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Updated $VVV model. New price target is $51.79 Growth has been ahead of expectations, so not surprisingly my target price is also higher. Since Aug 17th, $VVV is up 72.9% to $21.86 as the market has further repriced the token on its fundamentals and growth potential. Credit purchase revenue in particular has been well ahead of expectations, growing 42.1% month over month in Aug, 21.5% in Sep, and I project it to grow 34.7% in Oct. Programmatic token burns driven by new pro subs has also been ahead of expectations, up 20.0% in Aug and 17.3% in Sep. Based on the above acceleration of growth, my model now estimates current annualized revenue to be $164.5M. 2027 projected revenue is $443.6M, resulting in an estimated $82.2M in token burns, up from prior projections of $336.9M and $70.1M, respectively. This results in my current estimate of $VVV fair value to be $51.79, based off of a 50x multiple to forward earnings (token buyback and burns). I estimate annualized revenue is now up more than 10x since just Jan 2026 and with this level of growth 50x earnings is more than reasonable (likely conservative) Not financial advice

Excited to have participated in the @AntSeed Foundation's $2.4M token round! Decentralized inference is increasingly finding product market fit as several trends converge: open-source model quality, inference commoditization, agentic demand, privacy, and stablecoin native payments. One of the most important shifts is the state of open-source AI models. Frontier labs still lead at the absolute edge, but open-source models are increasingly competitive across a much broader portion of the capability curve. That will change where value accrues. As model performance converges, distribution, inference cost, latency, privacy, and routing become increasingly important. In the future, I see two dominant product experiences: 1. Vertically integrated products built around a specific customer need, with deep attention to UX. 2. Inference marketplaces that compete primarily across cost, latency, privacy, reliability, and routing. In the 2nd product category, the same model can be served by many providers using different hardware, geographies, and cost structures. The logical end state is a marketplace that dynamically routes demand to the best available supply. This is where, in my opinion, AntSeed is incredibly well positioned. Going forward, cost will matter much more as companies and users increasingly prioritize ROI rather than productivity at any cost. For a consumer making 20 prompts per day, the difference between inference providers may be negligible. For an agent making millions of calls, it becomes one of the primary economic variables. AI agents should be extremely price sensitive consumers of compute. This is the core of the @AntSeed thesis. AntSeed creates a permissionless market where inference buyers can route across competing providers based on price, performance, reputation, and privacy, rather than being locked into a single centralized API. Supply becomes more fungible and competition moves to the inference layer. Furthermore, privacy is significantly overlooked as a key input of AI adoption. AI is increasingly where users put their most sensitive information: health data, proprietary code, investment research, financial data, internal documents, and other highly personal information. Yet most AI usage today still requires users to identify themselves to a centralized intermediary. AntSeed approaches this differently. No central account or email is required. Requests are routed P2P, and users can select TEE-verified providers where prompts remain protected from the inference provider itself. As AI becomes embedded more deeply into our workflows, I expect privacy and anonymity to move from niche preferences to core product attributes. We have already seen evidence of this with the rapid growth of Venice as a privacy-focused consumer AI product. Then there is the question of payments. Crypto is very well suited to coordinate this market. You need permissionless, global, machine-to-machine settlement, coordinating according to reputation and economic incentives across counterparties that do not know or trust each other. Stablecoins make sub-cent, cross-border AI transactions practical in a way traditional payment rails do not. AntSeed is already live, supports hundreds of models, has thousands of users and has demonstrated paid demand. The team combines deep crypto-native experience with the technical expertise required to build a real-time inference marketplace. I have worked with Amos and Shahaf since nearly the very inception of Antseed and have seen first hand their crystal clear focus, strong attention to solving user pain points, and non-stop shipping. Frontier capable open-source models should create an increasingly competitive inference market. In turn, a meaningful portion of the value will shift away from owning a proprietary model and toward efficiently coordinating compute supply and demand for inference. That is the market @AntSeed is building for. Very excited to be backing this team and vision.

What a quarter for crypto and risk assets broadly. If someone told you on June 30 that brent would rip >40% and bond yields would hit multi decade highs, probably >90% of investors would guess crypto & equities get slaughtered.

Across currency activity and demand, USD usage is ~3x that of the euro. Onchain, the ratio is 300 to 1. We believe that gap makes the euro the biggest opportunity in stablecoins, and we're excited to join @Schuman_io's Eurøpe Consortium to help close it.

1/ Allocators can use Proof of Solvency dashboards to check the protocol's backing allocations and assets. How much each one shows can vary a lot. Today we launched Protocol Transparency Ratings on @AccountableData so "transparent" can be checked and graded against a tested, independent methodology.

Tokenized equities just crossed 1% of stablecoin supply. I expect this ratio to grow massively from here. Even if stablecoin supply compounds at 40%+ annually, I think tokenized equities could surpass stablecoins in onchain supply within the next three years. A lot of the stack will benefit from tokenization, and there will be many winners. But one thing seems increasingly clear: stablecoins will be one of the biggest beneficiaries of tokenized assets.