You earn so much money, can't you share some with me? As soon as I entered the industry, I heard from my seniors that the industry must have positive externalities. I understand now that positive externality refers to the situation where the project team makes money and then cashes it out to engage in sexual activities. Pumpfun sells coins, Curve buys luxury homes, 3AC buys yachts... You make so much money, without buying or distributing dividends, can't you give me some? Let's sneak in! ⬇️ Defillama has a ranking called Fees/Revenue, which specifically records the revenue of blockchain projects. Jito, a protocol based project, still ranks first. As previously introduced, it has generated $1.14 billion in revenue in the past year, with Uniswap and Pancake also contributing $930 million and $880 million respectively. However, these are all calculated onchain profits, and there are many hidden 'billionaires' in this circle. Last night, I saw a news on @ OdailyChina: @ AethirCloud's annual recurring revenue exceeded $113 million. I'm a bit shocked, many people don't know about this project. When I tracked it last time, the income was still less than 40 million US dollars, and this growth is a bit scary. To make money like this, we must study how they make money. Aethir has always claimed to be a GPU cloud platform focused on enterprise level decentralization, meeting the service standards of traditional market SLAs. Speaking of human language, it means selling GPUs that meet traditional computing service standards. To whom should we sell it? Mainly corporate clients. Aethir is the only enterprise level GPU-as-a-Service provider, filling the cost and accessibility gap of traditional cloud services. Aethir has also issued tokens, and ATH is easy to remember, so its revenue can be roughly divided into on chain and off chain. First, let's take a look at the chain. Open TokenTerminal, search for ATH, and find that in the year after TGE, token trading fees reached as high as $61 million, with almost $200000 to $500000 in trading fees every day. Such a niche coin with so many transaction fees indicates a high frequency of transactions and strong demand. Looking at the business again. Aethir's main source of revenue is Infrastructure as a Service (IaaS), where enterprises pay to subscribe to computing credits to use GPU resources; Platform as a Service (PaaS), where developers pay to access tools and development resources; Aethir Atmosphere, a decentralized cloud gaming platform, has created a dedicated cloud for gaming, supporting 690 game clusters and enterprise level AI computing services, among others. Numerically speaking, Aethir's annualized revenue (ARR) has grown from $36 million in July 2024 to $91 million in January of this year, and then to $113 million in May. It's really amazing Can't you give me a share of your earnings? I really can. Aethir has partnered with @ Eigenlayer to launch an ATH pre deposit plan, which means opening a pool where pledging ATH can earn eATH. In addition to receiving staking rewards, @ pendle_fi will also enable eATH's asset function on the platform in the future. There's nothing particularly special about this, it's happening everywhere. The key point is that Aethir's annualized revenue of over $113 million will bring profits to stakers through the AVS model. ？？ Wow, didn't you go buy a yacht or a mansion? Aethir has integrated its vault into EigenLayer's autonomous verification service system, making it easier for GPU computing resource providers to join. The Cloud Host here, also known as a cloud host, mainly provides computing power services on the Aethir platform. This cooperation will help cloud hosts to obtain verification and board the platform faster, while ensuring that the quality of rapidly expanding cloud hosts meets the cross validation requirements of Aethir and Eigen Layer. I understand now. It's not about directly dividing the money, but it is indeed about dividing the money. Let me sort out the operational mechanism of this large sum of money. Pledge process Users can directly deposit ATH tokens in the ATH Valut vault where both parties cooperate to obtain eATH. EATH is an LST that represents the ATH and potential rewards pledged by users. Of course, if you are familiar with DeFi, you can start playing with loop nesting dolls, which will have many protocol supports. Integrate AVS AVS (Autonomous Verified Services) is Eigenlayer's signature feature - autonomous verification service, which allows Aethir to introduce new GPU providers (i.e. cloud service providers) through staking pools. These providers can join the system by pledging and borrowing ATH tokens, as well as using Eigenlayer's re staking service. reward system EATH holders can receive staking rewards for cloud service provider service fees, which are distributed according to their holding ratio. This is the key point, the annualized revenue of 113 million US dollars will be injected into the pool. Redemption lock All pledged ATHs will be locked for one year, and eATH can be redeemed starting from June next year. After redemption, there will be 30 days of linear unlocking, which is necessary for stable network services and cannot be too arbitrary. The pre deposit has already started. It seems that over 800 million ATHs have been pledged, and the rewards are expected to accumulate from mid July. You can observe participation: https://user. (aethir.com)/stake/eigenlayer / At this point, I suddenly had a concern. For businesses like Aethir that have physical operations, GPU training needs to maintain a good online rate. When combined with DeFi, storing and retrieving data at different times will not affect the business? I found the answer in an interview that it not only provides GPU computing power in a decentralized manner, but also strictly adheres to the quality standards (SLAs) of traditional cloud services. SLAs (Service Level Agreements) are contract terms used in the cloud computing industry to define service quality, typically including service availability (such as 99.982% uptime), performance metrics, response time, fault recovery time, and more. That is to say, no matter what tricks you play, if you cannot meet the service standards of the cloud service industry, don't talk to me about decentralization and innovation, so business capability is the core. So how did Aethir do it? — Slashing， Punishment. After collaborating with Eigenlayer, if Cloud Hosts fail to meet SLAs (such as service interruptions or high latency), it may trigger Slashing and lose some of the pledged ATH tokens. Only those who perform well can receive full rewards. // To sum up, Aethir has invested its annualized revenue of $113 million in a staking pool with Eigenlayer, which not only benefits multiple parties but also allows for the introduction of more partners in the AVS system. Okay, after talking for a long time, this sentence summarizes it, but there are still quite a few details inside. This is a soft core science popularization article, through which you can have a partial understanding of the following knowledge: Revenue from blockchain protocols Aethir Income Model and Pledge Allocation How to Divide $113 Million (Not) Author: Anymose | A Soft Core Science Popularization Writer <End of Full Text>