Grayscale has identified three cryptocurrencies targeting growth opportunities created by increased demand for AI training data and computing hardware. In an October 23 research note, Grayscale Head of Research Zach Pandl highlighted DATA Network (DATA), USD.AI (CHIP), and Pearl (PEARL) as projects addressing different components of AI infrastructure.
DATA Network: Licensing Training Data
DATA Network aims to collect training data with permission, license it to AI developers, and reward contributors. The project targets the material—images, videos, and voice recordings—that AI models require for development.
The Sui Foundation announced a $30 million investment in the network on October 12. DATA also plans to migrate to Sui, with existing tokens transferring one-for-one.
Despite these developments, DATA has declined 42.07% over 90 days to $0.15243, including a 34.65% drop over the past month.
USD.AI: Financing GPU Hardware
USD.AI enables computing companies to borrow money against graphics processors and their future income through blockchain-based lending pools. In August, Bullish announced a $100 million financing facility supporting USD.AI's GPU loans.
CHIP gained 47.98% over 90 days to $0.04386, though it remains approximately 69% below its April peak.
Pearl: Dual-Use Computing
Pearl proposes using the same computing capacity for both AI workloads and blockchain mining, allowing providers to earn revenue from AI work while collecting tokens for network security.
PEARL has surged 528.24% in 90 days to $2.00, though it retreated about 19% from its October 21 record of $2.46. The project faces supply risks, with approximately 1.2 million new tokens estimated to enter circulation daily. Its $4.2 billion fully diluted valuation significantly exceeds its $713 million market cap.
Outlook
Grayscale sees potential across all three projects, though their long-term success remains uncertain. According to Pandl, their relevance will depend on adoption and competitive economics.
