Key Takeaways
- • Grayscale Head of Research Zach Pandl, in an October 23 research note, highlighted three crypto assets tied to AI infrastructure: DATA Network (DATA), USD.AI (CHIP), and Pearl (PEARL).
- • DATA Network (DATA) is positioned in AI training data; the Sui Foundation announced a $30 million investment on October 12, and DATA plans to migrate to Sui with a one-for-one token swap, yet the token has fallen 42.07% over 90 days to $0.15243.
- • USD.AI (CHIP) provides blockchain-based lending against GPU hardware and future compute income; Bullish announced a $100 million financing facility in August, and CHIP is up 47.98% over 90 days to $0.04386 but roughly 69% below its April peak.
- • Pearl (PEARL) is the standout performer, up 528.24% over 90 days to $2.00, but has retreated about 19% from its October 21 record of $2.46, with supply risk from roughly 1.2 million new tokens daily and a $4.2 billion fully diluted valuation versus a $713 million market cap.
- • Grayscale says the projects' long-term relevance depends on adoption and competitive economics, and that it is monitoring them.
Summary
Grayscale has identified three cryptocurrencies it believes could benefit from demand for AI training data and computing infrastructure, according to an October 23 research note by Head of Research Zach Pandl. The note frames the AI boom as driving heavy demand for training data and the expensive computers that run AI models, and the three tokens target different parts of that stack. Their recent price performance diverges sharply.
DATA Network aims to collect images, videos, and voice recordings with contributor permission, license the material to AI developers, and reward contributors. On October 12, the Sui Foundation announced a $30 million investment in the network, and DATA plans to migrate to the Sui blockchain, transferring existing tokens one-for-one. Despite these developments, DATA has fallen 42.07% over 90 days to $0.15243, including a 34.65% decline over the past month.
USD.AI addresses the hardware side of AI, helping computing companies borrow against graphics processing units (GPUs) and their expected future income through blockchain-based lending pools. In August, Bullish announced a $100 million financing facility supporting USD.AI's GPU loans. CHIP has gained 47.98% over 90 days to $0.04386, though it remains roughly 69% below its April peak.
Pearl proposes that the same computing capacity be used for both AI workloads and blockchain mining, allowing providers to earn AI revenue while collecting tokens for securing the network. PEARL is the strongest performer in the group, rising 528.24% over 90 days to $2.00. It has since retreated about 19% from its October 21 record of $2.46. Supply presents a meaningful risk: roughly 1.2 million new tokens are estimated to enter circulation daily, and the token's $4.2 billion fully diluted valuation far exceeds its $713 million market capitalization.
Grayscale sees potential across all three projects but acknowledges that their success is uncertain. Pandl said, "Their long-term relevance will depend on adoption and competitive economics. We are keeping an eye on them."
DATA Network aims to collect images, videos, and voice recordings with contributor permission, license the material to AI developers, and reward contributors. On October 12, the Sui Foundation announced a $30 million investment in the network, and DATA plans to migrate to the Sui blockchain, transferring existing tokens one-for-one. Despite these developments, DATA has fallen 42.07% over 90 days to $0.15243, including a 34.65% decline over the past month.
USD.AI addresses the hardware side of AI, helping computing companies borrow against graphics processing units (GPUs) and their expected future income through blockchain-based lending pools. In August, Bullish announced a $100 million financing facility supporting USD.AI's GPU loans. CHIP has gained 47.98% over 90 days to $0.04386, though it remains roughly 69% below its April peak.
Pearl proposes that the same computing capacity be used for both AI workloads and blockchain mining, allowing providers to earn AI revenue while collecting tokens for securing the network. PEARL is the strongest performer in the group, rising 528.24% over 90 days to $2.00. It has since retreated about 19% from its October 21 record of $2.46. Supply presents a meaningful risk: roughly 1.2 million new tokens are estimated to enter circulation daily, and the token's $4.2 billion fully diluted valuation far exceeds its $713 million market capitalization.
Grayscale sees potential across all three projects but acknowledges that their success is uncertain. Pandl said, "Their long-term relevance will depend on adoption and competitive economics. We are keeping an eye on them."
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