.","score_delta":-10,"sequence_num":3,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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