Grayscale highlighted three crypto projects positioned to capture AI infrastructure demand: PEARL, DATA Network and USD.AI.
PEARL, a blockchain that lets GPU operators earn dual rewards—payments for AI compute plus staking returns—gained 580 percent through Oct. 22, according to CoinGecko. The mechanism is direct: graphics processing units perform AI tasks while simultaneously securing a proof-of-work network. Operators monetize both revenue streams.
Zach Pandl, head of research at Grayscale, led the analysis. His assessment mapped how blockchain applications are integrating across AI's supply chain—specifically data sourcing, hardware financing and compute monetization.
DATA Network addresses a foundational constraint: training data quality and variety dictate AI model performance. The platform lets users license photographs, videos and voice recordings to AI labs while collecting rewards. On Oct. 12, DATA announced a migration to the Sui blockchain and integration with Walrus, a decentralized file-storage network, as its default storage layer.
USD.AI tackles GPU financing, a capital-intensive bottleneck. The lending platform offers loans up to 80 percent of deployment costs, secured by GPUs and their cash flows. Borrowers cover 20 percent and repay over three to five years. Crypto exchange Bullish (NYSE: BLSH) deployed a $100 million credit facility for GPU-backed loans in August, channeling stablecoin capital into physical AI infrastructure.
A separate $43 million hardware and financing agreement between Vertical Data and Alpha Compute Corp. (Nasdaq: ALP)—formerly Alphaton Capital—closed in April, funding infrastructure around Nvidia's B300 chip.
Pandl noted these projects' staying power hinges on adoption velocity and whether their economic models survive competitive pressure.
