$Grass's July token holder call has been largely misunderstood because few realize that revenue is seasonal. With that in mind, the growth has been very strong. TLDR -2026 expected revenue of ~$70m -Adjusted FDV at $0.36 is ~$250m, excluding Foundation-controlled treasury supply -That's ~3.6x 2026 expected revenue -H1 '26 revenue grew ~6x over H1 '25 -FY26 expected revenue is ~4x FY25 actuals -Ongoing opex is ~$2.5m/month, implying $40m of operating profit in 2026 The seasonality is the whole misunderstanding. People are comparing H2 2025 ($14.3m) to H1 2026 ($17m), seeing a small step up, and concluding growth stalled. That's the wrong comparison. Frontier labs make their largest data purchase decisions around training cycles, and most of those cycles get contracted in the second half of the year. Compare like for like, H1 '25 to H1 '26, and revenue grew ~6x. Ongoing cash expenses are ~$2.5m a month, mostly infrastructure. On $70m of 2026 revenue, that's ~$30m of annualized cash opex and roughly ~$40m of implied operating profit. Margins should expand as revenue grows because the cost base is largely fixed. They own the infrastructure rather than renting it. "Why don't they return that money to token holders?" For the same reason that no start-up returns capital to early investors. It should be reinvested for growth and profitability. In 2025 they made compute/storage investments that reduced opex by over $1m per month. In addition to the $70m they expect to earn via training data in 2026, they'll also be launching products in the LCR space this summer. I expanded on why LCR is interesting in a previous write up, but the current leading players in the category, Exa and Parallel, just raised at $2.2b and $2b respectively. My summary above is partially sourced from the recap of the call they shared: https://t.co/JylhTnB7oK Disclosure: Delphi Ventures has held a position in GRASS for approximately two years and holds it as of publication. This is not investment advice and the opinions expressed are my own.

Name & Symbol: Grass ($GRASS)
Address: Grass7B4RdKfBCjTKgSqnXkqjwiGvQyFbuSCUJr3XXjs

To celebrate the launch of @doublezero’s TGE today, I'd like to share what attracted @Delphi_Ventures to the project in the first place (disclosure: we are investors) a) Ambitious vision: DoubleZero is building a private, super-speed, ultra-low-jitter internet, tailor made for major target audiences: sophisticated traders (esp. HFT), AI loads, content delivery, and gaming. b) Needed product: I predict that real-time blockchains will have so much traffic that they will run up against issues core to the internet itself: max speed + capacity. Doublezero fixes this. c) Top tier team: @Austin_Federa is a top tier business operative who worked his way up from the bottom to a senior executive at Solana Labs. Andrew McConnell spent 18 years designing high performance systems at Jump, Nasdaq, and KCG Holdings to name a few. Mateo Ward has approx. 2 decades of experience building out high-grade telecom infra. Together, this is the dream team These are the reasons that got us excited about the project, and they maintain our excitement. For more information on the protocol, please visit their website, their X profile, the TGE tweet https://t.co/YreuDIct5E, or our podcast with @Austin_Federa, released last week: Delphi Portal: https://t.co/Aay6hYRlMs Youtube: https://t.co/1PQURC0v50

Name & Symbol: DoubleZero ($2Z)
Address: J6pQQ3FAcJQeWPPGppWRb4nM8jU3wLyYbRrLh7feMfvd

Had a blast hosting @sapijiju on the pod talking all things $PUMP The platform’s been polarizing, but the fundamentals are hard to ignore. At a time when many would call the trenches cooked, they’re running ~$650M in annualized buybacks off trailing 30d revenue Might need another SOL DAT just to keep up with all the SOL they’re offloading into PUMP

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn