Aethir

Aethir is a decentralized cloud computing network that connects owners of high-powered graphics processing units, particularly NVIDIA H100 chips, with enterprise clients who need that computing capacity for artificial intelligence and machine learning workloads. It also serves cloud gaming operators by supplying virtual computing resources. The project claims to address the shortage of accessible, enterprise-grade GPU capacity by organizing idle hardware from many contributors into a single, community-owned marketplace.

GPU owners, referred to as container operators, register their hardware on the network and make it available to paying clients. The ATH token circulates across the Ethereum, Arbitrum, and Solana ecosystems and is used within the protocol to govern and incentivize participation in that marketplace. The protocol itself does not have a listed consensus algorithm or block time in the stored data, reflecting its nature as an application layer built on top of existing blockchains rather than an independent chain.

Fees are generated when enterprise or gaming clients pay to use GPU capacity on the network; over the trailing 30 days those fees totalled 3,099,880 dollars, while over the trailing 12 months they reached 64,705,793 dollars. The protocol retains approximately 20 percent of gross fees as revenue, a figure known as the take rate, with the remaining roughly 80 percent flowing to the GPU-supplying node operators as supply-side revenue of 2,479,905 dollars over the same 30-day window. Annualizing the trailing 30-day activity produces a revenue figure of 7,543,029 dollars, which, set against the current market capitalization of approximately 115 million dollars, yields a market-cap-to-revenue ratio of about 15.3. Notably, both the 30-day fee growth and 30-day revenue growth metrics stand at negative 100 percent relative to the prior period, indicating that the period used as a baseline recorded no fees, making those growth figures uninformative about recent absolute performance.