Key Takeaways
- • Grayscale research head Zach Pandl flagged three crypto projects building AI infrastructure in an October 23, 2026 note: DATA Network, USD.AI and Pearl, citing that their token economics do not always route earnings to token holders.
- • The Sui Foundation is investing $30 million in the DATA Network, making it the largest institutional holder, as DATA migrates to Sui and Walrus; neither the foundation nor Grayscale has disclosed how licence revenue reaches DATA holders.
- • Grayscale says PEARL has risen 580% over three months to October 22, per CoinGecko data, but Pearl's rewards are funded in large part by newly issued coins rather than AI customer revenue alone.
- • USD.AI's CHIP token, which Grayscale describes as arranging GPU-backed loans, carries no equity, dividend or profit rights under its MiCA white paper; yield accrues to sUSDai holders instead.
- • Three disclosures would clarify whether token holders capture business earnings: DATA's transition plan, USD.AI's updated CHIP white paper, and evidence of paying AI demand within Pearl's rewarded work.
Summary
Grayscale has flagged three crypto projects building AI infrastructure, according to a note from head of research Zach Pandl dated October 23, 2026. The firm named DATA Network, USD.AI and Pearl, and the article reports that the money these projects earn does not always reach token holders.
DATA collects human-contributed training material such as photos, video and voice recordings. Grayscale says apps on the network license those datasets to AI labs while rewarding contributors. Per the Sui Foundation's October 12 announcement, DATA's Trace registry, launched in June, records the origin and rights of each contribution and settles payments to contributors. Trace has registered more than 250 million contributions and processes over 3 million receipts a day on average, the foundation said. However, none of the published figures disclose how many contributions were licensed, at what price, or how much contributors received. The Sui Foundation is investing $30 million in the DATA Network, making it the largest institutional holder. DATA is moving to Sui and Walrus, with tokens carrying over one-for-one and holder economics described as at least equivalent to current terms. A transition plan is due before the upgrade.
Grayscale lists USD.AI under the ticker CHIP and describes it as arranging loans backed by GPU equipment. Per USD.AI's documentation, however, the yield sits in a different token. Interest paid by GPU operators, plus income on escrowed capital and reserves, accrues to sUSDai holders, with loans covering up to 80% of a GPU's value and exits running through a 30-day queue. CHIP's MiCA white paper states that the token confers no equity, dividend or profit rights, and that staking in insurance modules is a separate, optional activity. The document also lists a possible fee switch for tokenholders among future protocol decisions, and USD.AI says an updated white paper is being prepared.
Grayscale says PEARL has risen 580% in the past three months, citing CoinGecko data as of October 22. Pearl proposes that GPUs run AI workloads while also securing a proof-of-work blockchain, with operators earning PRL rewards on top of AI revenue. Together AI launched a Pearl-powered discounted inference endpoint on May 15, with a discount of more than 25% offset by the expected value of crypto emissions. A June preprint by researcher Abhinaba Basu, which has not been peer reviewed, challenged the useful-work claim, concluding the network "produces zero useful AI computation"; its measurements predate the three-month rally Grayscale cites.
Grayscale says the long-term relevance of these projects will depend on adoption and competitive economics. Its disclaimer notes that the firm and its affiliates may hold interests in the assets discussed.
DATA collects human-contributed training material such as photos, video and voice recordings. Grayscale says apps on the network license those datasets to AI labs while rewarding contributors. Per the Sui Foundation's October 12 announcement, DATA's Trace registry, launched in June, records the origin and rights of each contribution and settles payments to contributors. Trace has registered more than 250 million contributions and processes over 3 million receipts a day on average, the foundation said. However, none of the published figures disclose how many contributions were licensed, at what price, or how much contributors received. The Sui Foundation is investing $30 million in the DATA Network, making it the largest institutional holder. DATA is moving to Sui and Walrus, with tokens carrying over one-for-one and holder economics described as at least equivalent to current terms. A transition plan is due before the upgrade.
Grayscale lists USD.AI under the ticker CHIP and describes it as arranging loans backed by GPU equipment. Per USD.AI's documentation, however, the yield sits in a different token. Interest paid by GPU operators, plus income on escrowed capital and reserves, accrues to sUSDai holders, with loans covering up to 80% of a GPU's value and exits running through a 30-day queue. CHIP's MiCA white paper states that the token confers no equity, dividend or profit rights, and that staking in insurance modules is a separate, optional activity. The document also lists a possible fee switch for tokenholders among future protocol decisions, and USD.AI says an updated white paper is being prepared.
Grayscale says PEARL has risen 580% in the past three months, citing CoinGecko data as of October 22. Pearl proposes that GPUs run AI workloads while also securing a proof-of-work blockchain, with operators earning PRL rewards on top of AI revenue. Together AI launched a Pearl-powered discounted inference endpoint on May 15, with a discount of more than 25% offset by the expected value of crypto emissions. A June preprint by researcher Abhinaba Basu, which has not been peer reviewed, challenged the useful-work claim, concluding the network "produces zero useful AI computation"; its measurements predate the three-month rally Grayscale cites.
Grayscale says the long-term relevance of these projects will depend on adoption and competitive economics. Its disclaimer notes that the firm and its affiliates may hold interests in the assets discussed.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.