Onchain inference valuations mapped: Surplus at 250B+ tokens/day still cheapest vs peers
0xJeff · x · 2026-10-22
0xJeff ranked 10 onchain inference teams by market-cap-to-token-usage multiples, where lower means more undervalued. The chart puts Surplus ($87 per 1M tokens/day), Phala, Engy, Dolphin and Venice as the five most undervalued, versus 0G at $16,320 and AkashML at $12,175.
Key numbers: Surplus just crossed 300B tokens/day, and Dolphin hit 32.2B within a week of its API launch. The author notes Surplus's discount is partly rational since the token has no utility or value accrual yet, with a token migration expected within weeks. He expects Q4 to be a strong quarter for onchain inference.
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