ethereum:0x6c5ba91642f10282b576d91922ae6448c9d52f4e This surge really boils down to one logic: the market suddenly realized that Phala’s AI call volume on OpenRouter has already exceeded $VVV corresponding to Venice, but PHA’s market cap is still much smaller than VVV.
In simple terms:
OpenRouter is like a “large-model food delivery platform.” When users call different AI models, different computing service providers are needed behind the scenes to serve the requests.
Recent data shows that over the past 30 days, Phala processed about 2 trillion Tokens, already surpassing Venice’s roughly 1.7 trillion Tokens.
But the market-cap gap between the two is extremely dramatic:
PHA is only a few tens of millions of USD, while VVV is over $1 billion.
So money starts trading on a very straightforward narrative:
“Business volume is almost catching up to or even surpassing VVV—why does PHA have a market cap only a few dozenths of it?”
That’s why this valuation correction has appeared.
However, it’s also important to note that VVV and Venice have a tighter link between their business revenue and Tokens, while PHA currently doesn’t have such a direct value-capture mechanism.
So while this move has some fundamental data support, at this stage it’s still mostly a “re-rating trade of PHA’s undervaluation compared with VVV.”
Going forward, the focus is on two things: whether OpenRouter call volume can stay consistent, and whether Phala will truly tie its AI revenue to PHA Tokens.
Source: @0xJamesXXX on X
#Crypto #Web3
In simple terms:
OpenRouter is like a “large-model food delivery platform.” When users call different AI models, different computing service providers are needed behind the scenes to serve the requests.
Recent data shows that over the past 30 days, Phala processed about 2 trillion Tokens, already surpassing Venice’s roughly 1.7 trillion Tokens.
But the market-cap gap between the two is extremely dramatic:
PHA is only a few tens of millions of USD, while VVV is over $1 billion.
So money starts trading on a very straightforward narrative:
“Business volume is almost catching up to or even surpassing VVV—why does PHA have a market cap only a few dozenths of it?”
That’s why this valuation correction has appeared.
However, it’s also important to note that VVV and Venice have a tighter link between their business revenue and Tokens, while PHA currently doesn’t have such a direct value-capture mechanism.
So while this move has some fundamental data support, at this stage it’s still mostly a “re-rating trade of PHA’s undervaluation compared with VVV.”
Going forward, the focus is on two things: whether OpenRouter call volume can stay consistent, and whether Phala will truly tie its AI revenue to PHA Tokens.
Source: @0xJamesXXX on X
#Crypto #Web3
