《Decentralized Computing Power Track Leading Project Aethir Data Analysis Report: Insights into the Present and Future of the DePin Track》

The leading project in the decentralized computing power track, Aethir, has been a focus of mine for some time.

Aethir's recent launch of the Eigen ATH Vault allows community users to participate in the revenue 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 income of approximately $110 million.

This level of income is impressive in the decentralized physical infrastructure network (DePIN) field. In comparison, competitors like Render Network have an annual income of only around $40 million.

Aethir's network covers 95 countries and has 425,000 enterprise-level GPU containers, showcasing significant scale advantages.

Let's take a look at some key data:

(1) Quarterly Revenue and Fee Conversion Rate:

From the quarterly fee and revenue charts provided by Token Terminal, in the second quarter of 2024, Aethir's fees were $25 million, and revenue was $20 million, with a conversion rate of fees to revenue reaching 80%.

This conversion rate indicates that Aethir's profitability is good, but 20% of fees are still used for network maintenance and community incentives.

In contrast, centralized cloud services like AWS typically have an operating cost proportion of around 40%, so 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 increase of about 30%.

This growth trend is closely tied 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%, projected to reach $300 billion by 2027.

Aethir's user growth demonstrates 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 model reduces the risk of single points of failure, and compared to centralized cloud services, operational risks are approximately 15% to 20% lower.

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 the quality of a business model, one aspect is to look at revenue, and the other is to examine costs.

(1) Cost Advantages of Decentralized GPU Networks:

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 approach.

For example, an AI company training a model with 75 million parameters might need to rent 10 A100 GPUs for a month at a cost of around $100,000 using traditional methods, but through Aethir's network, this cost could drop to $75,000.

This cost advantage gives Aethir a strong competitive edge 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, Ethereum's average gas fee was around $5 to $10, while Arbitrum's was only $1 to $2.

This choice not only lowers Aethir's operating costs but also makes its services more accessible to a broader range of users, especially in better serving developing countries (which make up 50% of its coverage).

This will allow Aethir to capture a larger market share among small and medium-sized enterprise customers.

(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 charged by the hour, costing about $3 per hour, while Aethir's on-demand usage model could reduce costs to $2/hour.

Moreover, Aethir's community governance model allows it to respond more quickly to market demands, such as adding coverage in 10 new countries in 2024, while AWS's regional expansions typically take several years.

3. Is Eigen ATH Vault Worth Participating In?

First, let's mention several advantages:

(1) Passive Income: By staking ATH, users can earn a certain annual return, 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 enterprises, indirectly promoting the value growth of ATH.

(3) Low Barriers to Entry: The Eigen ATH Vault lowers the threshold for participating in the Aethir network, allowing users to share in the profits without needing to operate their own nodes.

Overall, Aethir has secured a position in the high-performance computing market through its decentralized GPU network, cost advantages, and data transparency.

The Eigen ATH Vault, as part of its ecosystem incentives, provides users with the opportunity to participate in revenue sharing, while also reflecting Aethir's strategic layout in attracting community support.

We can continue to keep an eye on this project.