Governed by foundations or small groups of core developers Subject to frequent, sometimes radical, protocol changes Actively managed to optimize for new feature adoption, not monetary stability Closely tied to charismatic founders and foundation capital structures From a capital stewardship perspective, this is the difference between: Allocating reserves to a sovereign, apolitical monetary instrument Speculating on the long-term success of a VC-style technology platform One is purpose-built for value preservation. The other is a proxy for early-stage risk.
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With total deposits at $10.2 billion, the platform’s active loans stand at a new all-time high of $3.5 billion, with TVL also at an all-time high of $6.7 billion, as capital continues to pour onchain.
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➤ Computing Power ⟶ 25,000–50,000 exaFLOPS (20,000–40,000x the world's current fastest supercomputer) ➤ Training capability ⟶ Trillions/ quadrillions of parameters ➤ Current xAI scale ⟶ 200x current setup (~230,000 GPUs, 100-200 exaFLOPS) ➤ Power Draw ⟶ ~35 GW or power use of 35 million U.S. households or countries like Argentina (~30 GW) ➤ Annual Energy ⟶ ~245,000 GWH or 6% of U.S. annual electricity (~4,000 TWh) ➤ Cost ⟶ $1.5T hardware only and est. $2–3 trillion total over 5 years ➤ Annual investment needed ⟶ $400-600B/year
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