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As an investor, why am I focused on Aethir? — A confession about cloud computing power To be honest, when I first came across the name Aethir, I didn’t pay much attention. After all, there are so many projects these days touting "decentralization" and "AI + cloud computing power." But it was precisely in that casual moment, when I clicked into Aethir's official website, browsed their data dashboard, and casually checked the on-chain performance of $ATH, that I found myself drawn in. If you ask me why, it really has to do with my investment habits. Project Overview: The Data Speaks Aethir is one of the standout projects in the decentralized computing power sector in recent years. Its positioning is very clear — to provide high-quality, low-cost GPU cloud computing services for enterprise-level clients, and to settle and incentivize through the $ATH token. In Q2 2024, it achieved a total revenue of $32.67 million, with Q3 expected to reach $38.93 million, a month-on-month growth of 20%. Monthly revenue also hit a historical high, averaging about $13 million in Q3, with annual recurring revenue (ARR) surpassing $155 million, and it continues to grow. These numbers are hard to ignore. What concerns me even more is that Aethir's revenue is not "air," but rather solid GPU computing power services. The platform has deployed 436,859 GPU containers, covering 93 countries worldwide, and has delivered over 1.1 billion hours of computing power. You have to ask, with such scale, isn’t there something substantial here? Industry Transition: From "Speculating on Coins" to "Competing on Strength" Whether a project has cash flow, can be implemented, and has a real business model has become the most concerning issue for everyone. Aethir happens to be riding this wave. It doesn’t simply sell GPU computing power; it puts this real asset "on-chain," allowing every unit of computing power to be tracked, settled, and staked. What’s even more interesting is that Aethir has partnered with industry giants like Chainlink and EigenLayer, even becoming the first depin asset project to launch on Pendle. It’s worth noting that Pendle has very high compliance requirements, and such "endorsement" is not something just anyone can obtain. Chainlink recently joined AI Unbundled, which also brought new narrative opportunities for Aethir. The $ATH token is gradually aligning with DeFi and RWA (real-world assets), leveraging Chainlink's technological endorsement to enhance mainstream market compliance. The model of putting GPU and computing power on-chain has been widely accepted by the market, and the innovations of ATH Vault and eATH have laid the groundwork for future DeFi expansion. Real Revenue vs. Concept Projects Aethir has consistently emphasized its strategic direction of enterprise-level computing power supply and has achieved substantial results. Compared to similar projects like IO, Render, and Grass, Aethir's computing power is paid for, with each client or partnership directly contributing to token purchasing power. Model training is a long-term process, and the demand and stability for computing power are also long-term, which means clients have a long-term purchasing commitment to $ATH. All cloud hosts must stake $ATH based on GPU models, and Checker Nodes monitor service quality, deducting money directly for non-compliance. The biggest disadvantage of decentralized cloud computing platforms is the instability of service quality, but Aethir provides guarantees for clients through SLA agreements, making low-cost, high-quality computing power combined with SLA agreements very attractive. Positive Flywheel Effect Aethir's economic model focuses on enterprise-level computing power, with a platform utilization rate of 70% being very attractive to computing power suppliers. 80% of the revenue goes to cloud hosts, and 20% goes to the foundation, greatly promoting platform expansion. The SLA agreement is very appealing to Web2 clients, and on the Aethir platform, prices are transparent, with no extra data or deployment fees, reflecting the advantages of decentralized computing power. $ATH serves as a certificate for computing power usage, and as computing power is a necessity for model training and token output, it forms a positive cycle of supply, utilization rate, revenue, incentives, community attractiveness, and client demand, driving continuous platform expansion. Real Investor Feelings and Risk Warnings To be honest, Aethir's model is not perfect. Decentralized computing power platforms generally face challenges such as unstable service quality, rapid technological iteration, and fierce industry competition, so investors need to pay attention to risks such as platform technology upgrades, customer retention, and policy changes. But one thing I like about Aethir is that it dares to make key data like revenue, computing power scale, and node distribution all public. You have to say, isn’t this kind of honesty and confidence quite rare in this industry? Conclusion: Paying Attention to Aethir, Not Just Because of $ATH Ultimately, investing is a battle of cognition. I pay attention to Aethir not just because it has the $ATH token, but because it represents a transition in the industry and the possibilities of the future. Maybe it’s not the most perfect one, but at least it dares to do real things at the forefront.