An insight I loved from my conversation with @Shaughnessy119: OpenAI's price cuts aren't about user demand. They're a pre-IPO move to damage Anthropic's growth metrics before the offering. Full conversation on the AI business model 🎧 Timestamps: 💸 01:10 Why over $600B left crypto in 30 days: AI deal outflows, the SpaceX IPO and quantum concerns 🧵 04:46 Tom's viral tweet: the 40x subsidy gap hidden in AI subscription pricing 📊 07:51 Why AI IPO filings will force the financials nobody has seen 💡 10:16 Why open source inference will compete with the frontier labs 🏗️ 13:06 Why frontier labs need to own what they create, not collect $200 per month 📣 15:55 Cape: Get 33% off your first six months at https://t.co/2ZtLziXsHV 📣 17:01 Fidelity: Explore crypto careers that could change your future at https://t.co/8dua6AZj82 🌏 18:08 Chinese open source models and why going closed source could help OpenAI ⚔️ 20:58 Why Tom says OpenAI's price cuts target Anthropic's IPO, not users 🤬 22:09 Why AI model censorship is big brother fearmongering 🔗 24:42 Crypto's answer: ICO for open source AI, Nous Hermes, Venice, Grass, Ambient

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

For $VVV 1/ Projects need to build sustainable businesses. Hyperliquid is incredible but the exception on burning 99% of revenue. Venice can build a huge business here and it requires paying staff and running a company 2/ My thesis on centralized AI spend slowing favors Venice as an open source provider of models. You can cut your enterprise spend (or 5-10x your usage for the same money) and get similar data privacy guarantees I cover this here: https://t.co/r273f0WQeF 3/ @ErikVoorhees is clearly token aligned. On @blknoiz06’s pod he stated he wanted to burn all tokens. There is already a burn but it’s small for now. Issuance has been reduced and will continue to do so.

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

AI/Quantum/Equity Markets and some alts (ZEC) selling off is volatile but net bullish for Crypto (BTC) and apps with real revenue (Hype, VVV, Grass) because it means flows out of crypto slow and those flows within Crypto bid apps with real revenue (BTC exception) that have PMF and centralized component to reduce AI risk

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

AI/Quantum/Equity Markets and some alts (ZEC) selling off is volatile but net bullish for Crypto (BTC) and apps with real revenue (Hype, VVV, Grass) because it means flows out of crypto slow and those flows within Crypto bid apps with real revenue (BTC exception) that have PMF and centralized component to reduce AI risk

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

If you understand my post this means I am bullish the inference providers like @AskVenice Disc. Long VVV

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

Seems like ETH money flowing to VVV, BTC money flowing to ZEC and a lot of tokens flowing to HYPE

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

Venice by Voorhees is the clearest AI growth play A few broad strokes I want to point out 1/ Fundamentals wise Venice has 3 million+ users and Yan is estimating a 12 month forward ARR of ~$260M. This means VVV trades at 2.5x forward revenue (Circulating market cap). This is rare in Crypto especially at a time when stakeholders want real revenue. 2/ Thesis wise people desire private inference while accessing open source models without sending their data to China. This is hard to do (China APIs, or intermediaries that route anywhere). Venice is private and hosts some models on private data centers and some in an E2E TEE Fashion for extreme privacy. Yan covers all of the tiers. Venice solves the market for those who want private inference but can't setup hardware at home and dont want to send data to China. I've talked about this a lot that its very hard to find a subscription service, that is private, lets you access leading open source models with zero data retention. Enterprise wise @YanLiberman is right the enterprise no data retention plans are solid from AI Labs, but they are API based and get very expensive. With Venice you can get similar guarantees on a $68/mo subscription, if you graduate from a user to enterprise API plan for work privacy guarantees your bill goes up 10-20x (this happened to us!). Net I think more enterprises/businesses use venice than we are assuming to save money vs graduating to enteprise AI tiers for similar privacy guarantees. 3/ Founder wise Erik is the guy who took down SBF live on a podcast. He's the guy who got the entire conference going at Permissionless on AI. When Erik eventually goes up against trillion dollar centralized AI founders to share the vision of private/open source AI he will inspire folks and bring them into Venice. The best storyteller is king. 4/ Future wise I think the biggest jump is autonomous agents holding VVV/DIEM, accessing models, earning capital and buying more VVV/DIEM for more usage. Then Agents build out their entire AI economy. Disclosure I am Long $VVV. H/T @ErikVoorhees

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

Today people use @AskVenice for Hermes/Openclaw agents for privately accessing open source models without sending data to China The arb is clear. You don't want to setup everything at home but you also dont want to use an intermediary or direct China APIs (GLM, Qwen, Minimax) and send all your data to China. On most intermediaries you can't guarantee your data won't go to China which is important to me and other folks. So you use Venice to avoid a hardware setup (mac Minis, GPUs, etc) and also leverage Chinese Open source models without sending data to china. The model breaks if China goes closed source but we haven't seen that happen. Longer term I think people give autonomous agents DIEM or VVV to allow agents to access AI inference for their own reasons People can setup autonomous @NousResearch Hermes agents (here is DIEM go use AI for X reason) or graduate their personal Hermes agents into autonomous ones Sovereign AI Agents that can access inference on their own, make money, grow their DIEM/Venice token holdings to access more intelligence and repeat The key will be figuring out where the brains/rest of the agent lives on-chain. This is a question for the @solana_ai / @_rishinsharma and @base teams among others. Maybe for now they just live on VPS on Digital Ocean/peoples laptops but the wallet and personality move on-chain. Probably the easiest right now. It seems likely people want to flex their existing agents publicly. If you graduate them to the public realm (Access to X, Access to a crypto wallet for clout on activities, etc). This is outside the venice idea but I think its likely people will want their personal agents in the public realm. Anyone building this? There needs to be a portal where you give your agent access to X/social network of some kind.

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

Today people use @AskVenice for Hermes/Openclaw agents for privately accessing open source models without sending data to China The arb is clear. You don't want to setup everything at home but you also dont want to use an intermediary or direct China APIs (GLM, Qwen, Minimax) and send all your data to China. On most intermediaries you can't guarantee your data won't go to China which is important to me and other folks. So you use Venice to avoid a hardware setup (mac Minis, GPUs, etc) and also leverage Chinese Open source models without sending data to china. The model breaks if China goes closed source but we haven't seen that happen. Longer term I think people give autonomous agents DIEM or VVV to allow agents to access AI inference for their own reasons People can setup autonomous @NousResearch Hermes agents (here is DIEM go use AI for X reason) or graduate their personal Hermes agents into autonomous ones Sovereign AI Agents that can access inference on their own, make money, grow their DIEM/Venice token holdings to access more intelligence and repeat The key will be figuring out where the brains/rest of the agent lives on-chain. This is a question for the @solana_ai / @_rishinsharma and @base teams among others. Maybe for now they just live on VPS on Digital Ocean/peoples laptops but the wallet and personality move on-chain. Probably the easiest right now. It seems likely people want to flex their existing agents publicly. If you graduate them to the public realm (Access to X, Access to a crypto wallet for clout on activities, etc). This is outside the venice idea but I think its likely people will want their personal agents in the public realm. Anyone building this? There needs to be a portal where you give your agent access to X/social network of some kind.

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

I’m long $VVV since it’s the cleanest and most straightforward AI beneficiary

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

$GRASS is one of the clearest ways to play the intersection of AI and Crypto. A generational founder with millions of deployed devices on Solana accruing the most valuable asset (Data) for Major AI Labs. Incredible well run company. @Delphi_Ventures is a proud investor 🌱

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

If you're a founder I would check out @MetaLeX_Labs v2 Instead of all the mental gymnastics of tokens vs equity (a product of Gensler era SEC to offshore crypto projects) and the value flows between the two, MetaLeX NFT's are legally binding financial instruments (think SAFE or SAFT). Instead of a token with no rights, you're getting the real deal. The platform allows founders to bypass law firms and administrative hassles by automating market standard documents. Net, founders save $100,000's on legal fees and different funds or people getting better/worse rights (side letters) than each other. Founders can also legally advertise rounds on social media (general solicitation). Founders get to market much faster (new products/apps in your hands sooner) using much less money (lower barrier means more ideas make it to the light). For investors, everyone gets actual legal ownership instead of a token with zero rights and confusing split value flows. Since the asset is an NFT it can be used in DeFi or secondary markets if unlocked. Importantly, funding and execution of documents takes place in the same step (atomic settlement) so you're not left with no rights if you fund and the company doesn't countersign. Congrats @lex_node! Disc. @delphi_labs has interests in MetaLex

Name & Symbol: Safe Token ($SAFE)
Address: 0x5afe3855358e112b5647b952709e6165e1c1eeee

Just read @Delphi_Digital’s year ahead report by @tempst0 @0x_Arcana @yusufxzy and as usual it’s incredible. Stablecoin Momentum is absurd. They’re the 19th largest holder of U.S. treasuries and adjusted volume has officially eclipsed @Visa and @PayPal. We know Bessent and regulators understand the need to export the dollar for USD dominance they have a built in debt buyer It looks like major brands and chains (@Plasma, @circle Arc, Stripe’s @tempo) are vertically integrating to destroy the friction laden banking system. The 2nd order effect here is the death of the correspondent banking stack We are replacing antiquated banks with crypto rails where value capture shifts from legacy interchange fees to settlement routing. Handling trillions in FX flows inevitably benefits the whole crypto ecosystem. I hope I never have to walk into a bank branch again Prediction Markets are embedding into society. It was crazy seeing @Kalshi and @Polymarket referenced during the Golden Globes. Many thought they would fade post-election, but the report notes ICE (NYSE owner) backing Polymarket and IBKR viewing these markets as live portfolio inputs. We are moving toward a higher information world where event contracts become first class derivatives for hedging macro and earnings risk. (Let’s please just avoid "kill markets" for the sake of our industry) The report added significantly to my @solana bullishness. Solana is effectively creating a physical moat to close the gap with HFT venues. The network is combining: • Alpenglow: 100x reduction in finality + "20+20" fault model (tolerating 40% malicious stake) • Firedancer: Client diversity and efficiency • @doublezero : Private fiber lines/multicast to eliminate public internet variance • Raiku: Deterministic execution guarantees (AOT/JIT) to enable true onchain orderbooks The authors sum it up perfectly: "We can visualize this as an interdependent triad in terms of scaling Solana: Alpenglow establishes deterministic consensus with sub-second finality. Firedancer maximizes client execution efficiency and scalability. DoubleZero ensures deterministic propagation and bandwidth consistency."  If we’re bringing equities, perps, and the financialization of everything onchain, Solana is best suited to handle it between their engineering prowess on the software and physical side in my opinion This year feels like Wall Street comes on chain, everything is financialized and solana wins given their engineering prowess. Disc. long SOL, Delphi Ventures is invested in DZ https://t.co/Lbr4k28nKZ

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Just read @Delphi_Digital’s year ahead report by @tempst0 @0x_Arcana @yusufxzy and as usual it’s incredible. Stablecoin Momentum is absurd. They’re the 19th largest holder of U.S. treasuries and adjusted volume has officially eclipsed @Visa and @PayPal. We know Bessent and regulators understand the need to export the dollar for USD dominance they have a built in debt buyer It looks like major brands and chains (@Plasma, @circle Arc, Stripe’s @tempo) are vertically integrating to destroy the friction laden banking system. The 2nd order effect here is the death of the correspondent banking stack We are replacing antiquated banks with crypto rails where value capture shifts from legacy interchange fees to settlement routing. Handling trillions in FX flows inevitably benefits the whole crypto ecosystem. I hope I never have to walk into a bank branch again Prediction Markets are embedding into society. It was crazy seeing @Kalshi and @Polymarket referenced during the Golden Globes. Many thought they would fade post-election, but the report notes ICE (NYSE owner) backing Polymarket and IBKR viewing these markets as live portfolio inputs. We are moving toward a higher information world where event contracts become first class derivatives for hedging macro and earnings risk. (Let’s please just avoid "kill markets" for the sake of our industry) The report added significantly to my @solana bullishness. Solana is effectively creating a physical moat to close the gap with HFT venues. The network is combining: • Alpenglow: 100x reduction in finality + "20+20" fault model (tolerating 40% malicious stake) • Firedancer: Client diversity and efficiency • @doublezero : Private fiber lines/multicast to eliminate public internet variance • Raiku: Deterministic execution guarantees (AOT/JIT) to enable true onchain orderbooks The authors sum it up perfectly: "We can visualize this as an interdependent triad in terms of scaling Solana: Alpenglow establishes deterministic consensus with sub-second finality. Firedancer maximizes client execution efficiency and scalability. DoubleZero ensures deterministic propagation and bandwidth consistency."  If we’re bringing equities, perps, and the financialization of everything onchain, Solana is best suited to handle it between their engineering prowess on the software and physical side in my opinion This year feels like Wall Street comes on chain, everything is financialized and solana wins given their engineering prowess. Disc. long SOL, Delphi Ventures is invested in DZ https://t.co/Lbr4k28nKZ

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

Just read @Delphi_Digital’s year ahead report by @tempst0 @0x_Arcana @yusufxzy and as usual it’s incredible. Stablecoin Momentum is absurd. They’re the 19th largest holder of U.S. treasuries and adjusted volume has officially eclipsed @Visa and @PayPal. We know Bessent and regulators understand the need to export the dollar for USD dominance they have a built in debt buyer It looks like major brands and chains (@Plasma, @circle Arc, Stripe’s @tempo) are vertically integrating to destroy the friction laden banking system. The 2nd order effect here is the death of the correspondent banking stack We are replacing antiquated banks with crypto rails where value capture shifts from legacy interchange fees to settlement routing. Handling trillions in FX flows inevitably benefits the whole crypto ecosystem. I hope I never have to walk into a bank branch again Prediction Markets are embedding into society. It was crazy seeing @Kalshi and @Polymarket referenced during the Golden Globes. Many thought they would fade post-election, but the report notes ICE (NYSE owner) backing Polymarket and IBKR viewing these markets as live portfolio inputs. We are moving toward a higher information world where event contracts become first class derivatives for hedging macro and earnings risk. (Let’s please just avoid "kill markets" for the sake of our industry) The report added significantly to my @solana bullishness. Solana is effectively creating a physical moat to close the gap with HFT venues. The network is combining: • Alpenglow: 100x reduction in finality + "20+20" fault model (tolerating 40% malicious stake) • Firedancer: Client diversity and efficiency • @doublezero : Private fiber lines/multicast to eliminate public internet variance • Raiku: Deterministic execution guarantees (AOT/JIT) to enable true onchain orderbooks The authors sum it up perfectly: "We can visualize this as an interdependent triad in terms of scaling Solana: Alpenglow establishes deterministic consensus with sub-second finality. Firedancer maximizes client execution efficiency and scalability. DoubleZero ensures deterministic propagation and bandwidth consistency."  If we’re bringing equities, perps, and the financialization of everything onchain, Solana is best suited to handle it between their engineering prowess on the software and physical side in my opinion This year feels like Wall Street comes on chain, everything is financialized and solana wins given their engineering prowess. Disc. long SOL, Delphi Ventures is invested in DZ https://t.co/Lbr4k28nKZ

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

This was an extremely volatile year for Crypto. The DeepSeek crash to 10/10 to last week’s fiasco with a large market maker on Nance Generally I think people are exhausted and burnt out of the volatility. Hell I’m feeling it too Usually that marks a bottom, when people exit to have a clear head. Stability. We have the most pro regulatory Crypto environment ever (SEC and CFTC tripping over each other to allow crypto), Wall Street ETFs sucking up coins and real crypto progress happening (stablecoins, Infra like Doublezero/Firedancer, massive ICOs with mass retail interest like Monad with 85,000 people, many other examples) Macro wise Governments will never stop printing money. This money will chase crypto as people escape inflation Technology wise Crypto is the easiest place to build - overnight capital and community formation to iteratively build projects I’m very bullish crypto

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

Jpow has to livestream fed decisions on Pump @a1lon9

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

New Podcast 🚨 🎙 Excited to talk to @mdudas about his legendary @pumpdotfun investment and all about @6thManVentures Diving into early stage crypto investing, spotting contrarian bets, and how one seed deal $PUMP became a 8B FDV monster! Live now on all platforms! 👇 https://t.co/byOByreOxp

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

Are we allowed to talk about $PUMP competing with @OnlyFans? The world can buy upside in their favorite streamers. Or is that outside the scope?

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

The metrics for $PUMP are 2x+ when the token hit ATHs on July 16 Revenue is 2x, weekly volume 5x, tokens created 2x. What am I missing? https://t.co/IGub5S0Sfo https://t.co/lnrseGXEO0

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

Not touching $YZY need some ZZZs tonight Wild what @solana’s network can handle though

Name & Symbol: YZY ($YZY)
Address: DrZ26cKJDksVRWib3DVVsjo9eeXccc7hKhDJviiYEEZY