Seven crypto-native inference providers process 211 billion tokens daily, according to a Blockworks report.

ChainCatcher report: Blockworks has released a report on the current state of crypto inference service providers, stating that global computing power investment is substantial, yet demand still exceeds supply. The market capitalization of liquid crypto AI is approximately $2.49 billion, below Crusoe’s $3.09 billion, and no decentralized computing network has disclosed verifiable revenues exceeding tens of millions of dollars. The report compares seven crypto-native inference providers on OpenRouter: Venice, Phala, Darkbloom, io.net, AkashML, NEAR AI, and Chutes. Over the past month, these seven providers processed an average of 211 billion tokens per day, accounting for roughly 1% of OpenRouter’s daily total of 21.9 trillion tokens. Venice processed an average of 87 billion tokens per day; its team reported in July an annualized recurring revenue of $100 million, with less than 10% coming from OpenRouter. Phala processed an average of 54.6 billion tokens per day over the past week, up from about 5 billion per day in July. Chutes, which operates as Bittensor’s inference subnet SN64, runs approximately 4,350 GPUs and claims to process 160 billion tokens per day, with 570 million tokens per day routed through OpenRouter. Akash has 283 active GPUs, down from a peak of about 897, with annual rental fees of approximately $3.7 million; GPU incentives have ended. io.net’s demand nearly doubled over the past month to an average of 14.8 billion tokens per day.