The market has picked up recently, and both the MEME and AI sectors have rebounded well. Every time there is a decline, what we need to pay attention to is the sector that can rise quickly after the decline. This represents the recognition and expectations of the industry at this stage;

Since the emergence of Open AI, AI has become a hot commodity in the entire capital market, and the top narrative of AI+Crypto has maintained a good momentum in this bull market cycle; I believe that the two must be the product of a natural combination.

This cycle may not necessarily produce a giant product, but the trend determines that it will be a strong and sustainable trend and wave;

For such trends, we should plan and explore them early, so that we can get good returns when the industry explodes in the future;

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Grayscale launches new fund focused on decentralized DeAI, with NEAR, FIL, and RNDR having the highest weights

Just last night, Grayscale, a “heavyweight institutional player”, simply and directly announced a new fund focused on decentralized artificial intelligence: “Grayscale Decentralized AI Fund”——

At the same time, it launched its first wave of package projects: TAO, FIL, LPT, NEAR, RNDR, these top Beta players, are very "stable"~

Currently, the combination of AI and encryption has applications in a variety of sub-sectors, but all include three cores: data, computing power, and algorithms. The several projects selected by Grayscale basically cover these sectors: such as decentralized computing power, AI Agent, oracle, ZKML, and data. These are all areas that can be assetized first and explode rapidly.

Among these fields, decentralized computing is particularly eye-catching: the core layer of AI is computing power and algorithms. Both GPU computing and algorithm models represent huge room for innovation and have extremely high demand for computing power. Computing power has become a form of consensus, and its value potential is comparable to the market value ceiling of the public chain.

At the same time, the decentralized world has a huge demand for distributed computing power, such as running blockchain nodes globally for L1 (such as Near), using AI models to participate in AI chain mining (such as Bittensor), using ZK chains with ZK algorithms (such as Aleo), and mining globally.

It is worth noting, however, that since the fund is rebalanced quarterly;

Which decentralized AI project will be included in the fund basket in the future will undoubtedly be able to seize the next wave of incremental dividends from Grayscale funds, which is almost obvious. It's worth thinking about it~

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Conjectures about DeAI projects that may enter the market in the next stage

The decentralized concept and technological practice will continue to drive the AI ​​x Crypto field towards a more open, efficient and innovative direction. It not only represents the forefront of technological innovation, but also heralds important trends in future technological progress and investment directions.

Grayscale has set up the DeAI Fund and will not stop exploring, so we can boldly guess what other projects may be shortlisted in the next stage:

I think the most likely candidates are @getmasafi and @getgrass_io

They correspond to the two most important parts of AI and Crypto: decentralized AI computing power and decentralized AI data.

1) Time

Masa is the representative of "AI Data Chain". It has been making things happen since its launch and has never stopped. It is very likely to become the Alpha target to receive Grayscale funds next:

First of all, although Masa is relatively "new", it first became CoinList's first AI project in 2024 in the first half of the year, and then was launched on major exchanges one after another. This month, it launched an AI data subnet on Bittensor. This series of actions all show that it is deeply bet on and favored by top funds.

At the same time, Masa is also a rare new player in the Web3 market with a well-balanced "technology + market" approach. In addition to intensive and stable cooperation, it has also held a series of online and offline developer activities and industry seminars in Hong Kong, Brussels, etc.

Masa and NEAR have always had a close partnership. Co-founders Brendan Playford, Calanthia Mei and NEAR co-founder Illia Polosukhin have jointly participated in AI Office Hours, which has introduced Masa to a wider range of off-site funds and traditional resources, and is also a competitive advantage that is difficult for other DeAI projects to replicate.

In addition, there is another point that many people may not have noticed, that is, DCG is actually among Masa's investors, and there is no need to say much about the origin of DCG and Grayscale. In essence, they are one family.

To a certain extent, Grayscale has included relatively large "Alpha to Beta" tokens such as FIL, NEAR, and RNDR in the first batch of index baskets. More considerations should be to set a sample for the DeAI fund first, and then follow up with new ones. The symbolic significance of the added tokens may be more significant - potential new "Alpha players" like Masa are the incremental winners who will truly sit firmly on DeAI's Diaoyutai in the future.

2）Grass

Grass is a decentralized incentivized web scraping network that allows users to monetize their internet connections by selling unused network resources. Grass fits perfectly with the hot Depin (decentralized physical infrastructure network) concept.

I think grass is good, from the user base point of view. Grass currently has a strong mass base, which is an indispensable part of WEB3; the key is that Grass should issue coins soon, just in time for the next issue;

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Conclusion:

The crypto world is full of narratives, but the market's demand for narratives is everlasting, which means that if we divide it by month or year, the logic behind any big market trend can actually be traced.

The narrative of AI and CRYPTO is always worth our careful study in this bull market; Grayscale’s DeAI Fund may just be the beginning!

Let’s wait and see the future!