Key Takeaways
- • Grayscale reports that PEARL gained 580% over three months through Oct. 22, citing CoinGecko data, as it highlights blockchain projects addressing AI infrastructure.
- • DATA Network aims to turn human-contributed photographs, videos and voice recordings into licensed training datasets for AI laboratories, and announced plans on Oct. 12 to migrate to the Sui blockchain with Walrus as its default storage layer.
- • USD.AI finances GPUs with loans of up to 80% of deployment costs, with borrowers contributing at least 20% and repaying principal over three to five years, backed by a $100 million Bullish (NYSE: BLSH) credit facility announced in August.
- • Grayscale research head Zach Pandl says the long-term relevance of these projects will depend on adoption and competitive economics.
Summary
Grayscale, the digital asset manager, has highlighted three crypto projects addressing AI training data, hardware financing and computing revenue in research published Oct. 23. The report centers on PEARL, which Grayscale says gained 580% over three months through Oct. 22, based on CoinGecko data. Zach Pandl, Grayscale's head of research, examined PEARL, DATA Network and USD.AI as examples of blockchain applications across the AI infrastructure supply chain.
PEARL is a blockchain project that aims to let graphics processing units perform AI tasks while simultaneously securing a proof-of-work blockchain. Operators could earn blockchain rewards alongside payments for AI services. Pandl cautioned that "their long-term relevance will depend on adoption and competitive economics."
DATA Network's approach is built on human-contributed photographs, videos and voice recordings used as training data. The project is developing collection, licensing and tracking tools that would allow applications to license datasets to AI laboratories while compensating the individuals who supplied the material. DATA announced plans on Oct. 12 to move its protocol to the Sui blockchain and use Walrus, a decentralized file-storage network, as its default storage layer.
USD.AI, a blockchain-based lending platform, addresses the high cost of computing equipment through loans secured by GPUs and their associated cash flows. Its terms describe funding of up to 80% of deployment costs, subject to credit review and eligibility. Pooled capital can fund these loans and potentially generate returns, but participants remain exposed to borrower defaults, collateral losses and software failures. Crypto exchange Bullish (NYSE: BLSH) announced a $100 million credit facility for USD.AI in August to finance GPU-backed loans.
The report places these projects within a broader hardware financing trend. Vertical Data and Alpha Compute Corp. (Nasdaq: ALP), then named Alphaton Capital, entered a $43 million hardware and financing agreement in April covering infrastructure using Nvidia's B300 chip and privacy-preserving computing services. Separately, Nvidia (Nasdaq: NVDA) announced on Aug. 10 proposed partnerships with six financial institutions targeting more than $500 billion for AI infrastructure over time, subject to final agreements.
PEARL is a blockchain project that aims to let graphics processing units perform AI tasks while simultaneously securing a proof-of-work blockchain. Operators could earn blockchain rewards alongside payments for AI services. Pandl cautioned that "their long-term relevance will depend on adoption and competitive economics."
DATA Network's approach is built on human-contributed photographs, videos and voice recordings used as training data. The project is developing collection, licensing and tracking tools that would allow applications to license datasets to AI laboratories while compensating the individuals who supplied the material. DATA announced plans on Oct. 12 to move its protocol to the Sui blockchain and use Walrus, a decentralized file-storage network, as its default storage layer.
USD.AI, a blockchain-based lending platform, addresses the high cost of computing equipment through loans secured by GPUs and their associated cash flows. Its terms describe funding of up to 80% of deployment costs, subject to credit review and eligibility. Pooled capital can fund these loans and potentially generate returns, but participants remain exposed to borrower defaults, collateral losses and software failures. Crypto exchange Bullish (NYSE: BLSH) announced a $100 million credit facility for USD.AI in August to finance GPU-backed loans.
The report places these projects within a broader hardware financing trend. Vertical Data and Alpha Compute Corp. (Nasdaq: ALP), then named Alphaton Capital, entered a $43 million hardware and financing agreement in April covering infrastructure using Nvidia's B300 chip and privacy-preserving computing services. Separately, Nvidia (Nasdaq: NVDA) announced on Aug. 10 proposed partnerships with six financial institutions targeting more than $500 billion for AI infrastructure over time, subject to final agreements.
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