The Grass token holder meeting has ended. What information holds the key to wealth?

Written by: Deep Tide TechFlow

Do you remember the star project Grass from the last round of DePIN narrative?

On November 16, GRASS just fell to a historic low of $0.26. However, a week later, the token rebounded over 45%, outperforming the market during the same period.

There is a sentiment in the community that the drastic changes in the price of the GRASS token were driven by speculation surrounding the upcoming Token Holder Call, where all token holders hope the officials will reveal stronger fundamental information.

Today, Grass has also completed this Token Holder Call. After listening to the content, I found that it is not quite like the common “listening to a speech” AMAs in cryptocurrency projects, but rather a disclosure of information that is close to the nature of a financial report.

The income data, customer composition, repurchase plan, and airdrop timeline of Grass are all disclosed for the first time.

If you missed this meeting, we also quickly summarized the data and key information revealed during the meeting regarding the meeting video and official review to help you determine which signals are worth paying attention to.

Meeting replay link: Click here

Earned from 0 to tens of millions of dollars in just 3 quarters?

This is the first time Grass has publicly disclosed revenue data:

Q1 2025: Close to zero

Q2 2025: Approximately $2.75 million

Q3 2025: Approximately 4.3 million USD

Q4 2025 (forecast): approximately 12.8 million USD

The official statement indicates that the expected revenue for just the two months of October and November will reach 10 million USD. It should be noted that the Q4 data is currently still a forecast, and the actual situation remains to be verified.

How to make money with Grass?

When talking about income, you need to understand what Grass's business is.

Grass is a distributed bandwidth network. After users install the plugin or App, Grass will borrow your idle network bandwidth to fetch content from public web pages, including text, images, and videos.

Because requests come from ordinary household IPs around the world, it is not easy for the website to block them, which is very valuable for customers who need to collect data on a large scale.

Who are the customers? Mainly AI companies. Training large models requires massive amounts of data, and Grass can help them acquire these resources at a lower cost. In simple terms, Grass “borrows” bandwidth from users and packages it into data collection services sold to AI companies, earning the difference as profit.

Where does the income come from?

It was mentioned at the meeting that 90% of the revenue comes from “multimodal data”: that is, the collection services of non-text content such as video, audio, and images; 98% of the revenue is related to AI model training.

This indicates that Grass currently has a very concentrated customer base: almost all are AI companies, and what they purchase are mainly training materials.

Business focus is one aspect, but it also means that if there are changes in the AI training data market, Grass's revenue will be directly affected.

About Customers

Grass does not disclose its customer list, citing that AI companies consider training data as trade secrets. The information mentioned in the meeting includes:

In Q4, a new hyperscaler was signed, which you can understand as a large cloud computing vendor; along with a leading laboratory in the field of video generation.

Almost all AI clients we have collaborated with have made repeat purchases.

However, these statements all come from official sources, and the authenticity of the data is hardly verifiable from external sources.

The token has been repurchased, but not much.

At the meeting, it was disclosed that Grass has used business revenue to purchase GRASS tokens from the open market, completing a buyback of approximately $100,000 last week and executing a buyback of about $250,000 this week.

The funds for the buyback come from the revenue generated in the first three quarters of this year. To prevent any doubts about the execution of the buyback, the official statement indicates that the wallet address holding these tokens will be disclosed later.

The total amount repurchased is approximately $350,000. Compared to the total revenue of about $7 million in Q2 and Q3, this repurchase amount accounts for about 5%, which is not a particularly large figure, but rather reflects a certain attitude.

The official mentioned that in the future, buybacks will shift from manual decision-making to programmatic execution, but no specific rules were provided.

However, it should be noted that buybacks are not a foolproof catalyst; both HYPE and PUMP have buybacks and real income, but the token price may still experience significant drops at certain stages.

The official statement mentioned two things: first, they will buy back tokens, and second, they will invest most of their income into growth. As for how to differentiate between the two, there is currently no clear ratio. How long the buyback can last and whether the scale can be expanded ultimately depends on whether the income can continue to rise.

The second round of airdrops is scheduled for the first half of next year.

Grass conducted an airdrop last year, distributing GRASS tokens to early participants. This meeting confirmed the time window for the second round of airdrops:

The first half of 2026.

The method of receipt will change.

Unlike the first airdrop, Airdrop 2 will not be claimed through external wallets, but will be distributed via the built-in wallet that Grass will soon launch. This wallet is based on account abstraction technology and will be integrated into Grass's product interface.

Translate: In the future, airdrops can be received directly in the Grass backend without connecting to third-party wallets like MetaMask.

The rules will change

The official statement is that the new round of airdrops will “place more emphasis on long-term network contributions.” However, the specifics of how contributions are calculated, the duration required to be considered long-term, and how different devices and behaviors are weighted have not been disclosed; these details will only be clarified once the wallet is launched.

What does it mean for existing users?

If you are currently running a Grass node, this meeting did not provide clear action guidance. The only certainty is: the rules will change, and it will happen in the first half of next year, at which point there will be a new calculation method. As for whether the current points, levels, and number of devices can retain their weight, it is currently unknown.

The current market is in a bear market, and there is still uncertainty about whether the overall crypto situation will improve in the first half of next year. The airdrop plan timeline provided by GRASS is quite vague, and the author believes that it is, to some extent, a way to cope with the current bear market.

Monthly active users increased from 3 million to 8.5 million, and the next step is to create an AI real-time data source.

The network scale of Grass has grown significantly over the past year. Official data shows that the monthly active participants have increased from about 3 million during the first airdrop to about 8.5 million now. Mobile users account for about 38%, with more than one-third contributing bandwidth through the mobile app rather than a computer plugin.

The official statement claims that the multimodal data accumulated by Grass (video, audio, images) exceeds 250PB. 1PB is approximately equal to 1 million GB. According to the official statement, this volume is “sufficient to train a state-of-the-art video generation model.”

New direction: from selling training data to providing real-time queries

Grass is developing a new product line called Live Context Retrieval (LCR), which translates directly to “real-time context retrieval.”

The current business is to help AI companies collect data for training models, in a one-time, large-scale manner. LCR's positioning is different; it provides real-time data during the operation of AI models. For example, if a model needs to query the current content of a certain webpage, Grass can instantly scrape and return it.

Currently, LCR is still in its early stage, and the official version is called “V0 version”. It is being tested with three SEO companies and one AI laboratory.

The official explanation is: The training data consists of large transactions, with high amounts but low frequency, which is not very suitable for on-chain settlement. LCR is a high-frequency small-amount scenario, where each query can correspond to a small payment, making it more suitable to be completed with tokens.

If LCR can be successfully implemented, the GRASS token will have more practical applications in business. However, this is still in the planning stage, and LCR itself has not generated any revenue yet.

At the same time, the hardware device Grasshopper, originally planned to be released this year, has been delayed due to supply chain issues caused by tariffs, with a specific timeline to be announced later.

A sentence deleted from the official minutes.

During the part of the meeting about token functionality, Grass CEO Andre said, “Gigabuds have no utility,” meaning that Gigabuds have no functional use.

However, this sentence did not appear in the written summary released by the officials after the meeting.

What is Gigabuds?

Gigabuds is an NFT series launched by Grass. Some holders may expect it to have a bonus effect in future airdrops or network benefits, but the official statement at this meeting clearly denied this expectation.

The decline in the floor price may also be a response to this statement.

As for why it did not appear in the official minutes, the officials did not provide an explanation. Possible reasons include avoiding triggering negative emotions among NFT holders or believing that this does not pertain to core business information.

This sentence was indeed mentioned at the meeting, and it is recorded in the subtitles.

If you hold Gigabuds and bought them based on the expectation of “potential future usefulness,” this statement is a clear official position. As for whether NFTs themselves still have collectible value or secondary market value, that's another matter, but the path of functional use has already been blocked by the officials.

Income goes to the foundation, the development team takes a service fee.

Many crypto projects have opaque company structures, making it unclear to users who the income belongs to, who manages the tokens, and what the relationship is between the development team and the project parties. At this conference, Grass explained its structure quite clearly.

Three entities, each managing their own area.

Grass Foundation is a foundation registered in the Cayman Islands, with no shareholders. It has two subsidiaries underneath it:

Grass OpCo: Responsible for network operations, overseeing airdrops and staking.

Grass DataCo: Responsible for B2B business, all client contracts are signed by this company, and the revenue also goes to this company.

The development team is outsourced.

The team responsible for product development is called Wynd Labs. It is not a subsidiary of Grass, but a third-party service provider. Wynd Labs charges a service fee and does not participate in the revenue sharing of Grass.

It was especially emphasized at the meeting: even if the client is negotiated by Wynd Labs, the contract is signed by Grass DataCo, and the revenue also belongs to Grass DataCo.

What is the specific service fee?

The official information has not been disclosed. Therefore, the actual amount taken by the development team is impossible for outsiders to determine.

In summary:

This meeting discussed revenue data, buyback progress, airdrop timeline, product direction, and company structure. For a DePIN project, this level of information density is uncommon.

Moreover, not much was mentioned: specifically who the clients are, how large the repurchase will be, the specific rules for Airdrop 2, and when new businesses will start generating revenue. For these questions, the officials either said they cannot disclose or that more information will be announced later.

This is the first time Grass is holding such a meeting, and the officials said there will be more in the future. For token holders, these business-level advancements may be more worth tracking than price volatility.

I also hope that more crypto projects can publicly disclose their business revenue like this; it's quite rare in a market where everyone is struggling.