Seems that I'm in a unique position as both a Venice AI and Bittensor bull. Many are falling into the trap of believing the universe of decentralized AI is limited to a single winner. -- Tokenomics -- Venice AI has a truly innovative token design. Voorhees is in the top 0.01% in the world in tokenomics knowledge. As a capital asset token, VVV carries the speculative premium but is directly linked to Venice's product through the utility token DIEM. It's unlike most dual-token projects in crypto because new DIEM is only minted when VVV is locked. Product demand creates deflationary pressure on the capital asset. Bittensor establishes out-of-the-box token guardrails for its subnets based on the most studied tokenomics in crypto: Bitcoin's. Subnet tokens have a fixed supply of 21M tokens and emissions are based on a halving schedule. This basic token standard is necessary for the network to onboard AI-first builders and establish a base layer of trust for new network entrants. A common criticism is that the imposed token supply & emissions framework is too rigid. IMO subnet owners have plenty of room to innovate and customize the token to their needs. Subnets can use their token as a capital asset, utility asset, or a hybrid. They can create a dual token structure vis a vis DIEM. They can adjust burn rates, attach tiered utility and layer on additional token incentives. Token design is unexplored white space and I look forward to subnet owners creations here. *Only* by standardizing supply across the subnet tokens though can they have the power of the entire TAO network and liquidity behind them. -- Protocol vs. App Layer -- Venice is an exceptional application. One of the best non-DeFi applications I've ever seen come out of crypto. Non-crypto users can easily onboard and get value from the inference product. It serves consumers and developers. I believe it will eventually serve larger businesses too. Venice owns their customer experience and VVV will benefit. Bittensor is a protocol that incentivizes open, constant competition between *and* within subnets. The protocol captures value from the applications built on it via the enshrined DEX liquidity pools. Every subnet token is paired against TAO as protocol-provided liquidity. The protocol creates the competitive environment. The quality of applications (subnets) benefit from the fierce competition. The value flows back into TAO. See our "Fat Stack Thesis". -- Outlook -- Bullish. More attention to the DeAI space. More product-focused building. More products using decentralized infra at the base layer. Big season coming up for crypto x AI.