A $10B circulating market cap—how much real revenue can it generate in a year? The ledgers provided by the DePIN ecosystem show only $72 million.
This huge gap between valuation and revenue is reflected vividly in the leading Render ( $RNDR ). Based on the current pace, even if we project to the end of 2025, RNDR’s cumulative token burn will account for only about 0.2% of its market cap.
With such a low burn rate, it’s nearly negligible against the massive circulating supply. No matter how “sexy” the AI and computing narrative sounds, it can’t hide the stark reality of extremely weak token value capture. Without real revenue to back it up, I don’t dare bet on inflated premiums propped up purely by speculation.
#RNDR
This huge gap between valuation and revenue is reflected vividly in the leading Render ( $RNDR ). Based on the current pace, even if we project to the end of 2025, RNDR’s cumulative token burn will account for only about 0.2% of its market cap.
With such a low burn rate, it’s nearly negligible against the massive circulating supply. No matter how “sexy” the AI and computing narrative sounds, it can’t hide the stark reality of extremely weak token value capture. Without real revenue to back it up, I don’t dare bet on inflated premiums propped up purely by speculation.
#RNDR