Since word is getting out, wanted to start clarifying what this DIEM thing is all about... - The Venice token $VVV has always granted stakers free inference on the Venice API (private/uncensored generative AI, text and image) - The amount of free inference received was determined by the capacity supply divided pro rata among all stakers on any given day. This amount naturally fluctuates, which made it difficult for stakers to plan long-term. - Separately, our number one request from VVV stakers was the ability to tokenize their compute access so the *credit itself* could be traded... this is understandable since the a VVV holder is not always an API user. - To address both the fluctuation of compute issue, and the desire from stakers to be able to sell their compute access, Venice is *tokenizing the compute itself* into a token called "Diem" - DIEM (latin for day or per day) will grant $1 per day of Venice API credit. If you have 10 of them, then you get precisely $10 of usage every day. This solves the planning issue. - As a token (on @base), DIEM will allow AI compute to be directly tradeable. This solves the request by stakers to trade their access to those using it. - DIEM will be minted exclusively from $VVV, which locks the VVV until the same amount of DIEM is burned again. - The amount of VVV required to mint 1 DIEM is determined by a novel "mint curve." This sets a natural asymptote on DIEM supply (required since each DIEM is a liability of Venice). When more DIEM is minted, the rate to mint another one increases. When DIEM is burned, the rate to mint another one decreases. - A natural equilibrium will thus emerge, based in any moment on the demand for free inference from Venice's API relative to the price of $VVV and the current mint rate. - All else equal, higher demand for private and uncensored AI inference from Venice will lead to higher DIEM price, and thus higher VVV price (because each VVV can now mint a more valuable asset) - As an asset that grants access to $1/day of a resource (AI inference), DIEM can be valued with various Perpetuity Value formulas (what's an asset worth if it gives me $1 every day?) - We believe this is a novel token design, in which two connected tokens exist, one of which has an unbounded trading range (VVV has no obvious min or max reasonable price), and the other of which has a clearly bounded trading range (DIEM can be properly valued with Perpetuity formulas). For the crypto econ nerds, it may be fun to study how this works and see what interesting relationships emerge. - We'll convey more details via @AskVenice soon, and we expect the upgrade to happen this month. The upgrade will also reduce the $VVV emission rate (inflation) by roughly 1/3.

We added a new metric, outstanding fdv, which is fdv - supply that is unallocated (in reserve or treasury), or, marketcap + locked coins that already have an owner (teams, investors...) It took a while for me to understand why this is interesting as a metric, so here's why 1/3

Four years ago, we launched the first Nouns auction. Since then, many people, in many places, have built many things. Happy birthday Nouns! ⌐◧-◧

Coinbase is adding a 0.1% fee on conversions for net $5 million+ of USDC to USD AKA Coinbase thinks they are about to have many, many customers transacting over $5M every month.

What's being left unsaid here is that SpaceX is selling space on the planned 2028 mission, this is not next year. I'm told the price is the equivalent of a F9 launch, unclear how much is paid upfront...

Don't you wish your trad fi loans paid themselves off? Hats off to @scupytrooples and crew for putting in the work

OMG v3 is finally happening. Please read the article that explains it in detail. Gonna add some extra lore here too. 🧵👇

Privacy is essential. to dignity. to freedom. to democracy. Free Roman Storm!

Sharing the most important updates and headlines of Privacy on Ethereum from last week 🔐 Missed anything? Want to get involved? Comment below! 🧵

v3 first look tomorrow.