Bitcoin OG and ShapeShift founder Eric Voorhees launched a new project called Venice last May, which is an AI chatbot focused on privacy protection. The project has quickly gained popularity due to its support for the latest popular AI model DeepSeek R1, rapid listing on Coinbase, and large-scale airdrops, and the official launch of its token $VVV today has further fueled its growth.
Venice Focuses on Privacy Protection and Anti-Censorship
According to the website, Venice is a chatbot that aggregates multiple AI models, including Llama 3.3, DeepSeek R1, and Qwen 2.5 Coder.
Unlike other AI model providers, Venice emphasizes privacy protection and no-permission requirements. User conversation data will not be viewed or stored, and Venice will not monitor your conversations or censor the generated content. Venice further explains:
If you are an AI agent or application developer currently obtaining inference services from OpenAI, you may want to reconsider this choice. OpenAI permanently stores every conversation you have, and this data may be accessed by others, hacked, or even shared with institutions like the NSA or the Chinese Communist Party.
Imagine who will be using these conversations a year from now, or even five years from now, and what they might do with them. What impact could this have on you?
Venice states that it provides an alternative where users can securely use API-based inference services at zero marginal cost by staking $VVV.
AI agents or developers who stake $VVV can use the Venice API for free and unlimited text, image, and code generation services that are private and uncensored.
Additionally, they can earn rewards during the staking period, making the inference cost not only zero, but even "negative".
Jesse Pollak, the head of Base and Coinbase Wallet, has affirmed that $VVV is a way for AI agents to access on-chain inference and computation.
Token Economics
In terms of token economics, the total supply of $VVV is 100 million, with no pre-sale and no external investors, and an initial FDV of $20 million. Venice will allocate 50% of the tokens to its users and the Base chain AI community, with the snapshot date being December 31, 2024. The distribution details are as follows:
- 35%: Team
- 10%: Incentive fund
- 5%: For liquidity deployment
For Venice user airdrop eligibility, users need to have over 25 credits and must be upgraded to Pro users to receive the airdrop, with over 100,000 eligible users. For the Base chain AI community, over 150,000 users holding $VIRTUALS, $AERO, $DEGEN, $AIXBT, $GAME, $LUNA, $VADER, $CLANKER, and $MOR are eligible, and the team has also reserved a portion for an airdrop by NousResearch for its Psyche token launch.
Well-known DeFi analyst Ignas shared that he received 380 $VVV, worth nearly $2,700.
Market Cap Surpasses $500 Million in Two Hours
Driven by the above news, $VVV's FDV (fully diluted market cap) surpassed $1 billion in less than two hours after its launch. Dexscreener data shows that the $VVV price reached a high of $22.84, with a market cap exceeding $520 million and an FDV of nearly $2.3 billion.
At the time of writing, $VVV is trading at $15.8, with a market cap of $370 million, up 128% in the last 24 hours.
This token is highly volatile, and investors should be cautious about the risks.
