Grey Ledger

Who benefits? Who pays? Who comes back?

[Grey Ledger @Airdrops_one]

@0xAbhiP i see what you did there - good one.

i hope to see CT graduate to figuring out how to do marketing and onboarding for users outside of it's echo chamber.

for that you need products that speak to non-crypto natives (or purists and preppers).

still waiting.

[Grey Ledger @Airdrops_one]

@kyparus @waleswoosh you mean it wasn't obvious that scraping and aggregating X content was not against TOS? or that it was just not enforced and you were gonna ride it for as long as you could?

[Grey Ledger @Airdrops_one]

@kyparus we are going around in circles but how is a funnel built from X farmers helps anyone?

c'mon - if you had your sign-ups on IG or Tok or whatever, you are growing the universe.

as is it's pizza shops selling dough to other pizza shops.

[Grey Ledger @Airdrops_one]

In case you are curious:

How a node joins: https://t.co/pkZnRXyUx5
Issuance + the 10% fund allocation: https://t.co/EcehKTWsgC
Who mined what, 118 addresses: https://t.co/JOLkAWemDM (community explorer, not the dev’s)
Fund report, Oct 16, vaults + spending: https://t.co/XcLcCNqJF9
v2.1 token/launchpad rules: https://t.co/CdI183e6OD
v2.1.0 release, activation at block 279,370: https://t.co/05Bo9aRP3z

Issuance and all-time mining figures: Oct 24 snapshot. Recent mining windows: Oct 25 snapshot. Reward addresses aren’t verified operator identities.

website: https://t.co/S8PGwMWL5B
docs: https://t.co/9d2MiAYg6V
lab: https://t.co/BHNeiwowXm
autoresearch: https://t.co/Ld9v7qu867
discord: https://t.co/dnk6YfjTHX
github: https://t.co/ciaCpwidw9
x: https://t.co/vgsekaUugQ

[Grey Ledger @Airdrops_one]

$NOID - Parano1d is a PoW chain that launched Aug 21, created by @ignotus_nemo and funded by a 10% cut of block rewards for its first three years. It showed up on WhatToMine and a couple of tiny exchanges, and the price went from about $0.002 (Sep 17) to $0.64 (Oct 20). Not a call. Some pockets of CT noticed, so I looked at the docs and the explorer. I’d never heard of it until this week.

The idea is about one thing: making it cheap to check a blockchain yourself.

Think of a blockchain as a shared account book. One way to check today’s balances is to start at page one and work through every payment.

Parano1d takes a different approach: the balances come with mathematical proofs your computer can check, showing the transactions followed the rules. You don’t have to take the bookkeeper’s word for it, but you don’t have to redo all their work either. A computer joining the network checks the headers and the proofs, downloads the verified current state, processes up to 18 recent blocks, and it’s in.

There are no conventional transaction signatures either; you prove you know a secret without showing it, while addresses and amounts stay public. The author says the whole stack is built to survive quantum computers. I haven’t found a published independent audit of the full cryptography. The mainnet is barely two months old.

But someone still has to make those proofs.

A producer must finish the proof before the hash race even starts. GPUs in a pool just search for nonces on a block someone else built. So "how many miners" tells you less than "who builds the blocks." I checked.

For the first 51 days, the reward was 50 NOID per block with a 20-second target. On Oct 11 it dropped to 16 with a 30-second target. Of the 11.1M NOID issued by Oct 24, 10.5M came out of those first 51 days. 95%. The reward keeps stepping down to a permanent 1 NOID per block; there’s no fixed supply cap.

118 addresses have ever mined a block. In my Oct 24 snapshot, five that first appeared within six blocks of each other on Aug 27 accounted for 62% of all blocks since genesis. A different address first won a block on Oct 16; in the Oct 25 snapshot it alone had 57% of the past week’s. Only 11 reward addresses appeared in that snapshot’s preceding 24 hours. A pool, a private operation, or anons with great timing? Addresses aren’t identities and the chain doesn’t say.

The project reports no premine, and the explorer’s reported issuance matches the published reward schedule. The 10% goes to two developer funds, about 1.09M NOID so far, and they publish reports. The first covers launch through Oct 16: about 25k NOID spent on early bug bounties, and 1M NOID locked in two timelocked vault contracts until block 490,000, around Jan 16. The contract files are public, with instructions for checking the locks.

Can you do anything today?

There’s an official desktop wallet for Mac, Windows and Linux with its own node. NOID pays network fees. You can send payments and use the built-in contracts, timelocked vaults among them, which is what the funds did with their million.

You can mine on a laptop with the official CPU miner, but treat it as an experiment, not income. GPU pool mining uses third-party software, including closed-source miners that charge their own fee. Buying: one small exchange does almost all of the volume.

What’s next is why I’m gonna keep looking:

Around Nov 4 (block 279,370) v2.1’s financial features activate: fixed-supply token launches, bonding curves, a DEX and NFTs. Launchpad tokens require NOID backing that holders can redeem by burning their tokens. When a curve graduates, its proceeds become permanent trading liquidity the creator can’t pull, though traders can still buy and sell against it. That’s the coin’s job in this economy. Whether anyone shows up to use it is the thing we can actually measure.

Anyone can verify this chain. One address won 57% of its blocks in the week to Oct 25.

Who’s behind it?

🫡

[Grey Ledger @Airdrops_one]

@vadim_web3 Who benefits?
Who pays?
Who comes back?

stay clear of bag holder bias.

[Grey Ledger @Airdrops_one]

@vadim_web3 decentralization just like governance are a complete LARP, but you can't say it around these parts.

[Grey Ledger @Airdrops_one]

that's basically it - $PEARL has a way to attract miners but running mining software is not the same as trusting PEARL as SoV.

at the moment - speculation it could become one

BTC earned (monetary) trust over a long period of time - liquidity, adoption and outlasting cycles, so more GPUs don't make any of that happen overnight

[Grey Ledger @Airdrops_one]

The simplest way I can put $PEARL's pitch: Bitcoin where the miners have day jobs.

An AI provider gets paid dollars to answer your prompts. Pearl @prlnet lets the same GPU math also earn mining rewards. It reports roughly 4–5% end-to-end overhead in two tested model setups. The coin is side income. The customer keeps paying dollars.

That's what makes "AI Bitcoin" interesting, but here's what the bet depends on.

▫️Supply: 2.1B cap, about 355M mined, 17%. At the target block rate, roughly 300M more arrive over the next year, about 85% more coins. That pace declines in later years. About a third of everything mined so far came out in the first six days.

▫️Access: @BitGo custody is live. @coinbase added PEARL to its listing roadmap Oct 19; @krakenfx too; it isn't tradable there yet. Real progress for a coin that was awkward to buy and hold.

▫️Who pays whom: inference customers pay the providers. Pearl's own API bills in dollars too. Owning PEARL doesn't give you a share of those payments. Holding it is a separate bet: that it becomes money people want to keep.

The bull case: Bitcoin miners are building for AI. @blockworksres tracks about 4.8GW of contracted AI/HPC capacity across twelve public miners, mostly delivering in 2026–28. Pearl could recruit GPUs bought for that business. If mining earns more than the added cost and slowdown, operators have a commercial reason to join. If some keep the coins, support the network and bring other holders with them, a mining community becomes a monetary one. That's a serious possibility, and the mining design is genuinely clever.

The bear case: I haven't found published figures showing how much of Pearl's mining comes from paying AI customers. @togethercompute's advertised Pearl model is "not available" on its Serverless API. FP8, the upgrade meant to fit modern AI workloads more easily, is still a draft. A hosting contract isn't a Pearl integration, either: owning the building doesn't give you a tenant's GPUs, the operators still have to opt in. Mining also works with no AI customer at all, so a growing network doesn't prove the day jobs have arrived. And a provider can love mining PEARL and sell every coin.

Where I'm at: the mining idea makes sense to me - but the jump from huge AI spending to a huge PEARL price doesn't, yet. Watching for measurable paid-inference mining, FP8 activation, live Coinbase trading and who mined launch week. None of those is a price target.

Pearl doesn't need its AI customers to hold the coin. It needs enough people to think it's worth keeping, not just worth earning.

🫡

[Grey Ledger @Airdrops_one]

@evan_van_ness @prlnet and likely most is synthetic too.

FP8 should make paid inference easier to integrate - but iIt won't tell us whether anyone paid for the work.

you know, what share of mining is serving actual customers?

[Grey Ledger @Airdrops_one]

NRR ETF @Bitwise weekly update: still accumulating, just more slowly.

17.56M near:native in trust as of Oct 23, up 1.05M (+6.4%) this week. That’s now 1.34% of total supply.

But net new ETF shares fell from 430K last week to 200K this week. Less than half the pace.

NRR holdings grew 6.4%, while their market value barely moved, $82.4M to $83.4M at Friday’s close. At today’s $4.46, the same near:native coins are worth about $78M. More NEAR than a week ago, fewer dollars.

Over the same seven days the @NEARProtocol issued about 0.63M new near:native. NRR added 1.05M, roughly 1.7 times what was issued.

Still growing, but momentum has cooled.

🫡

[Grey Ledger @Airdrops_one]

subtle reminder: that “new perp dex” you’re farming for points will soon be farmed by agents.

24/7. more volume. lower costs. farming five others while you sleep.

still doing it manually? congratulations. you’re the…. bot. legacy bot.

position accordingly.

[Grey Ledger @Airdrops_one]

@ZityCat @prlnet I don’t think BTC holders have to switch for $PEARL to succeed.

Pearl gives AI operators a practical reason to mine it. Convincing people to store wealth in what they mine is a different job.

Bitcoin has a 17-year head start on trust and just more GPUs won’t shortcut that.

[Grey Ledger @Airdrops_one]

@toly it's missing Беломор, Шпроты, Янтарь, and some соленые огурцы.

otherwise gold!

[Grey Ledger @Airdrops_one]

@atomiquest badly needs Беломор, Шпроты, Янтарь (or Дружба), and соленые огурцы.

i know you can do this :)

[Grey Ledger @Airdrops_one]

Has Bitwise’s @Bitwise NEAR ETF taken in more near:native than the network issued?

From Oct 5 to 22, NRR’s holdings grew by 5.71M NEAR. Maximum @NEARProtocol issuance over those same 17 days: about 1.52M.

Nearly 4× as much.

It’s held in every window I’ve measured, but the gap is narrowing. Since Oct 16: 0.84M added against roughly 0.54M issued.

It doesn’t cancel inflation, and creations can be funded in-kind, so not every coin was bought on the market. But that’s a lot of existing NEAR accumulating in one fund.

Redemptions could reverse the flow.

kudos for @NeartoZEC asking about this - good one sir!

🫡

[Grey Ledger @Airdrops_one]

@gregosuri the ones that don't ship a token before having PMF and paying customers?

[Grey Ledger @Airdrops_one]

@Gyokeres_eth @termix_ai hey Gyo, help me out:

if the product is ai agents hiring other agents - what do content creators have to do with it? and who is onboarded - other content creators from X?

😎

[Grey Ledger @Airdrops_one]

@Cbb0fe if it's not Akrapovič i don't wanna hear about it.