Aethir, through deep integration of EigenLayer's restaking protocol, has constructed a unique 'staking + revenue sharing' economic model. This design not only strengthens network security but also directly binds GPU computing power earnings to the interests of token holders, forming a self-reinforcing value loop.
Staking-driven service validation and revenue return
One of the core mechanisms of Aethir @AethirMandarin is to achieve network participation and revenue sharing through staking. Users obtain validation rights by staking ATH tokens, becoming service nodes within the network to provide infrastructure support for the decentralized GPU computing power market. Unlike pure functional staking, the staking rewards of ATH are redistributed through eATH (staking certificate), forming a closed loop of 'staking - service - revenue - return'.
eATH is not a simple token certificate; it carries dual value: on one hand, it represents the network rights of stakers, and on the other hand, it captures the actual earnings from GPU computing power services. According to the protocol design, the reward mechanism for the pre-stored treasury will take effect after the token pool and StakeBase contract are activated. At that time, users holding eATH can receive dynamic earnings through manual claims, with the amount of earnings depending on the proportion of ATH borrowed from the treasury by the cloud host. All reward parameters are set by the Aethir Foundation to ensure fairness and sustainability in ecological revenue distribution. The remaining portion is used for node operation and ecological development. This design directly feeds back the network's use value to participants, avoiding the single source of revenue problem commonly found in traditional staking models.
Data shows that the staking conversion rate of ATH has significantly improved recently, with over 800 million eATH staked, 429 million in the AI Pool, and 256 million in the Gaming Pool. Currently, there are 9 billion in circulation, with a lock-up/circulation ratio of about 16.4%. This trend reflects market recognition of the revenue-sharing mechanism. Through EigenLayer's restaking framework, users can also stake eATH into other validation services, further stacking yields and creating multi-layered capital efficiency improvements.
Lock-up mechanism and market supply-demand balance
In the economic model of ATH, the increase in lock-up rate is a key variable. In addition to regular staking, the node repurchase mechanism further reduces circulation: the platform uses part of the GPU earnings to repurchase ATH from the open market and burn it, or distribute it to stakers. This mechanism directly affects the token supply-demand relationship. According to calculations, if the current staking growth rate is maintained, ATH's annual deflation rate could reach 5%-7%.
From the perspective of market behavior, the dual role of staking and repurchase significantly reduces short-term selling pressure. On-chain data shows that the proportion of long-term holding addresses (holding for more than 6 months) for ATH has increased by 12% in the past 3 months, reflecting investors' confidence in capturing long-term value. Additionally, due to the yield characteristics of eATH, some users choose to lock their tokens in smart contracts rather than trading on the secondary market, further reducing liquidity fluctuations.
The combination of revenue sharing and network effects
Aethir's uniqueness lies in injecting the real earnings of the computing power market into the crypto economic system. Global GPU computing power demand is growing at a rate of 15% per year, while the market share of decentralized computing power platforms is expected to reach $12 billion by 2025. By integrating idle GPU resources, ATH can provide computing power services at a lower cost, with pricing potentially 30%-40% lower than centralized vendors, providing a sustainable foundation for revenue sharing.
With the support of EigenLayer, stakers of ATH can also participate in other AVS (Active Validation Services), such as cross-chain bridges or DA layer validation. This 'one-time staking, multiple returns' model greatly improves capital utilization. Early data shows that users participating in restaking can increase their average annualized returns by 20%-35%, far exceeding that of a single staking scenario.
Technical architecture and ecological expansion potential
From a technical perspective, Aethir's architecture design balances flexibility and security. Its node network adopts a modular design, supporting dynamic expansion of GPU resources, while punishing malicious behavior through EigenLayer's slashing mechanism to ensure network stability. This combination lowers operational thresholds and avoids common centralization issues in traditional PoS networks.
In terms of ecological expansion, Aethir has partnered with several AI training platforms and rendering service providers to provide distributed computing power support. As the number of partners increases, the utilization rate of GPU resources is expected to rise from the current 40% to over 60%, further diluting operating costs and increasing revenue-sharing potential. In addition, the team is exploring using part of the revenue to develop derivative protocols based on ATH, such as computing power futures or insurance products, to enhance the ecological financial layer.
Value capture and market positioning
In the current decentralized computing power track, Aethir's differentiation is reflected in two dimensions: first, through revenue sharing, the actual business income is fed back to stakers, rather than relying on token inflation incentives; second, by leveraging EigenLayer's restaking framework to achieve collaboration between security and other validation needs. This model is closer to traditional equity dividend logic, but achieves higher transparency and automated distribution through blockchain.
From a valuation perspective, Aethir is still significantly undervalued compared to similar protocols. Considering its annualized earnings distribution capability and the continuous increase in lock-up rate, the discounted cash flow (DCF) model for ATH shows that its fair value should have an upward potential of 30%-50%. For long-term investors, staking eATH may become a more attractive strategy than simply holding.
The combination of ATH and EigenLayer essentially creates a positive cycle: more staking enhances network security, higher security attracts more demand for computing power, and the growth in demand further boosts returns. If this closed loop can continue to operate, ATH may become an important infrastructure layer connecting the physical computing power market with the crypto economy. Aethir has opened the TG Chinese community and encourages everyone to join early to capture a large amount of early benefits.
