With the big pump of BTC and ETH, the signs of a recent recovery in the altcoin market have become increasingly evident, and many projects that were previously on the watchlist have started to show activity, @AethirCloud is definitely the most important one among them!

Those who have been following my tweets know that I have been closely tracking Aethir. After all, in the DePIN sector, there aren't many that can stand firm with real income, and its recent rising trend is very stable. I can't help but firmly believe: could this be the biggest potential gem in this bull cycle?

1: First, look at the core market: what can support high income?

1) Aethir @AethirMandarin's revenue of 61 million USD in the first half of the year is not just talk; the core issue is that it has addressed the pain point of enterprise-level computing power - high-end GPUs are too hard to obtain, and centralized cloud services are problematic.

Now, it’s not only expensive to get top-notch graphics cards like the NVIDIA H100 and H200 in the domestic market, but you also have to queue up to grab them, and even face supply chain restrictions that may prevent you from obtaining them. As for the cloud services from big companies like AWS and Google Cloud, the price fluctuations are significant, and there are numerous hidden charges (such as data transfer exit fees), making the overall cost absurdly high for businesses.

2) Aethir just fills this gap: over 430,000 high-performance GPUs in 94 countries worldwide form a shared pool, which enterprises can rent by the hour at prices 40%-90% cheaper than centralized cloud services, without all those messy extra fees.

More importantly, the graphics cards in its hands are "ready-made"—it is almost impossible to gather so many resources distributed across 94 countries in a short time, which creates a barrier.

Customers can also articulate the issues well. Korea's Mondrian AI conducts medical imaging analysis, using its computing power to advance research; AI medical companies rely on it to screen clinical trial patients, completing in a few minutes what used to take several months.

These are solid Web2 enterprise-level clients, not just randomly found "filler users". Being able to retain them indicates that Aethir's services can meet enterprise-level demands — this is not a trivial retail business, but a B2B model that can continuously generate repeat purchases.

3) The business closed loop is also running smoothly: enterprises pay rent with $ATH tokens, graphics card owners (individuals or small institutions) connecting to the network can receive 80% of the rent (locked for 45 days to ensure quality), with the remaining 20% going to the foundation to support the ecosystem. Enterprises save money, graphics card holders make money, and the platform has stable cash flow, achieving a win-win-win situation for all three parties. This model is much more solid than many DePIN projects that are still "telling stories."

Here are some data about the graphics card that everyone can take a look at:

2: Let's take a look at the valuation: as the leader in decentralized cloud computing power, how high can the upper limit be?

In the first half of the year, we earned 61 million USD, with an $ATH fully circulated market value of only 280 million USD. The projected annual revenue is 156 million USD - the speed of making money is faster than the rise in token prices, and the income curve and coin price even seem to move in a "reverse direction."

But rather than saying it is "undervalued", we should focus more on how high its potential ceiling is as the leader in decentralized cloud computing power. Currently, global trends are all around AI development, and high-end computing power is fundamental to AI model training—without sufficient high-end GPU computing power, everything from large model iterations to industry scenario implementations is just empty talk.

Aethir's more than 430,000 high-performance GPUs precisely hit this core demand. This "essential need + scarcity" determines that its value far exceeds what the current market capitalization can measure.

Those in the know understand that when assessing the value of Web3 projects, the income / FDV ratio is an important reference. Let's do a horizontal comparison:
Aethir's income / FDV is around 11%
IO about 3.9%
Akash approximately 0.35%
Render only 0.03%

What does this data mean?
Aethir is leading with a share of 11%, indicating that its income capacity is more aligned with its market value. In the Crypto market, this ratio, although not entirely equivalent to the traditional market's "price-to-earnings ratio", at least suggests that its real profitability is not fully reflected in its market value.

After all, the semi-annual income of 61 million is there, and it is truly paid by the company in cash, not supported by hype. The market may not have fully reacted yet, but this situation of "making a lot of money with a low market value" is often a potential signal during the bull cycle.

Three: What is the core confidence: "Multiple Firsts" in the DePIN track

Aethir can establish itself in the enterprise-level computing power sector, also because it has made a number of "firsts" in DePIN, and these innovations have directly solidified its leading position:

The first DePIN to open the NodeFi mode, combining nodes and financial attributes.

The first DePIN to open the secondary market for nodes is currently priced at 0.17eth.

The first DePIN to launch GPUFi (on the Pendle platform) splits $eATH into PT principal and YT yield, directly converting GPU assets into RWA and extending to DeFi strategies.

The first DePIN focusing on RWA AI infrastructure, linking computing power with real-world asset demand.

The first DePIN to initiate an AI upstream and downstream alliance, pulling in over 20 Web3 AI companies to build an ecosystem.

These "firsts" are real ecological barriers. NodeFi has proactively activated the liquidity of node-type semi-solid assets, extending into the DeFi field, allowing GPUs to generate income while also retaining participants.

Four: Finally, let's take a look at where the trend is?

The global demand for high-performance computing power is increasing rapidly. AI training, medical research, and game development all lack GPUs, and the shortcomings of centralized cloud services are becoming increasingly evident. Aethir, a decentralized enterprise-level cloud computing solution, perfectly aligns with this trend.

An important point is that it has built a bridge between Crypto and Tradfi, where businesses pay rent, GPU holders earn stablecoins, and with partnered crypto credit cards and loan products, ATH can collateralize to borrow stablecoins without having to sell off assets — this actually narrows the gap between the crypto world and traditional finance.

Some people say that Gamefi is not doing well now, but the core of Aethir is Depin + AI + Gaming, where Gaming is just one part; the real strength lies in the enterprise-level computing power of the B2B business.

With the popularity of stablecoins, this model of "physical assets (graphics cards) + token economy + enterprise payments" is likely to become the key to bridging RWA and DeFi.

Overall, the rise of Aethir is not accidental: solid revenue, a promising ceiling as a leader in decentralized cloud computing power, ecological barriers, and it has tapped into the trend of enterprise-level computing power on-chain.

Against the backdrop of the altcoin bull run, projects that "have real business, have cash flow, and are positioned in the essential AI computing power track" are worth paying more attention to. I will keep tracking them, and those who are interested can follow along together!
#Aethir # alts market #DePIN龙头 # AI computing power