Grayscale is examining three cryptocurrency projects that address different aspects of artificial intelligence infrastructure: training data collection, hardware financing, and computing revenue generation.
On October 23, Zach Pandl, head of research at Grayscale, analyzed PEARL, DATA Network, and USD.AI as examples of blockchain applications in AI infrastructure. Pandl noted that "their long-term relevance will depend on adoption and competitive economics."
PEARL's Performance and GPU Computing Model
PEARL, a blockchain project focused on AI computing, reported a 580% gain over three months through October 22, according to Coingecko data cited by Grayscale. The project aims to allow graphics processing units (GPUs) to perform AI tasks while simultaneously securing a proof-of-work blockchain, allowing operators to earn blockchain rewards alongside payments for AI services.
DATA Network's Training Data Approach
DATA Network builds collection, licensing, and tracking tools for human-contributed training material including photographs, videos, and voice recordings. Applications using its infrastructure could license datasets to AI laboratories while rewarding the individuals who supplied the information.
In October, DATA announced plans to move its protocol to the Sui blockchain and use Walrus, a decentralized file-storage network, as its default storage layer.
USD.AI's GPU Financing Platform
USD.AI operates a blockchain-based lending platform that addresses computing equipment financing through loans secured by GPUs and their associated cash flows. The platform offers funding of up to 80% of deployment costs, with borrowers contributing at least 20% themselves and repaying principal over three to five years.
In August, crypto exchange Bullish announced a $100 million credit facility for USD.AI to finance GPU-backed loans, connecting stablecoin capital with physical equipment supporting AI services.
Hardware financing also underpins other industry arrangements, including a $43 million hardware and financing agreement announced in April between Vertical Data and Alpha Compute Corp. covering infrastructure using Nvidia's B300 chip.
