People are freaking out over the Grass announcement, realizing that revenue can also be offchain and still be real. Realizing that some of what we called "DePINs" a few years ago are now actually some of the most interesting data startups out there, working with leading frontier AI labs. Realizing that not all token founders are scammers, and that if you do the right diligence, you can actually find heavily overlooked tokens trading at ridiculous multiples to their business, while being in hypergrowth and accruing 100% of that value. $GRASS is up 20% on this announcement, and nothing has even changed. Just people waking up, thanks to great investor communication and transparency. This is exactly why I'm so excited about $SLC and @silencioNetwork. They literally check every single box above, except that given their low FDV, the ratio is even much better, and people are even less aware. Who knows for how long that will still be true.

With one of the biggest, most well-known AI labs out there. Yes, this makes them a profitable company with 7-figure revenue, at a 10M FDV, doing 75% buybacks. That’s cool, but let me add the POV of their earliest investor, which I think matters much more: It’s been a very long road to get here, and it took a huge amount of work and commitment from @messerer_theo, @thomasmesserer and the team, plus a big bet on specialising in niche voice data. The last 12 months meant fronting everything. They had to source niche voice data at their own cost, pour an enormous amount of work and resources into data processing so it would meet the quality bar of the largest AI labs, and these sales pipelines take an absurdly long time to fill and convert into actual partnerships. The bet paid off completely. They wagered on the perfect niche at the perfect time, while almost nobody else saw the opportunity. This is one of the first big dominoes to fall, and the biggest AI labs are now becoming Silencio’s paying clients, after months of conversations, testing data and building the relationship. Everyone who sees the offering is just impressed. My biggest learning here: These AI labs were the ones who opened the Silencio team’s eyes, first hand, to how big the demand for what they do actually is. The demand is effectively insatiable, the market 100x bigger than anticipated. This is just the beginning. As these relationships start to flourish, these clients will only consume more data, and more big AI labs will FOMO in and turn into Silencio clients as well. One of the most slept-on gems out there in my opinion, purely because it’s offchain and less consumer-heavy right now. But I wouldn’t be surprised if revenue surpasses Silencio’s FDV as early as late this year / early next year. With 75% buybacks into $SLC, you do the math.

Silencio has now closed one of the leading AI labs as a paying client and is on track to cross 7-figure cumulative volume this year. According to their @Blockworks Token Transparency Framework, that's the point where they switch on the buyback and start accruing 75% of their revenue to the token. $SLC is currently trading at an $850k market cap and $3.3M FDV. People don't have them on their radar because at first glance it looks like just another dead DePIN company. What they miss is the incredible data pool and sourcing engine Silencio is sitting on, which makes them an absolute goldmine for even the biggest AI labs on earth. Talking to their team regularly and very bullish here on Silencio. Only wish they could share more of what they've been cooking over the last 1-2 years. Just another example of the incredible opportunities to be find out there in the wild, you just have to put in the work. And once again, the Blockworks TTF would have been a pretty good place to start looking.