Original author: Yue Xiaoyu (X: @yuexiaoyu111)
I have talked about Aethir, the leading project in the decentralized computing track, multiple times, and it is a project I am focusing on.
Recently, Aethir launched the Eigen ATH Vault, allowing community users to participate in the profit-sharing of its decentralized GPU network by staking ATH tokens.
This time, let's analyze this project from a data perspective to help everyone assess whether it is worth participating in. @AethirCloud @AethirMandarin
1. Core Data Breakdown of Aethir
According to information disclosed by Token Terminal, Aethir's cumulative fees have reached $55 million, with an annual revenue of approximately $110 million.
This revenue level is impressive in the decentralized physical infrastructure network (DePIN) field. In comparison, competitors like Render Network have an annual revenue of only about $40 million.
Aethir's network covers 95 countries and has 425,000 enterprise-grade GPU containers, showcasing significant scale advantages.
Now, let's look at some core data:
(1) Quarterly Revenue and Fee Conversion Rate:
From the quarterly fee and revenue chart provided by Token Terminal, in the second quarter of 2024, Aethir's fees were $25 million, and revenue was $20 million, resulting in a fee-to-revenue conversion rate of 80%.
This conversion rate indicates that Aethir has good profitability, but 20% of the fees are used for network maintenance and community incentives.
In contrast, centralized cloud services like AWS typically have operating costs that can reach 40%, showing that Aethir's decentralized model indeed has advantages in cost control.
(2) Daily Active Addresses and User Growth:
At the beginning of 2025, Aethir's daily active addresses stabilized between 5,000 and 7,000, representing a year-on-year growth of about 30%.
This growth trend is closely related to the boom in Web3 gaming and AI applications.
In 2024, the global cloud gaming market grew by 20%, reaching $5 billion, while the AI training market also grew by 25%, expected to reach $300 billion by 2027.
Aethir's user growth indicates that it has seized opportunities in high-performance computing demand.
(3) Network Scale and Governance Structure:
Aethir's network has over 91,000 Checker Nodes, held by more than 22,000 community members.
This decentralized governance approach reduces the risk of single points of failure, with operational risks approximately 15% to 20% lower than centralized cloud services.
Additionally, in 2024, Aethir added nodes in 10 new countries, increasing its coverage by 12%, which is much faster than the expansion rate of centralized competitors.
2. Aethir's Cost Advantages
To evaluate whether a business model is good, one must look at both revenue and cost items.
(1) Cost Advantages of the Decentralized GPU Network:
Aethir has reduced computing costs by about 25% by integrating idle hardware resources globally.
For comparison, NVIDIA's A100 GPU has a market price of about $10,000 to $15,000, while Aethir's distributed model significantly lowers the usage costs for enterprises through a sharing economy.
For example, an AI company training a model with 75 million parameters might traditionally need to rent 10 A100 GPUs for a month, costing around $100,000, but through Aethir's network, this cost could drop to $75,000.
This cost advantage gives Aethir strong competitiveness in the AI training market.
(2) Smart Contract Deployment Strategy:
Aethir's smart contracts are deployed on Ethereum and Arbitrum, with Arbitrum as a Layer-2 solution reducing transaction costs by about 70%.
At the beginning of 2025, the average gas fee on Ethereum was about $5 to $10, while on Arbitrum, it was only $1 to $2.
This choice not only lowers Aethir's operating costs but also makes its services more accessible to a larger number of users, especially in developing countries (which account for 50% of its covered countries).
This will allow Aethir to capture a larger market share among small and medium-sized enterprise clients.
(3) Competition with Centralized Cloud Services:
Compared to centralized cloud services like AWS, Aethir has advantages in cost and flexibility. AWS's GPU instances (like G5) are billed hourly at about $3 per hour, while Aethir's on-demand usage model could reduce costs to $2 per hour.
Moreover, Aethir's community governance model allows it to respond more quickly to market demands, such as adding nodes in 10 new countries in 2024, while AWS's regional expansions typically take several years.
3. Is Eigen ATH Vault Worth Participating In?
Let's start with a few advantages:
(1) Passive Income: By staking ATH, users can earn a certain annual yield, providing a stable source of passive income for those who are optimistic about Aethir in the long term.
(2) Ecosystem Support: Staking ATH supports Aethir's GPU network, helping it serve more AI and gaming companies, indirectly promoting the value growth of ATH.
(3) Low Entry Barrier: Eigen ATH Vault lowers the entry barrier for participating in the Aethir network, allowing users to share profits without having to operate nodes themselves.
In summary, Aethir has secured a place in the high-performance computing market through its decentralized GPU network, cost advantages, and data transparency.
As part of its ecosystem incentives, Eigen ATH Vault provides users with the opportunity to participate in profit sharing, while also reflecting Aethir's strategic layout in attracting community support.
We can continue to keep an eye on this project.
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