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Tokenomics
Tokenomics, Part 3: The Agent Tax
Agent tasks consume orders of magnitude more tokens than chat. The inversion lands on application P&L. Gross margin compresses. Where the cost lives…
May 20
•
Hugo
7
3
Tokenomics, Part 2: The Great Inversion. From Training to Inference.
Training capex was the story for three years. Inference is the story now. The largest pool of AI profit is forming downstream. Where the margin is…
May 18
•
Hugo
10
7
Tokenomics, Part 1: The Token Is the New Kilowatt-Hour
Token prices have fallen by two orders of magnitude in three years, more on the cheapest routes. The Token Stack. Margin Geography. Where the value…
May 16
•
Hugo
20
2
11
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