The Grass holder conference has ended, what information hides the wealth code?

Grass's first public revenue data, buyback program, and second-round airdrop timeline. From zero to tens of millions of dollars in revenue, in just three quarters. What key signals did the meeting reveal that are worth paying attention to? This article is from an article written by TechFlow, which has been organized, compiled and written by Dynamic District. (Synopsis: Grass Shocks Up After Airdrop!) What is the charm of combining AI and DePIN? (Background supplement: Grass( Xiaocao ) airdrop online community wailed “being countered”, and the over-the-counter price of tokens plummeted) Remember the star project Grass in the last round of DePIN narrative? On November 16, GRASS just fell to an all-time low of $0.26. However, a week later, the coin rebounded more than 45%, outperforming the market over the same period. There is a voice in the community that the previous drastic change in the price of GRASS tokens is expected to hype the project's first Token Holder Call (coin holder meeting), hoping that in this meeting for all coin holders, the official can reveal stronger fundamental information. Today Grass also finished this Token Holder Call, and after listening to the content, the author found that this is not so much like the “like listening” AMA that is common in crypto projects, but an information disclosure close to the nature of financial reports; Grass's revenue figures, customer composition, buyback program, and airdrop timeline are all made public for the first time. If you missed the meeting, we also quickly summarized the data and key information revealed in the conference for the conference video and official review, to help you decide which signals are worth paying attention to. Meeting replay link: Click here Revenue from zero to tens of millions of dollars, only 3 quarters? This is Grass's first public disclosure of revenue data: Q1 2025: Near zero Q2 2025: Approximately $2.75 million Q3 2025: Approximately $4.3 million Q4 2025 (forecast): Approximately $12.8 million Revenue is expected to reach $10 million in October and November alone, officials said. It should be pointed out that Q4 data is still a predicted value, and the actual situation needs to be verified. How does Grass make money? When talking about revenue, you have to figure out what Grass's business is. Grass is a distributed bandwidth network. After the user installs the plugin or app, Grass will borrow your idle network bandwidth to crawl the content on the public web page, including text, pictures, and videos. Because the request is from an ordinary home IP from all over the world, it is not easy to be blocked by the website, which is valuable for customers who need to collect data at scale. Who are the customers? Mostly AI companies. Training large models requires a lot of data, and Grass can help them get that material at a lower cost. Simply put, Grass “borrows” bandwidth from users, packages it into data collection services and sells it to AI companies, earning the difference in price. Where does the income come from? It was mentioned that 90% of the revenue comes from “multimodal data”: that is, the collection of non-text content such as video, audio, and images; 98% of revenue is related to AI model training. This shows that Grass's current customer base is very concentrated: basically AI companies, buying basic training materials. Business focus is one thing, but it also means that if the AI training data market changes, Grass's revenue will be directly affected. Regarding the customer, Grass does not disclose the customer list on the grounds that the AI company treats the training data as a trade secret. The information mentioned in the meeting included: Q4 signed a new hyperscaler, a term you can understand as a large cloud computing vendor; and a leading lab in video generation Almost all AI customers who have worked with have repurchased However, these statements are all from the official, and the authenticity of the data is almost impossible to verify externally. Token buyback, but not much It was disclosed at the meeting that Grass has used its business income to buy GRASS tokens from the open market, of which about $100,000 was completed last week and about $250,000 is being executed this week. The money for the repurchase came from the income in the first three quarters of this year. In order to prevent people from believing that the buyback is being carried out, the official said that the wallet address where these tokens are stored will be released later. The total amount currently repurchased is approximately $350,000. Compared with Q2 and Q3, the total income of about 7 million US dollars, that is to say, this repurchase money, accounting for about 5%, is not a particularly large amount, more like a reflection of attitude. Officials mentioned that in the future, buybacks will shift from manual decisions to programmatic execution, but did not give specific rules. However, it should be noted that buybacks are not a catalyst for a hundred trials, both HYPE and PUMP have buybacks and real income, but the price of periodic tokens may still fall sharply. The official said two things at the same time: one is to buy back tokens, and the other is to invest most of the income into growth. There is currently no clear ratio of how the two are divided. How long the buyback can last and whether the scale can be amplified ultimately depends on whether the income can continue to rise. The second round of airdrops, scheduled for the first half of next year Grass conducted an airdrop last year, issuing GRASS tokens to early participants. This meeting confirmed the time window for the second round of airdrops: the first half of 2026. The collection method will change Unlike the first airdrop, Airdrop 2 will not be claimed through an external wallet, but will be distributed through Grass's official built-in wallet that will be launched soon. The wallet is based on account abstraction technology and is embedded in Grass's product interface. Translation: In the future, the airdrop will not need to be connected to a third-party wallet such as MetaMask, and it will be received directly in the Grass background. Rules will change Officially, the new airdrop will “place greater emphasis on long-term network contributions.” However, the details of how to calculate contribution, how long it has been long-term, and how to weight different devices and behaviors have not been announced, and will not be clear until the wallet is online. What it means for existing users If you're running the Grass node right now, this meeting doesn't give clear action guidelines. The only certainty is this: the rules will change, in the first half of next year, when there will be a new way of calculating it. As for whether the current points, levels, and number of devices can continue the 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, and the timing of GRASS's current airdrop plan is very vague, and the author believes that it is also a delaying measure to deal with the current bear market to some extent. The monthly activity has increased from 3 million to 8.5 million, and the network scale of Grass, the real-time data source that wants to do AI next, has grown significantly in the past year. Official figures show that monthly active participants have grown from about 3 million at the time of the first airdrop to about 8.5 million now. Mobile users account for about 38%, and more than a third contribute bandwidth through mobile apps rather than computer plugins. Officially, Grass accumulates more than 250 petabytes of multimodal data (video, audio, images). 1PB equals approximately 1 million GB. Officially, this magnitude is “enough to train a cutting-edge film generation model.” New direction: from selling training data to providing real-time queries Grass is developing a program called Live Con…