Watch · DePIN bandwidth / AI data
Grass GRASS
MC ~$213M
Max supply 1B
ARR $33M
Nodes 2.5–3M in 190 countries
Composite47.3 not ranked · thin data
Buyback yield—
P/S— sector 177.9×
Below 1y peak45% 1.8× to reclaim
Float65% FDV $299.3M
Moat45 judgement
Innovation65 judgement
Moat 45. Depends on continuously acquiring and retaining a residential user base. Acquisition-driven supply is rented, not owned.
Innovation 65. Turning residential bandwidth into an AI training-data pipeline is a genuinely new supply side, though the moat rests on user acquisition rather than technology.
Innovation 65. Turning residential bandwidth into an AI training-data pipeline is a genuinely new supply side, though the moat rests on user acquisition rather than technology.
Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →
What it does
Grass runs a decentralized residential bandwidth network that scrapes public web data for AI training. Users install a browser extension or client; the network resells that bandwidth to AI labs and enterprise customers via the Live Context Retrieval (LCR) product.
Fundamentals
- $33M ARR — genuinely real, not a narrative.
- 2.5–3M nodes across 190 countries.
- Live Context Retrieval product monetizing <1% of user bandwidth.
- July 2026 governance vote confirmed USDC revenue-share to stakers.
Tokenomics — the overhang
- ~25% supply investor unlock cliff concludes late October 2026 — this is the biggest overhang.
- Real revenue-share to stakers post-July 2026 vote.
Catalysts (6–12mo)
- LCR enterprise pipeline (real-time inference data).
- Revenue-share activation for stakers.
- Post-October 2026 unlock washout as clearing event.
Risks
- Late-Oct 2026 unlock cliff is the immediate risk.
- Legality / ToS gray zone on some scraped data.
- Category is still early — pricing power not yet established.
Watch — enter post-October unlock. Real revenue, real users, rare AI-native narrative that isn't vaporware. But do not enter until the October unlock is absorbed — R/R gets meaningfully better after that supply cliff.
How it compares to its peers
| AI / Compute | Mkt cap | Revenue/yr | Growth/yr | Bull y3 rev | P/S | Fwd P/S y3 | Buyback |
|---|---|---|---|---|---|---|---|
| Bittensorpeer | $2.1B | — | — | — | — | — | — |
| Renderpeer | $733.3M | $2.2M | -32% | $1.7M | 332.7× | 678.4× | 0.3% |
| Virtualspeer | $439.3M | $19.0M | -39% | $7.7M | 23.1× | 57.2× | 0.0% |
| Grass | $195.9M | — | — | — | — | — | — |
| Akashpeer | $157.6M | $0 | 40% | $0 | — | — | — |
| Aethir | $90.8M | — | — | — | — | — | — |
Peer revenue growth runs at a median of -32% a year, with 2 of 3 shrinking — so this multiple sits inside a contracting sector.