RNDR Distributions and Unlocks
Announcement from the Render Network Foundation
With the The Render Network Foundation (or the “Foundation”) now formalized, we have started the process to communicate more information with the community and make sure data about RNDR is accessible and understandable.
We have seen discussions and speculation about recent movements of RNDR from the Treasury wallet. We’ll use this post to explain distributions and unlocks, why those movements happened, and what we’re doing to communicate better in the future, but the tl;dr is: this wallet includes RNDR which are held in escrow for other parties, and some of those parties requested to take possession of this RNDR.
At the end of this post, we outline specific initiatives we are beginning to make sure the community is more informed and empowered moving forward.
Let’s dig into it. There has been a ton of discussion on a few transactions from February 7th, and what they mean. The main question we see is around what large transactions represent. These large transactions were with parties who have helped to build and expand the network. These parties had vested RNDR which were held in escrow in the Treasury wallet, and they requested and took direct possession of their RNDR. All of these agreements were executed in 2021 or earlier — some of them dating back many years.
So, what are the numbers within the Treasury held in escrow for later disbursement?
When RNP-001 was proposed last year, it included an Emissions Schedule. Lets dive into this schedule to further understand escrow distributions and unlocks.
This schedule showed that at that point in time, the Treasury wallet balance was 257M (cell B5), which was split between 150M Treasury (cell B12) and 107M “Due to partners” (cell B7).
Side note, this 107M “Due to partners” is completely separate from the 107M proposed Emissions schedule to be managed by the Foundation (cell B13). There was some confusion as these balances were similar, but this was only at that point in time and was coincidental.
Fast forward to today, and as you can see on chain, the Treasury wallet balance is just under 189M, meaning that, including the February 7th transactions, 68M has been distributed since the Emissions schedule was published.
Just under 42M is still held in escrow for subsequent distribution, leaving 147M unencumbered.
Of the 42M, approximately 12.6M remains subject to regular unlocks over the first 6 months of 2023, 15.1M with regular vesting thereafter, leaving 14.3M vested, held in escrow, and callable by the parties entitled to receive the distributions.
We will do additional messaging if and when any of these escrowed RNDR are called for distribution outside of our regular unlocks.
The Render Network Foundation was announced on January 20th. The primary initiatives for the Foundation are:
- Create a dedicated website for Foundation Announcements
- Be more public in discussions on our channels
- Involve the community in RNP formations
- Roll out a Grant Program with a goal of increasing transparency and tools for the community
- Make sure RNDR supply, vesting, and total numbers are correct on sources that list them
All of these will get their own posts when we roll them out, and please feel free to keep us accountable.
