Griffain's thousand-fold increase has boosted the Blinks ecosystem. Will "Blinks+AI" be the next Golden Dog incubator?
Since Solana announced that it would launch its first AI hackathon, the market's attention to AI Agent has returned to Solana. GriffAIn has a market value of 300 million US dollars, driving Blink to rise nearly 300 times in 48 hours, and BGG1 to rise nearly 10 times in 24 hours. Send returned with Arcade and AI sectors to advance the Blinks ecosystem. It has recently adjusted back, but its potential cannot be ignored. This seems to suggest that Blinks, which was popular this summer, will return in winter.
Solana AI dark horse, Web3 version of Perplexity
The final form of search engines in the AI era should be that the demand side puts forward demands, and AI directly provides results or solutions instead of providing web pages to users. Now Copilot and Perplexity are working hard to realize this vision, and there is also an artificial intelligence agent engine on the Solana chain - GriffAIn.

On November 1, Tony released GriffAIn for the first time at the Hacking for Agentic Finance hackathon, expressing the vision of turning your ideas into a practical agent engine. It immediately attracted a lot of attention from the Solana ecosystem, including Toly, vvAIfu, Jupiter, and Dialect, all of whom expressed their support or further cooperation to improve the product. The market value of its official token has soared since it went online on November 3. The market value has now exceeded 300 million US dollars and is still breaking through the previous high.

If Blinks is a model house, everything you need is in it, but you have to bring what you like and take out what you hate.
GriffAIn is a full-house high-end customization. It can satisfy whatever you want, and you only need to tell it your needs. GriffAIn connects the demand side with the Solana ecosystem. As long as it exists within the scope of Solana's existing technical system, it can basically meet the needs, whether it is sniping certain tokens that meet the requirements or creating tokens on Pumpfun, or wanting to use Solana to buy a bottle of whiskey, or wanting to release a Blink NFT on Twitter for your fans to mint.
Currently only available to users holding Sage phones, users can activate Griffan by minting GriffAIn's Saga Genesis Token. Now GriffAIn also supports mobile terminals.
The same founder, Blinkdotfun, who was suddenly "discovered by value"
In September 2016, a young man from San Francisco State University opened the door to Uber. If nothing unexpected happened, you might never know him until the token of the project he founded recently had a market value of more than 250 million US dollars on the Solana chain. He is the founder of Graffin—Tony Plasencia.
Unlike other cryptocurrency founders who often hide their personal information, you can easily find any information about him online. Until now, you can still see his views on various social phenomena on Medium. After leaving Uber, he participated in and invested in many startups, including the American family service website Thumbtack invested by well-known VCs such as Sequoia Capital, and the meal ordering platform ritual.

After many twists and turns, he founded his first blockchain project (Underdog Protocol) in 2022. Although it now seems to be a platform for issuing NFTs, Blinks and SPL Tokens without code, the intention in the early days of its establishment was to finance the future of individuals as tokens, which is quite similar to the Human Agent investment platform. Although this project did not cause a big stir in the market, it was also his first stop in blockchain entrepreneurship.
Those who participated in the Solana ecosystem in the middle of this year must have been impressed by Blinks. Blinks consists of two parts: Actions (Solana Actions) and Blinks (BlockchAIn links). Actions provides a compliant API to quickly complete operations such as transfers and execution of smart contracts. It is efficient and has low latency, suitable for various application scenarios; Blinks converts Actions into shareable links, allowing users to directly preview and trigger on-chain transactions on web pages or social platforms.
Under the market's FOMO sentiment at the time, Blinks derived a variety of products, such as Polymarket on X, signing multi-signature wallets directly through blinks in private messages, playing games, and rewarding various types of products.
Related reading:
1.《7 days after launch, a brief description of the 22 existing use cases on Solana Blinks》
2.《Solana version of "Mini Program": Teach you how to use Blinks on the X platform》
Tony, who has been deeply involved in the Solana ecosystem, certainly would not miss this opportunity. He and his team developed a platform for launching Blinks tokens and NFTs at this time - Blinkdotfun, which reflects the rise and fall of the token market value by locking the Sol of the bought and sold tokens in the Bonding Curve. Users can share links on X so that others can buy or sell tokens directly on X, allowing X It became his launch platform.
The platform token "Blink" issued by it was also in the market FOMO at the time, although as the popularity of the Blinks ecosystem in the market gradually faded, the market value also fell to 100,000 US dollars.

With the recent surge in the market value of GriffAIn, "Blink" has also been rediscovered by value, with the market value rising by 300 times in 48 hours. Until the deadline, the market value of "Blink" exceeded 30 million US dollars, driving the entire Blink ecosystem to become hot again. Although it sounds very confusing, blink this blink that, but in the blink of an eye, Blink has found a new path - Blinks+AI.

Blinks+AI, let the market blink again
Solana has become the channel for most new developers to enter the blockchain in 2024. I believe that in addition to memecoin, what attracted them was Goat's financing to humans through pumpfun as an AI agent in October. From a certain perspective, this is an AI singularity, which has attracted many AI developers to grow wildly in this land.
In a short period of time, a huge number of AI agents appeared on Solana, many of which were full of experiments. Because of the excellent liquidity of the entire chain and the perfect developer community, Solana developers have a sense of relaxation that I will do whatever I think of first. It is not an exaggeration to call it the most imaginative AI Agent culture dish in the world.
At this point in time, Solana did two things:
The first thing is to use GriffAIn as a case of Blink+AI agent to revitalize the Blink ecosystem. Because in order to bring a real "Agentic app szn", in addition to AI, there are also channels for infrastructure.
The second thing is to take the community NFT project SEND, which was once issued on Blinks, and put on AI's new clothes to transform into "SendAI". Together, they invited an all-star lineup to hold the first Solana AI hackathon. In addition to the luxurious lineup, the poster also wrote the AI agents in 6 fields that they wanted to review.

So it is necessary to connect the developers of the two ecosystems. The developers of the Blink ecosystem are responsible for developing new applications and combining the functions of the Solana chain with external platforms or apps, strengthening the platform's influence and the interoperability between the upstream and midstream of Solana.
And the developers of AI Agent only need to use all their imagination to find the usage scenarios that users may have. One is responsible for the supply side, infrastructure, and channels, and the other is responsible for direct connection with users. A complete closed loop of the developer ecosystem is completed.
And because blink is simple enough, it is just a string of addresses or QR codes, which can be easily embedded in the functions of AI, so users do not need to jump to another scene, but only need a sentence.
So, don't blink, the next version of AI is here.
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Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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