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For the first time in eight years, Render Network doesn’t have enough GPUs to go around. The decentralized compute platform recorded negative GPU supply availability in Q2 2026, meaning demand for processing power officially outstripped every node the network could throw at it.

The last time this happened was 2018, when Render was a fraction of its current size.

The numbers behind the shortage Render onboarded roughly 60,000 new GPUs across 180 countries in just six months. Every single one was fully utilized immediately upon joining the network.

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AI workloads now account for 35-40% of all network activity, a dramatic leap from under 10% in 2024. The network currently reports approximately 5,600 active GPU nodes handling both rendering and AI compute tasks.

Token burns and the deflationary math Render operates on a Burn-and-Mint Equilibrium model, or BME. When someone purchases compute on the network, tokens are burned. When node operators provide GPU power, new tokens are minted as compensation.

Token burns surged 279% year-over-year, which serves as a direct proxy for how much compute is actually being purchased on the platform.

Why AI changed the equation Render Network originally built its reputation on 3D rendering. Artists, studios, and creators used the decentralized network to process visual effects and animation work. The jump from sub-10% to 35-40% of network activity in roughly two years reflects AI model training, inference, and fine-tuning consuming GPU capacity at unprecedented rates.

Centralized cloud providers like AWS, Google Cloud, and Azure have faced their own GPU shortages over the past two years, pushing some developers and companies toward decentralized alternatives.

What this means for investors The risk side deserves attention. Negative GPU supply means the network is capacity-constrained, which could push potential customers toward competitors if wait times become unacceptable. Decentralized GPU compute is an increasingly crowded space, with projects like Akash Network and io.net also vying for market share.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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The Artificial Superintelligence Alliance (ASI) kicked off phase 1 of its token merger process. The project recently announced the beginning of the migration process with the delisting of Ocean Protocol (OCEAN) and SingularityNET (AGIX) from crypto exchanges. However, FET is facing some pressure following its rebranding and supply update.

ASI Token Merger Phase 1 Begins On July 1, the ASI alliance and Fetch.AI (FET) announced the multi-token merger to unify OCEAN, AGIX, and FET. As part of phase 1, withdrawals and deposits with OCEAN and AGIX would close in preparation for the migration to FET.

Additionally, the delisting process from crypto exchanges would begin for the two tokens. Meanwhile, FET would continue to trade as usual, with spot and perpetual trading continuing under the same tricker.

The initial phase of the merger aims to “onboard exchanges and data aggregators for a smooth transition.” Fetch.AI saw a rebrand across platforms. The project took the Artificial Superintelligence Alliance name and logo but kept its ticker.

Moreover, the ASI alliance opened a migration platform on the SingularityDAO dApp to help users migrate their tokens. Some crypto exchanges, including Kraken and Coinbase, revealed they would not support customers on the ASI token merger.

Kraken announced that the trading of OCEAN and FET will continue to be supported on the platform until further notice. The exchange also noted that users must withdraw their tokens to a self-custodial wallet to migrate them.

Similarly, Coinbase informed its users that it chose to “not execute the migration of these assets on behalf of users.” Both exchanges also clarified they would not support the eventual migration from FET to ASI.

FET Retraces Following Rebrand After updating the token’s name, supply, and market capitalization, FET flipped Render (RNDR) in the AI tokens sector. According to CoinMarketCap data, the token is now the 27th largest cryptocurrency by market cap, with $3.38 billion.

Following the rebrand, FET’s price dropped similarly to when the token merger delay news was released. At the time, the merging tokens saw an 8-10% price decline following the rescheduling of the merger. The delay was attributed to logistical and technical issues.

FET fell from the $1.4 support zone on Monday to $1.27, a 9.7% drop in 12 hours. However, the AI token has recovered the $1.3 mark, currently trading at $1.33, representing a 3.6% decline in the last 24 hours.

Some market watchers found this performance disappointing. Some investors believe it might be best not to get involved until the merger is completed. Sjuul Follings, crypto trader and founder of Alt Crypto Games expressed his disappointment with the token’s recent fakeout.

Per the trader, he was optimistic about the late June price action, believing the token was about to break out and expand ahead of the ASI alliance. Nonetheless, FET could not reclaim the $1.8 support zone and retraced to the $1.4 support level over the weekend.

Despite the bearish trend, investors remain optimistic about the token’s future as the merger’s phase 1 is only starting. Some investors forecast a short-term price target of $5 for ASI and a long-term goal of $13.

FET is trading at $1.33 in the weekly chart. Source: FETUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com