Community Trust ScoreVerified
Grayscale Head of Research Zach Pandl identified three cryptocurrencies—DATA Network (DATA), USD.AI (CHIP), and Pearl (PEARL)—that target specific gaps in the artificial intelligence infrastructure supply chain, according to a research note published on October 23.
The note categorizes the three assets based on their distinct roles in the AI buildout: supplying licensed training data, financing hardware through on-chain lending, and merging proof-of-work mining with AI compute revenue. While Grayscale sees potential in all three projects, the research highlights that their market performance and adoption trajectories have diverged significantly over the past three months.
DATA Network and Sui Integration
DATA Network focuses on the collection and licensing of AI training material. The protocol aims to gather images, videos, and voice recordings with explicit permission from contributors, license this data to AI developers, and reward those who provide the assets. This approach addresses the growing demand for verified, high-quality training sets required for frontier AI models.
The Sui Foundation announced a $30 million investment in DATA Network on October 12. As part of this strategic alignment, DATA Network plans to migrate to the Sui blockchain, with existing tokens set to transfer on a one-for-one basis. Despite this institutional backing, the token has not seen a corresponding price recovery. DATA has declined 42.07% over the last 90 days, settling at $0.15243. The asset also recorded a 34.65% drop over the past month, indicating continued investor caution regarding the project’s near-term value proposition.
GPU Financing and Compute Revenue Models
USD.AI (CHIP) addresses the capital-intensive nature of AI hardware. The platform enables computing companies to borrow funds against GPU hardware and projected future income using blockchain-based lending pools. This mechanism allows firms to access liquidity without selling their compute assets, a critical need as GPU costs remain a primary barrier to scaling AI operations.
In August, Bullish announced a $100 million financing facility to support USD.AI’s GPU loans. CHIP has outperformed DATA over the recent period, gaining 47.98% over 90 days to reach $0.04386. However, the token remains roughly 69% below its April peak, suggesting that the market has not yet fully priced in the long-term utility of on-chain hardware financing.
Pearl (PEARL) proposes a dual-use model for computing capacity. The network allows providers to dedicate the same hardware to AI workloads while simultaneously securing the blockchain through proof-of-work mining. This structure enables providers to earn AI revenue while collecting PEARL tokens as a reward for network security.
PEARL has been the standout performer among the three assets, surging 528.24% in 90 days to a price of $2.00. The token reached an all-time high of $2.46 on October 21 before retreating approximately 19% from that peak. Supply dynamics present a notable risk for the asset. Approximately 1.2 million new PEARL tokens are estimated to enter circulation daily. Consequently, the token’s fully diluted valuation stands at $4.2 billion, a figure that far exceeds its current market cap of $713 million.
Adoption and Competitive Economics
Grayscale’s research note emphasizes that the long-term success of these projects is not guaranteed by their technical alignment with AI trends. The firm noted that the relevance of DATA, CHIP, and PEARL will depend on actual adoption rates and competitive economics within their respective niches.
“Their long-term relevance will depend on adoption and competitive economics. We are keeping an eye on them,” Pandl said. The research does not provide specific price targets or short-term forecasts, instead focusing on the structural roles these tokens play in the broader AI infrastructure ecosystem. The divergence in price action—ranging from a 42% decline to a 528% surge—reflects the market’s current uncertainty regarding which of these infrastructure solutions will achieve sustained commercial viability.
Frequently Asked Questions
Which three cryptocurrencies did Grayscale identify for AI infrastructure exposure?
Grayscale identified DATA Network (DATA), USD.AI (CHIP), and Pearl (PEARL) in its October 23 research note. These tokens target AI training data licensing, GPU hardware financing, and dual-use compute mining, respectively.
What is the current fully diluted valuation of Pearl (PEARL)?
Pearl’s fully diluted valuation is estimated at $4.2 billion. This figure significantly exceeds its current market cap of $713 million, driven by an estimated daily issuance of 1.2 million new tokens.
