frameRenderingQueue = dispatch_queue_create("com.mycompany.crw", DISPATCH_QUEUE_SERIAL);
frameRenderingSemaphore = dispatch_semaphore_create(1);

CADisplayLink *dl = [[UIScreen mainScreen] displayLinkWithTarget:self selector:@selector(renderFrame)];
[dl addToRunLoop:[NSRunLoop currentRunLoop] forMode:NSRunLoopCommonModes];

- (void)renderFrame {
    if (dispatch_semaphore_wait(frameRenderingSemaphore, DISPATCH_TIME_NOW) != 0) {
        NSLog(@"return"); // Gets called ALWAYS!
        return;
    }

    dispatch_async(drawingQueue, ^{
        @autoreleasepool {

            // OpenGL ES drawing code

            dispatch_semaphore_signal(frameRenderingSemaphore);
        }
    });
}

- (void)renderFrame {
    dispatch_async(drawingQueue, ^{
        if (dispatch_semaphore_wait(frameRenderingSemaphore, DISPATCH_TIME_NOW) != 0) {
            return;
        }

        @autoreleasepool {
            // Drawing code...
        }

        dispatch_semaphore_signal(frameRenderingSemaphore);
    });
}