Antikythera price

PANews reported on May 28 that, according to the official blog, Grayscale set up the "AI encryption sector" as the sixth largest cryptocurrency classification standard. The sector contains 20 tokens with a total market capitalization of $21 billion (up 366% from Q1 2023) and is divided into three main subcategories:1. AI platforms: such as Bittensor and Near, which provide decentralized AI development infrastructure; 2.AI tools and resources, including Grass (data collection) and Akash (computing marketplace); 3.AI applications and proxies: such as Virtuals (autonomous AI agents) and Worldcoin (human authentication). The report points out that the current AI crypto sector only accounts for 0.67% of the market capitalization of the entire crypto market, but the potential is huge. Bittensor will usher in an ICO halving this year, and its subnet ecosystem has exceeded 7% of its circulating supply since its upgrade in February. Projects such as Grass have achieved tens of millions of dollars in annualized revenue, showing progress in commercialization. Grayscale has laid out this field through products such as Bittensor trust, and believes that blockchain technology can solve the hidden dangers of AI centralized development. With the advancement of the stablecoin bill, the payment infrastructure of crypto-native AI agents is expected to accelerate the improvement.

Messari Research This Week: - Next Generation CLOBs by @defi_monk - InfoFi: Emerging Speculation Markets by @Solofunk30, @FBitach, @AJalooli - State of Ethereum Q1 2025 by @AvgJoesCrypto, @DrxlEth - State of Marinade Q1 2025 by @0xBoomz - State of Ronin Q1 2025 by @0xGunkan - State of XRP Ledger Q1 2025 by @KreiserMatt - State of Cardano Q1 2025 by @CryptoSam01 - State of Pyth Q1 2025 by Mohamed Allam - Agoric: The cross-chain orchestration engine by @troyharris__ - State of Manta Q1 2025 - State of GoPlus Q1 2025 by @whynonah - Understanding Akash: A Comprehensive Overview - State of IOnet Q1 2025 - State of Fuel Q1 2025 by @ItsFloe - Reserve: Index DTFs and their Governance via Vote Locking Read now:

Another week in crypto.. time for a roundup that actually matters. Been digging through the noise so you don't have to.. --- ➔ Airdrops: My quick observations: - Privasea did their TGE on May 14 with a 1,458% pump. They're targeting ImHuman app users with 400+ stars. 40M $PRVA allocated for future airdrops. - LayerEdge ( $Edgen) token deployment just happened. Points conversion coming soon. One to watch. - MagicNewton ( $NEWT) raised $80M+ with Q2 TGE targeting $2.5 launch. Interesting play if you're already in their ecosystem. - Monad testnet worth your time - Discord roles matter (Full Access = 5x more tokens) and they're tracking actual usage, not just signups. - Eclipse (L2 combining $SOL speed/ $ETH security) - bridge, convert wETH to tETH, mint NFTs if you're positioning for May/June TGE. --- ➔ DeFi Alpha: Some interesting yield opportunities out there: - dTRINITY on Fraxtal/Sonic offering 45% for dUSD Supply and up to 70% for sUSDe/dUSD leverage. Using yield-bearing reserves to back these rates. Triple audited, so not your average yield trap. - Pendle launched new pools but caution advised - USD0++ from Usual Protocol de-pegged to ~$0.92. Even established protocols have issues. - Exponential 'YO' yield optimizer showing promise across Base, ETH, and Solana. yoETH on Base doing 12.3% 30-day APY for essentially passive yield. ➔ Ecosystem shifts worth noting: - Solana now #2 in DeFi TVL (~$10.9B), flipping many ETH L2s. Raydium's TVL up ~78% in a month. - Tron continues surprising - TVL jumped to 24.2B TRX (~$6.6B) this week. Chainlink oracle integration on May 16 opens up more use cases. - Solana fees hit $43M (30d) vs ETH's $24.9M base fees - actual usage, not just TVL farming. --- ➔ Trading Setups If you're looking for actionable trading ideas: - $SEI showing signs of a potential move - technical targets at $0.30, with $0.50-$0.70 possible if momentum continues. - $HBAR seeing increased whale activity worth monitoring. - $BTC holding Tenkan support around $99,500, trading $105-110K all week. Classic consolidation pattern. ➔ Unlock calendar to keep in mind: - WhiteBIT ( $WBT) unlocked 39.5M tokens (~$1.19B, 27.41% of supply) on May 13. - $ARB unlocked 92.65M tokens (~$42.3M) on May 16. - $AVAX unlocked 1.67M tokens (~$41.5M) on May 17. These create predictable volatility patterns worth trading if you understand the project fundamentals. --- ➔ Market Context: BTC steady ~$103-106K, total crypto mcap around $3.31T. Market taking a breather but structure remains constructive. ➔ Regulatory developments: - SEC tokenization roundtable on May 12 had Chair Atkins signaling a move away from "regulation by enforcement" toward actual guidelines. Positive shift. - BlackRock pushing for ETH ETF staking with SEC. If approved, would transform ETH ETFs into yield-generating assets (est. 3.2% annual). ➔ Macro: - April CPI at 2.3% (YoY) - lowest in 4+ years. PPI down 0.5%. - Powell remained cautious in his May 15 speech. Market wanted rate cut hints but didn't get them. ➔ ETF flow data: - Bitcoin ETFs: +$142.3M (week of May 5-9), global +$867M (ending May 10). - $ETH ETFs showing mixed performance - some inflows but overall net outflows YTD. - $Sui ETPs pulled $11.7M (week ending May 10) and $84M YTD, outpacing Solana's $76M YTD. --- ➔ Whale Movements: Some notable on-chain activity this week: - Whale bought $179M worth of BTC on May 12, coinciding with 18% volume spike. - MicroStrategy added 13,390 BTC ($1.34B at ~$99,856), bringing their total to 568,840 BTC. - Wallets holding 10-10k BTC accumulated 83,105 more BTC (30d) while smaller wallets (< 0.1 BTC) reduced by 387 BTC. Typical pattern. - ETH seeing significant movement: Abraxas Capital accumulated 278,639 ETH ($655M) from exchanges May 7-16, while Galaxy Digital moved 39,834 ETH (~$103.6M) to Coinbase May 14-15. Large players continue positioning while retail gets distracted by short-term moves. --- ➔ Ecosystem Data: The numbers tell an interesting story: 1) Solana metrics: - TVL between $10.9B-$22.1B (sources vary but all show strong growth) - Weekly DEX volume $35.6B (2-month high) - 30-day fee revenue $43.4M (109% month-over-month increase) - 26.5M active addresses (7d) - highest among all chains 2) Base showing strength: - TVL $1.45B-$4.7B (depends on source) - 1M+ daily users, 4M weekly users - Daily transactions exceeding 2.1M ETH Pectra upgrade benefits for L2s still developing but should improve efficiency soon. Solana challenging ETH L2s is the unexpected narrative shift, with numbers backing it up. Base leveraging Coinbase's distribution is proving effective. --- ➔ Narrative Watch: Current trends worth positioning for: - AI + Crypto maturing beyond hype. ASI Alliance (FET + AGIX + OCEAN merger) coming soon. Bittensor (TAO) halving and Akash (AKT) network upgrades worth monitoring. - RWA & DePIN gaining institutional attention. Tokenized treasuries approaching $7B, with DePIN projected for significant growth. - L2 competition intensifying with Starknet Stage 1 launch and Pectra upgrade benefits. Base's adoption growth continues to surprise. - Altcoin rotation potentially forming as ETH/BTC ratio improves, but BTC needs to stabilize above $100K consistently before broad rotation. We're in a transitional market phase - institutional interest growing, regulation improving, technical innovation accelerating. The key technical level remains $BTC support at $99,500. --- What are you watching this week?

Which of these #altcoins still have incredible upside potential? 🔹 Layer 1: $QNT, $KAS, $SUI, $INJ, $TIA, $SEI 🔹 RWA: $BKN, $PROPC, $YBR, $WELF, $ESX, $INN 🔹 AI: $PAAL, $QUBIC, $TAO, $FET, $VRA, $HTS, $AGIX 🔹 GameFi: $NAKA, $ILV, $GHX, $GFAL, $LAND, $WEMIX 🔹 DePIN: $RENDER, $AKT, $NKN, $MXC, $HNT 🔹 AI Agents: $GOAT, $PAAL, $BOTTO, $FET 🔹 Privacy: $ROSE, $ZANO, $AZERO, $DUSK Which hidden gems are we missing? Drop your picks.

Original Title: IOSG Weekly Brief|DePIN 101 #275 Originally written by Jiawei, IOSG Ventures Source: Grayscale Grayscale wrote a research report on DePIN earlier this year, and the table above shows the top DePIN projects and their market capitalization. Since the beginning of 2022, DePIN and AI have been being compared as two new directions for crypto investment. However, there doesn't seem to be a single iconic project emerging in the DePIN space. (Helium is a head project, but Helium even predates the concept of DePIN; Bittensor, Render, and Akash in the table, more are classified as AI tracks) In this way, DePIN does not have a strong enough faucet project to open the ceiling of this track. There may be some alpha in the DePIN track in the next 1-3 years. This article attempts to sort out the investment logic of DePIN from scratch, including why DePIN is an investment track worthy of our attention, and proposes a simple analytical framework. Since DePIN is a comprehensive concept that covers a lot of diverse sub-tracks, this article will zoom out a little bit, explaining the concept from an abstract perspective, but still giving some concrete examples. Why care about DePIN investing DePIN is not a buzz word First of all, it needs to be clear that decentralizing the infrastructure of the physical world is not a fancy idea, let alone a simple "narrative play", but can be implemented. There are indeed scenarios in DePIN where decentralization can "enable" something or "optimize" something. Here are two simple examples: Source: IOSG In the telecommunications sector, for example, in the U.S. market, traditional telecom operators (such as AT&T, T-Mobile) often need to invest billions of dollars in spectrum license auctions and base station deployment, and then pay $200,000 to $500,000 for each macro base station covering a radius of 1-3 kilometers. In a 22-year Federal Communications Commission (FCC) auction of 5G spectrum in the 3.45GHz band, AT&T invested $9 billion, making it the most expensive operator. This centralized-led infrastructure model has led to high prices for communication services. Helium Mobile allocates this early cost to each user through community crowdsourcing, and individuals only need to purchase $249 or $499 of hotspot devices to access the network, becoming a "micro-operator", and driving the community to spontaneously network through token incentives, thereby reducing the overall investment. Verizon cost about $200,000 to deploy a macro base station, while Helium was able to achieve approximate coverage by deploying about 100 hotspot devices at a total cost of about $50,000, a cost reduction of about 75%. In addition, in the field of AI data, traditional AI companies need to pay up to $300 million/year in API fees to platforms such as Reddit and Twitter to obtain training data, and crawl data with the help of Bright Data (residential proxies) and Oxylabs (data center proxies). Not only that, but it is also increasingly facing more and more copyright and technical restrictions, making it difficult to ensure the compliance and diversity of data sources. Grass solves this dilemma with distributed web scraping, which allows users to download browser extensions to share idle bandwidth, help scrape public web data, and earn token rewards for it. This model dramatically reduces the cost of data acquisition for AI companies, while enabling data diversity and geographic distribution. According to Grass, there are currently 109,755,404 IP addresses from 190 countries participating in the network, contributing an average of 1,000 terabytes of Internet data per day. To sum up, one of the starting points of investing in DePIN is that decentralized physical infrastructure has the opportunity to do better than traditional physical infrastructure, or even do things that traditional methods cannot. Serve as the meeting point for Infra and Consumer As the two main lines of crypto investment, Infra and Consumer each face some problems. Infra projects generally have two characteristics: one is that the technical attributes are very strong, such as ZK, FHE, MPC and other technologies have a high threshold, and there is a certain disconnect in market perception. Second, in addition to the familiar Layer1/2, cross-chain bridge, staking and other projects that can directly reach end users, most Infra is actually toB. Developer tools, data availability layers, oracles, coprocessors, and so on, are relatively far away from the user. These two points make it difficult for the Infra project to promote users' mindshare, and the spread is poor. Although premium Infra has a certain amount of PMF and revenue, and is able to self-sustainably go through the cycle, in the market conditions where attention is scarce, the lack of mindshare makes it difficult to do post-listings. On the other hand, consumers are good at directly facing end users, which has a natural advantage in mindshare's capture. But new concepts can be easily falsified by the market, and may even plummet after a hot switch. Such projects tend to fall into a cycle from narrative-driven to short-term bursts to falsification declines, with short life cycles. Examples include friend.tech and Farcaster to name a few. Growth, mindshare, and listing are all issues that have been discussed a lot in this cycle. On the whole, DePIN can better solve the dilemma of combining the above two points and find a balance. DePIN is built on the real needs of the physical world, such as energy, wireless networks, etc., and high-quality DePIN projects have a solid PMF and revenue, which is not easily falsified and easily understood by the market. For example, Helium's $30 per month unlimited data plan is obviously cheaper than the plans offered by traditional carriers. DePIN also has the need to use the user side, which can capture mindshare. For example, users can download Grass's browser plug-in to contribute their own idle bandwidth, and Grass has reached 2.5 million users on endpoints, many of whom are non-crypto native users. The same goes for other tracks such as eSIM, WiFi, in-car data, and so on, which are very close to the user. DePIN Investment Framework Source: Messari, IOSG direction Intuitively, 5G and wireless networks are the big markets, and in-vehicle data and weather data are small markets. From the demand side, whether it is rigid demand (5G) or strong demand. Moreover, since the share of 5G in the traditional market is very large, even if DePIN can capture a small part of it, the market capacity is quite considerable under the size of Crypto. products According to the grayscale report, the DePIN model is especially suitable for industries with high capital requirements, high barriers to entry, obvious monopoly patterns, and underutilization of resources. Answering the question of PMF essentially depends on two things. Source: Hivemapper On the supply side, whether DePIN does what it couldn't be done in the first place, or has a significant advantage over the original solution (cost, efficiency, etc.). For example, in the map collection track where Hivemapper is located, there are at least three major problems with traditional map collection: · Traditionally, relying on specialized fleets and manual annotation has been costly and poorly scalable · Google Street View has a long update cycle and low coverage in remote areas · Centralized map service providers have a monopoly on data pricing power Hivemapper, on the other hand, sells dashcams that allow users to collect data, and use crowdsourcing to turn data collection into something that users are doing in their daily driving. Guide users through token incentives and prioritize resources to high-demand areas. On the demand side, the products provided by DePIN must have real market demand, and it is best to have a strong willingness to pay. In the same example, Hivemapper can sell map data to companies such as autonomous driving, logistics, insurance, and municipalities, and key needs are verified. When it comes to hardware, Multicoin opens its 2023 article, Exploring The Design Space Of DePIN Networks, about hardware. The author would like to add a few points here. The timeline for hardware can be summarized as "Manufacture-Sell-Distribution-Maintenance". · Manufacturing: Does the project team design and manufacture the hardware themselves, or use the existing hardware? For example, Helium offers both types of self-owned hotspots and can integrate with existing WiFi networks. Or it's a DePIN project for computing and storage, which can directly use existing graphics cards and hard drives, etc. · Sales: The price of the sale is clearly marked, which means that the user will calculate the payback cycle based on the potential revenue. Helium's home mobile hotspot costs $249, and DIMO's in-vehicle data collector costs $1,331. · Distribution: How is it distributed? There are many uncertainties involved in distribution: logistics timeliness, transportation costs, and lead times from pre-sales, to name a few. For projects targeting a global scale, inappropriate distribution of designs and tools can significantly slow down the project's schedule. · Maintenance: What do users need to do to maintain the hardware? Some equipment may be depreciated or worn. The simplest example of maintenance is Grass, where users only need to download a browser extension and ask for no additional actions; Or maybe it's a hotspot for Helium, which just needs to be installed and run continuously. It can be more complicated when it comes to solar power and so on. Combining the above points, the simplest model is Grass's model - directly using existing network bandwidth, no manufacturing and distribution, no barriers to entry for users, and no sales required, which helps to quickly scale the network early in the project. Admittedly, projects in each direction have different hardware needs. But hardware is about the friction of initial adoption. In the early stages of the project, the less friction the better, and as the project matures, some friction can lead to retention and a certain degree of binding. For start-up teams, it is necessary to control the path selection and resource investment in hardware, and gradually rather than overnight. Imagine if it's not easy to go from "manufacturing-selling-distributing-maintaining", then why should users participate unless there is a very strong and deterministic incentive? Token economy The token mechanism design is one of the most challenging aspects of the DePIN project. Unlike projects in other realms, DePIN needs to incentivize various participants in the network at an early stage, so the token needs to be launched at a very early stage of the project. This topic is suitable for a new article to do some case studies, and this article will not be expanded. team In the team ratio, the founder needs at least one of the following backgrounds: first, he has worked in traditional companies in the field and has rich experience, and is responsible for practical implementation matters such as technology and products, and second, he is crypto-native, understands the token economy and community building, and distinguishes the similarities and differences between the preferences and mental models of crypto users and non-crypto users. other Regulatory issues, such as the collection of road imagery and data within the country, are obviously very sensitive. brief summary Crypto hasn't really "broken the circle" in this cycle, and it seems that we are still far from being adopted by users outside the circle. The short-term incentives offered by some crypto apps are the reason why users use them, but they can't last. The economic benefits derived from DePIN from the bottom layer have the potential to replace traditional infrastructure on the user side, thereby achieving application sustainability and mass adoption. Source: Helium Although the combination of DePIN and reality makes for a long development cycle, we are already seeing some light in the evolution of Helium Mobile: Helium Mobile has partnered with T-Mobile to seamlessly switch user devices to T-Mobile's nationwide 5G network, for example, when users leave the Helium community hotspot area, they will automatically connect to the T-Mobile base station to avoid signal interruptions. Earlier this year, Helium announced a partnership with global telecommunications giant Telefónica to begin its expansion in South America with the deployment of Helium Mobile 5G hotspots in Mexico City and Oaxaca. Telefónica's Mexican subsidiary, Movistar, has approximately 2.3 million subscribers, and the partnership connects these subscribers directly to Helium's 5G network. In addition to the above discussion, we also believe that DePIN has two unique advantages: 1. Compared with traditional monopoly large enterprises, DePIN has more flexible deployment methods and means, and can align incentives within the ecosystem through the token model. For example, the traditional telecommunications industry is usually dominated by a few giants and lacks the motivation to innovate. In rural areas, for example, there is no incentive for traditional operators to deploy due to their dispersed populations and low and time-consuming return on investment. And with proper tokenomics design, the network can be encouraged to deploy in places where hotspots are scarce. The same goes for Hivermapper to set higher incentives where map resources are scarce. 2. DePIN has the opportunity to bring positive externalities. From the AI company's purchase of internet data collected by Grass, the self-driving company's purchase of Hivemapper's street-level map data, and Helium Mobile's low-cost data plan, DePIN can actually go beyond the realm of crypto to bring value to real life and other industries, and feed back the entire ecosystem through the token economy. In other words, DePIN tokens are backed by real value, not a Ponzi model. Of course, DePIN also faces a lot of uncertainties: for example, uncertainty in the time cycle due to operating hardware, regulatory risks, due diligence risks, and so on. To sum up, DePIN is the track we will focus on in 2025, and we will output more DePIN-related research in the future. Link to original article