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io.net

71 pieces · Mar 2024 to Jul 2026 · 7 flagship

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AI69 DePIN64 Privacy11 L1/L23 RWA3 DeFi2

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Coverage per year

442024

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22026

Price and coverage

io.net $IO

Calls: 20 bullish
Since first call, bullish: −96%
Since latest call, bullish: −1.2%
Now: $0.159

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, log scale, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on io.net

Thesis11 Oct 2024Aptos thesis: Move, parallel execution, RWAs, enterprise and AISix-pillar thesis: the Move language, high-performance parallel execution, RWA tokenization, enterprise adoption, AI/ML use cases and ecosystem growth. Backed by throughput and user numbers.Map09 Oct 2024Crypto x AI landscape overviewTwo-part landscape of crypto x AI across GPU networks, data storage, identity, privacy computation, verifiable compute, inference networks, user-owned AI, agent infrastructure and frameworks, AI DeFi and data tools.Map17 Jun 2025Ultimate Crypto x AI Landscape: 14 categories of DeAI projectsComprehensive landscape of DeAI across GPU networks, privacy computation, verifiable ZK compute, decentralized training, user-owned models, inference networks, data storage, agent frameworks, identity, IP, data infra, DeFAI and InfoFi.

Timeline · every piece, newest first

2026 2

16 Jul 2026io.net IDE tokenomics: #1 revenue DePIN at 5.3x MC/ARRHighlights an A1 Research report arguing io.net's rebuilt tokenomics tie burns to verified onchain revenue and pay suppliers in stable USD, breaking the typical DePIN death spiral. Trades at 5.3x MC/ARR vs peers at 79x to 700x.ThesisDePINAIDeFi

10 Feb 2026DePIN for privacy compute: why supply differs from GPU DePINPrivacy compute needs TEEs or MPC, so supply is limited by attested hardware and operational security, unlike horizontally scalable GPU DePIN. Oasis runs 120 validators vs Render's 380,000+ GPU nodes, with a 3-8x price premium.ExplainerDePINPrivacy

2025 25

28 Oct 2025AI infra projects on watch: Bittensor, Sentient, NEAR, Ritual and moreShort map of decentralized AI infrastructure projects pre and post TGE, each with a one-line role: Bittensor subnets, Sentient open-source AI, OpenLedger datasets, EigenCloud verifiable compute, NEAR, Ritual and others.MapAI

28 Aug 2025The DeAI stack by layer: apps, agents, execution, data, compute, privacyMaps the DeAI stack into eight layers with example projects: application/UX, agent infra, AI-native execution, inference, data marketplaces, GPU compute, privacy, and storage/DA. Stresses the space is broader than compute networks and agent coins.MapAIDePINPrivacy

25 Aug 2025DeAI as crypto's endgame: compute, agents and autonomous economiesArgues centralized AI is bottlenecked by compute demand and big tech control, and that crypto supplies the trust and coordination layer. Says DePIN compute (io.net, Akash) is a viable supply, with most value accruing to the agent and application layer.ThesisAIDePIN

26 Jul 2025The agentic stack map: data, verification, compute and cross-chain layersMaps ten layers of the next agentic wave, from attributable data and predictive feeds to verified inference, ZK-proven inference, shared compute, cross-chain infra, swarm coordination, IP chains, VLA operators and private compute.MapAIPrivacyTooling

24 Jul 2025Mira Network bull case: multi-model consensus verificationMira verifies AI outputs by splitting them into atomic claims checked independently by multiple models on a purpose-built L1 with hybrid PoW/PoS. Cites 4.5M users, 19M weekly queries and a claimed accuracy gain from 73% to 96%.ThesisAI

23 Jul 2025Why decentralized compute solves the startup GPU cost squeezeArgues startups pay up to 70-80% of funding to centralized compute providers who are also their competitors. Decentralized GPU markets like io.net cluster idle GPUs and claim up to 90% lower cost.ThesisAIDePIN

22 Jul 2025Mira Protocol: an investor's perspective on the verification layer for AIInvestment thesis on Mira's decentralized verification layer: market failure from hallucinations and bias, ecosystem-first go-to-market via SDK, atomic claim binarization, hybrid PoW/PoS consensus and inferred token utility ahead of TGE. Flags technical and competitive risks.ArticleAIOther

21 Jul 2025Big compute is cracking: summary of the DeAI case against centralized cloudSummarizes an article arguing AI demand is outrunning inelastic centralized compute: complexity doubles every 3-4 months, data center energy may exceed 945 TWh by 2030, and a 1,000-GPU cluster costs $2.8M monthly. io.net aggregates >35,000 GPUs at up to 90% lower cost, with zkML as the trust layer.BreakdownAIDePIN

14 Jul 2025Why DeAI matters across the AI stack: seven layers from incentives to computeMaps seven layers where decentralization matters for AI: open innovation incentives, verifiable inference, decentralized training, private MPC compute, GPU networks, user-owned models and onchain agent payments. Also frames VLAs as lacking a LangChain-style framework that Codec is building.ThesisAIDePINPrivacy

13 Jul 2025Six post-TGE AI plays to watch: TAO, NEAR, TIG, IO, NIL, CODECDescribes six live AI tokens without Kaito leaderboards: Bittensor subnets as digital commodity markets, NEAR as AI-native L1, TIG for algorithm IP co-ownership, io.net GPU clustering, Nillion blind compute and Codec's VLA framework.MapAIDePIN

11 Jul 2025GPU supply gap: why DeAI compute is a necessity, not just a narrativeCites the claim that by 2030 GPU production will meet only half of AI demand. Geo-distributed clustering of idle GPUs at up to 90% lower cost is presented as a clear PMF.ThesisAIDePIN

04 Jul 2025Nillion MPC plus io.net GPUs: a private decentralized compute stack for AICombining Nillion's MPC network for confidential compute with io.net's GPU network gives a private compute stack for personalized AI, with a claimed 90% reduction in deployment costs. Argues sensitive uses like health and financial data need such privacy infra.ThesisAIPrivacyDePIN

03 Jul 2025io.net and geo-distributed GPU superclusters for AIArgues that the GPU shortage prices out AI builders and caps co-located scaling, and that io.net's geo-distributed clustering of idle GPUs into global superclusters addresses this at lower cost.ThesisAIDePIN

24 Jun 2025Why centralized AI compute is hitting a physical wall and DeAI fills the gapArgues datacenters need 36+ months to site and cool while model lifecycles shrink to quarters, so distributed GPU networks and zkML verification turn a physics bottleneck into a software orchestration problem.ThesisAIDePIN

17 Jun 2025Ultimate Crypto x AI Landscape: 14 categories of DeAI projectsComprehensive landscape of DeAI across GPU networks, privacy computation, verifiable ZK compute, decentralized training, user-owned models, inference networks, data storage, agent frameworks, identity, IP, data infra, DeFAI and InfoFi.MapAIDePINPrivacy

16 Jun 2025DeAI proof points: usage stats across compute, storage and training networksArgues the battle is for open AI infrastructure and lists reported usage figures from decentralized compute, storage and training networks as proof DeAI is already working.DataAIDePIN

11 Jun 2025Ultimate Crypto x AI Landscape Overview (first edition)Initial 4-part landscape of DeAI across compute, privacy, verifiable ZK compute, training, user-owned models, inference networks, storage, agents, identity, IP, data and InfoFi. Later reworked into the 14-category version.MapAIDePINPrivacy

30 Apr 2025io.net x Nillion: private decentralized compute stack for personalized AIArgues that pairing io.net GPUs with Nillion's blind compute forms a private, decentralized stack for personalized AI apps, cutting latency and deployment costs by up to 90% versus centralized providers. Sees demand for IO rising as privacy-preserving AI scales.ThesisAIDePINPrivacy

29 Apr 2025io.net thesis: largest decentralized GPU network and its revenue tractionBull case for io.net as the leading DeAI/DePIN GPU network: SOC2 compliance, bare metal access, up to 90% cost savings, a buyback and burn model and strong Q4 2024 revenue growth. Calls GPU access one of the few DePIN use cases with clear PMF beyond crypto.ThesisDePINAI

18 Apr 2025IO Intelligence breakdown: 25 open-source models, VectorDB and AI agentsWalks through io.net's IO Intelligence platform: Vector Database as a Service, 25 open-source models with benchmark context and prebuilt API-accessible agents, all on io.net's decentralized compute. Accompanied by an interactive dashboard he built.BreakdownAIDePIN

01 Apr 2025Why io.net is a top AI infra opportunity: traction and partnershipsLists reasons for conviction in io.net: rising revenue and adoption, key partnerships, over 5M compute hours served at market-leading cost, high cluster stability and SOC2 compliance.ThesisDePINAI

07 Mar 2025io.net as a PMF case study in crypto, and why the Nillion tie-up mattersUses io.net as an example of real PMF: decentralized compute serving gaming to AI. Argues the Nillion partnership pairs blind storage and compute with GPUs at scale, driving demand for private agents and more IO adoption.ThesisDePINAIPrivacy

06 Mar 2025Major AI infra plays this cycle: compute, privacy, data and verifiabilityA landscape list of AI infra projects with one-line roles: decentralized GPUs, blind compute, agentic IP, data availability, verifiable data and inference, onchain risk scores and trustless interop.MapAIDePINTooling

30 Jan 2025DeepSeek implications for DePIN: why open-source efficiency favors io.netTL;DR of his DeepSeek article: the $5M training cost claim is doubtful, but efficiency gains help open-source AI and demand for decentralized compute. io.net, which owns no GPUs, has little H100 depreciation risk unlike DePINs that bought hardware.ThesisAIDePIN

30 Jan 2025DeepSeek: Implications for DePIN and the broader AI SectorLong-form article on DeepSeek R1's claimed sub-$5M training cost, its MoE and sparse activation design, and what it means for GPU scarcity and decentralized GPU networks like io.net. Covers closed vs open models and DePIN challenges.ArticleAIDePIN

2024 44

11 Dec 2024AI agent infra stack map: frameworks, compute, wallets, privacy, inference, dataMaps the infra categories key for AI agents with example projects: agent frameworks, decentralized GPU networks, TEE and MPC agent wallets, chain-abstracted smart wallets, privacy-preserving compute, verifiable inference and programmable data feeds.MapAIDePINPrivacy

04 Dec 2024io.net x CreatorBid: AI agents as a demand driver for decentralized GPUsArgues AI agents on decentralized GPU networks are inevitable, citing CreatorBid running image and video models on io.net. More agents means more usage and network earnings, bullish for IO as the compute layer.ThesisDePINAI

25 Nov 2024io.net thesis: largest GPU network, rising daily earnings and agent demandArgues decentralized GPU networks are a key innovation of the cycle, with io.net the largest, offering geo-distributed clusters on Solana rails. Expects agents paying for their own compute to add demand and daily network earnings to rise.ThesisDePINAI

12 Nov 2024Why io.net ($IO): 5,079 GPUs vs Render 277 and Aethir 168Bets on io.net as the aggregation layer for geo-distributed GPU clusters, citing 5,079 GPUs on the network versus 277 on Render and 168 on Aethir. Solana orchestrates the compute marketplace.ThesisDePINAI

29 Oct 2024Quai Network as a demand driver for decentralized GPU networksArgues Quai's ProgPoW mining keeps GPUs the optimal hardware, so Quai miners could become a major buyer of compute on DePIN networks like io.net and Clore, where supply is strong but utilization and demand lag.ThesisDePINL1/L2

11 Oct 2024Aptos thesis: Move, parallel execution, RWAs, enterprise and AISix-pillar thesis: the Move language, high-performance parallel execution, RWA tokenization, enterprise adoption, AI/ML use cases and ecosystem growth. Backed by throughput and user numbers.ThesisL1/L2RWAAI

10 Oct 2024Why decentralized AI matters: three areas where blockchains helpArgues AI is centralized by big tech's capital, compute and talent, and uses io.net's framework of distributed MLOps, hardware and provenance to explain how blockchains can decentralize it. Calls IO the leader in distributed hardware.ExplainerAIDePIN

09 Oct 2024Crypto x AI landscape overviewTwo-part landscape of crypto x AI across GPU networks, data storage, identity, privacy computation, verifiable compute, inference networks, user-owned AI, agent infrastructure and frameworks, AI DeFi and data tools.MapAI

08 Oct 2024Why io.net ahead of Coinbase listing: 300k GPUs, $15k daily GMVBull case for IO ahead of its Coinbase listing: a GPU cloud market projected above $120B by 2032, over 300k verified GPUs and early traction. IO sits below $1.5B FDV and has beaten BTC, ETH and SOL over 7 and 30 days.ThesisDePINAI

08 Oct 2024Seven AI plays beyond TAO: io.net, NEAR, Nillion, Ritual, Fhenix, RISC ZeroWatchlist of seven DeAI plays beyond TAO, each with a short thesis: GPU aggregation, user-owned AI, a subnet network, private compute, inference, FHE and ZK compute.BreakdownAIDePIN

23 Sep 2024io.net thesis: decentralized GPU aggregation for AI computeThread arguing io.net will be the foundational GPU layer for AI by aggregating idle GPUs from other networks and data centers using Ray-based geo-distributed clustering. Covers AI agent demand, partnerships and recent adoption.ThesisDePINAI

16 Sep 2024AI projects to watch this cycle: GPU, data, inference and agent landscapeCategorized list of AI and DePIN protocols across GPU networks, data storage, data infra, identity, verifiable compute, inference networks, agent infra, frameworks and AI apps. Author expects AI and DePIN tokens could rise 10x or more.MapAIDePIN

12 Sep 2024io.net vs Nvidia: a $233B daily move equals 179x IO FDVFrames io.net as a way to access scarce institutional GPUs at low cost, noting Nvidia's one-day $233B market cap swing equals 179x IO's FDV. Argues IO is undervalued.Market takeDePINAI

11 Sep 2024The case for AI on Aptos: Move, io.net and NillionArgues Aptos is a leading base layer for AI agents thanks to Move's security, parallel execution and low fees, plus partnerships with io.net for GPUs and Nillion for blind compute.ThesisAIL1/L2Privacy

05 Sep 2024io.net State of the Network: why IO could be a generational opportunityBreaks down io.net's $40M raise and long-term plan against rising AI compute costs and a roughly $2.5T cloud market by 2032. Argues it is the only decentralized GPU network with Ray-based geo-distributed clustering.BreakdownDePINAI

28 Aug 2024Who participates in a decentralized GPU marketplace like io.netMaps io.net's demand side (AI builders priced out of centralized clouds) and supply side (datacenters, miners, other DePINs, consumer hardware). Cites 320k+ verified GPUs, 24k+ cluster-ready, and US datacenters running at 12-18% capacity.ExplainerDePINAI

24 Aug 2024The race to AGI is a battle for compute, and how DePIN can counter itArgues AGI development is bottlenecked by finite compute, with Nvidia at about 80% of GPU supply and big clouds absorbing most of it. Says geo-distributed clustering by DePINs like io.net can even the playing field.ThesisAIDePIN

22 Aug 2024Geo-distributed GPU clustering: io.net's key differentiatorExplains GPU clustering and how io.net can combine GPUs from several regions, for example 25 in the US, 25 in Germany and 125 in Singapore, into one cluster. Notes the added latency and complexity versus single-location clusters.ExplainerDePINAI

21 Aug 2024io.net staking explained: multipliers, 14-day unstake and slashingDetails IO staking: 200 IO minimum per multiplier (1 to 10 per GPU), stake = M x N x 200, a 14-day unstaking period and slashing with burns for fake devices. Phase I limits staking to device owners.ExplainerDePINAI

15 Aug 2024AI narrative thesis: GPU DePINs, agents and app-layer playsArgues AI will be an evergreen narrative and groups plays into GPU infrastructure, agent infrastructure that solves chain fragmentation, and app-layer automation. Says a fraction of the $79B quarterly cloud spend moving to DePINs would make it a top crypto sector.ThesisAIDePIN

14 Aug 2024io.net and NetMind partnership: on-demand GPU capacity for AI appsio.net will supply NetMind with additional GPU power on demand at peak times, framed as cooperation among decentralized compute networks rather than competition. NetMind sources idle compute for AI-powered Web3 apps.BreakdownDePINAI

12 Aug 2024DePIN GPU networks versus a $79B quarterly cloud marketCites Messari's $20B DePIN market and Q2 2024 cloud spend of $79B (up 22% YoY), with AWS at 32%, Azure 23% and Google Cloud 12%. Argues GPU DePINs like io.net and Aethir can serve startups priced out of centralized GPUs.ThesisDePINAI

09 Aug 2024io.net and Leonardo AI: GPU partnership and DePIN demand caseArgues $IO is underappreciated after io.net expanded its Leonardo AI partnership to add L40S GPUs alongside A100s. Cites over 318,000 verified GPUs and 28,000 cluster-ready GPUs against enterprise cloud spend above $79B in Q2 2024.ThesisDePINAI

08 Aug 2024AI crypto landscape: GPU compute, agent infra and onchain DeFi agentsAlpha list of AI crypto projects in three buckets: GPU and cloud compute, autonomous agent and AI application infrastructure, and onchain DeFi agents. Argues undervalued leading AI tokens could lead when the market returns.MapAIDePINDeFi

30 Jul 2024Aethir deep dive: decentralized GPU cloud for AI and gamingWalks through Aethir's architecture (containers, checkers, indexers), ATH staking security and compute reward model, arguing decentralized GPU supply can counter big tech's concentration of compute. Cites AI adding over $15T to the economy by 2030.BreakdownDePINAI

27 Jul 2024Compute Labs GPU restaking: lending tokenized GPUs for yieldDescribes Compute Labs' two-step model: custody and operation of GPU assets, then lending GPUs across partners to boost yield. Claims APYs of up to 50% through GPU Vaults coming to Solana.ExplainerRWADePINAI

27 Jul 2024Tokenized GPUs as an RWA: Compute Labs GNFTs on io.netArgues tokenizing H100 GPUs as fractionalized GNFTs gives retail income-generating exposure to AI compute beyond NVDA stock, while decentralizing io.net's supplier base.ThesisRWADePINAI

21 Jul 2024AI market sizing and the DePIN GPU case: io.net and AethirCites the AI market at $184B in 2024 heading to $826B by 2030 (Statista) and UBS's $420B 2027 revenue forecast, then argues io.net and Aethir can win GPU demand. Aethir commits 1,000 H100s to io.net, which has about 28,000 cluster-ready GPUs.ThesisAIDePIN

18 Jul 2024io.net deep dive: GPU aggregation, Aethir H100s and network metricsDetails io.net's aggregation of consumer, datacenter and Aethir H100 capacity, with 28,000 cluster-ready and over 294,000 verified GPUs. Cites 378,000+ inferences, 1.9M onchain transactions and about $5.25M in block-reward revenue to providers.BreakdownDePINAI

11 Jun 2024io.net at Binance listing: 18x the GPUs of Render at a similar FDVCompares io.net's GPU supply to Render at launch: 18x as many GPUs while RNDR sits at a $4.4B FDV versus a $3.5B pre-market FDV for IO. Frames IO as a decentralized AI compute play.Market takeAIDePIN

06 Jun 2024Distributed GPU computing and io.net: House of Chimera report TL;DRDigests the House of Chimera GPU computing report: AI demand versus GPU supply, consumer versus datacenter GPU economics and io.net's staking model. Adds his own caveat that utilization is only 1-5% versus Akash's 25%, so demand must catch up with supply.BreakdownAIDePIN

04 Jun 202410 tokenless AI crypto projects ahead of token launchesList of ten AI x crypto projects without tokens yet, spanning GPU orchestration, decentralized cloud, agent networks and AI chains. Frames them with AI market sizing of $620B in 2024 to $2.7T by 2032.MapAIDePIN

30 May 2024Decentralized GPU networks in AI: io.net case study on training vs inferenceExplains the difference between AI model training and inference, then applies it to io.net's GPU supply. Compares io.net H100 pricing at $1.19 per hour against AWS at about $3.06 and Google Cloud at about $2.48.ExplainerAIDePIN

25 May 2024io.net H100 GPUs via Aethir at $1.19 per hour vs AWS and Google CloudExplains what Nvidia H100 GPUs are and prices io.net's Aethir-supplied capacity at $1.19 per hour against AWS and Google Cloud A100 pricing. Notes the A100 comparison is not like for like.ExplainerAIDePIN

15 May 2024What 1,000 H100s mean for io.net: GPUs vs CPUs and training capacityExplains GPU versus CPU architecture and what the H100 is, then sizes the 1,000 H100 addition to io.net: about 18.4M CUDA cores and 80TB of memory, enough to train models in the hundreds of billions of parameters. Notes GPT-3 training on 256 A100s took weeks.ExplainerAIDePIN

13 May 2024io.net as AI compute infrastructure: IO Elements, IO Cloud v2 and IOG PackageArgues the AI narrative suits retail since idle hardware can be contributed to farm airdrops, and examines io.net's IO Elements, IO Cloud v2 with Proof of Work verification every 6 hours and the upcoming IOG Package. Compute access is currently permissioned.ThesisAIDePIN

06 May 2024io.net FUD explained: SQL injection, fake GPU spoofing and new verificationRecaps the io.net controversy: an SQL injection on 25 April and a bad actor flooding the network with fake GPUs so only a fraction of supply was usable. Judges the response adequate, with spoofing protection, public Proof of Work logs and an explorer separating GPU tiers.Market takeAIDePIN

17 Apr 2024io.net thesis: decentralized GPU network and a $10B FDV caseBull case for io.net clustering idle GPUs from data centers, miners and consumer devices to serve AI/ML inference at a fraction of cloud cost. Cites compute demand rising 10x every 18 months and OpenAI's $700K+ daily cost, and expects over $10B FDV at peak.ThesisAIDePIN

07 Apr 2024io.net network growth: 438K GPUs, 10x in 18 daysUpdated io.net dashboard: over 438K GPUs, 46K CPUs, about 5K clusters and 33K workers, with GPUs up 10x in 18 days. Claims 38x Render's GPUs and 428x Filecoin's, with a correction that total verified inferences are 241,427.DataAIDePIN

01 Apr 2024Five AI tokens for 2024: Neura/ANKR, io.net, Hyperspace, Ritual, BlocklessPicks five AI plays for 2024 with links to prior deep dives, and expects IMOs on Neura to deliver 100-1000x multiples as in past ICO and IDO manias. The author holds a large ANKR position.Market takeAIDePIN

31 Mar 2024io.net worker setup guide for the Ignition airdropStep-by-step guide to running an io.net worker on macOS with Docker. Notes the Ignition program's three independent reward pools, a scoring window of April 11 to 25 and that io.net raised $30M at a $1B FDV.ExplainerAIDePIN

20 Mar 2024io.net by the numbers: 62K GPUs, 15x Render and 62x FilecoinNetwork stats for io.net: over 62K GPUs, 11K CPUs, 4K clusters, nearly 110K workers, $485K worker revenue and 167K verified inferences, implying 15x Render's and 62x Filecoin's GPU counts.DataAIDePIN

14 Mar 2024io.net update: $30M raise at $1B and worker nodes up from 25k to 70kRecaps io.net's architecture with new data: a $30M round at a $1B valuation and worker nodes growing from 25k to over 70k in three weeks, plus airdrop participation steps via Galxe quests.DataAIDePIN

06 Mar 2024io.net: a decentralized GPU network for AI computeBreakdown of io.net's DePIN of clustered idle GPUs serving AI/ML workloads, its IO Engine and IOG Package, with network stats of 23.5K nodes, 23,094 GPUs, about $3K daily GMV and more than 5x Render's GPU supply.BreakdownAIDePIN

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Aethir26 Render18 Nillion35 Nvidia20 NEAR Protocol73 Bittensor34 Akash10 Ritual12

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