Multicoin announces investment in DePIN project Grass, bullish on the AI real-time data retrieval market.

BlockBeats news, September 30: Multicoin Capital announced that its hedge fund and venture fund have invested in the DePIN project Grass, positioning it as the "read layer for machine intelligence." Over the past 18 months, Grass has recruited users through crypto incentives to share idle network bandwidth for querying and parsing the public internet, and it has already entered the data processing workflows of some frontier AI labs.

Grass disclosed that more than 6 million contributors have received USD-denominated rewards backed by network revenue. The project generated $17 million in revenue in 2025, and revenue in the first half of 2026 also reached $17 million. The business is currently profitable, and it is projected that training data business revenue alone could reach $75 million in 2026.

Multicoin believes that the market currently views Grass mainly as a proxy network providing pre-training data to AI labs, but has not yet fully reflected the potential of real-time retrieval during the inference stage. Grass plans to launch a content API, search API, and web index to enable AI models and agents to access real-time web information; its system has already collected more than 1 billion public videos.