Grass sells web data gathered through millions of opted-in home connections to AI labs and reports $17M revenue in 2025, a ~$33M annual run rate by July 2026 and a $75M target for 2026, all company figures without an audit. The token is up +67% in a year while BTC fell −22%, and +95% in the last 30 days after Multicoin Capital invested, but it is still −81.5% below its Nov 2024 ATH. Customers pay in dollars and contributors are paid in USDC, so the token only captures value through small buybacks and a newly voted staker revenue share. About 30% of supply is still locked and a ~170M GRASS Season 2 airdrop is expected, so dilution remains the main risk.
Scorecard (1–5)
Project
Token performance
Tokenomics
Price
$0.7201
+17.8% 24h · +94% 30d · CoinGecko 21 Oct
Market cap
$503.7M
rank #115 · FDV $720.1M
24h volume
$33.5M
6.7% of market cap
From ATH
−82%
ATH $3.89, Nov 2024
2026 YTD
+153%
$0.2854 → $0.7201
Revenue run rate
~$33M / yr
company figure, Jul 2026 holder call; unaudited
The last 12 months
TokenomicsMarketGovernanceAdoptionProductUpcoming
Daily closes from CoinGecko, 22 Oct 2025 to 21 Oct 2026. The 10 to 11 Feb dip to $0.18 recovered within days and may partly be a thin-market wick.
Key events
1
Q4 25First buybacks, ~$350k. Grass reports buying GRASS with business revenue and promises automated buybacks later.
2
11 Feb 26Year low at $0.18. Falls −66% from the $0.53 November close, then rebounds to $0.40 within a week.
3
07 Jul 26Holder call and revenue vote. Team reports ~$33M annual revenue run rate; a vote on sharing revenue with stakers reportedly passes, and price drops −24% the next day.
4
22 Jul 26Season 2 USDC claims open. ~$3M USDC for Stage 2 contributors, claimable until 22 Jan 2027; a ~$10M unlock lands around the same time.
5
22 Sep 26Revenue review: H1 $14.5M. Regen Financial due-diligence review of revenue through Q2 2026; explicitly not an audit.
6
29 Sep 26Multicoin invests. Multicoin backs Grass as AI's read layer, citing $17M 2025 revenue and a $75M 2026 target; GRASS jumps ~25% the next day.
7
08 Oct 26Contents API goes live. Turns any public link into clean HTML, Markdown or text through residential nodes (reported launch date).
8
12 Oct 2612-month high at $0.84. Highest close in a year as AI and DePIN tokens rally; no Grass-specific news that day.
9
SoonSearch API launch. Announced alongside the Contents API; no launch date given.
10
H2 26Season 2 token airdrop. About 170M GRASS (17% of supply) expected for contributors; size and date not officially confirmed.
How a web-data request flows through Grass
AI lab
Orders data or an API call
Signs a contract with Grass DataCo, paid in dollars.
→
Grass routers
Split the job into requests
Route each page fetch to suitable home nodes, by country if needed.
→
Home nodes
Fetch public pages
Users' apps load pages over spare residential bandwidth.
→
Grass pipeline
Clean and structure data
Pages become datasets or Contents API output (HTML, Markdown, text).
→
AI lab
Receives the data
Used for pretraining or live retrieval at inference time.
→
Contributors
Get rewarded
Stage 2 rewards paid in USDC; airdrops in GRASS.
Where GRASS comes in: not in the payment. Customers pay dollars and contributors were paid USDC, so the token is bypassed in the core flow. GRASS gains only through airdrops to contributors (new supply), staking and governance, discretionary buybacks, and the staker revenue share voted in July.
Usage and adoption
USD per year, latest figures (company revenue vs token supply)
Revenue run rate (Jul 2026)
~$33M
Buybacks disclosed (late 2025)
~$0.35M
2026 revenue target
$75M
Unlocks at Jun 2026 pace
~$150M
Revenue run rate is the company's July 2026 figure and the $75M target comes from the Multicoin announcement (both unaudited). Unlocks: 33.4M GRASS a month (the 28 Jun 2026 unlock) × 12 at the 12-month average price of $0.38; an upper estimate because only ~300M GRASS remains locked. Most revenue goes to the business and to contributors in USDC, not to the token: disclosed buybacks are ~1% of the run rate.
strong signal
Revenue
$17M (2025)
Company figure; $14.5M to $17M in H1 2026 and ~$33M annualised by July. Reviewed, not audited, by Regen Financial.
weak signal
Buybacks
~$350k
Late 2025, about 5% of Q2 plus Q3 2025 revenue; automation promised but no rules published.
medium signal
Contributors paid
6M+
Received dollar rewards, per Multicoin (Sep 2026). Other sources cite 8.5M nodes; definitions differ.
medium signal
Repeat customers
Nearly all
AI-lab customers buy again, per the company. No customer names or contract sizes disclosed.
Grass has something rare in DePIN: outside customers paying real money. The token, though, sits beside that business rather than in it; watch whether the staker revenue share and buybacks grow to a size that matters against unlocks.
Project
What it is
A bandwidth-sharing network: users run the Grass app or browser extension and let it use spare home internet to fetch public web pages, which Grass turns into training and retrieval data for AI labs.
Team
Built by Wynd Labs (co-founder and CEO Andrej Radonjic). Customer contracts sit with Grass DataCo Ltd., and the Grass Foundation runs the token and holder calls. Backers include Polychain and, since Sept 2026, Multicoin Capital.
Technology
A residential network of millions of nodes (6M+ contributors paid, per Multicoin) that can reach pages data-centre scrapers cannot. New products: Live Context Retrieval, a Contents API (reported live 8 to 9 Oct 2026) and a planned Search API.
Traction
$17M revenue in 2025 and $14.5M to $17M in H1 2026 (sources differ), with near-total repeat business from AI customers. A third-party review by Regen Financial covered revenue to Q2 2026 but is not an audit.
Competitors
Residential proxy firms (Bright Data, Oxylabs), web-data APIs for AI search, and DePIN data networks.
Key risks
Revenue is self-reported; web-scraping faces legal and site-access pushback; customers pay in dollars so the token is optional; unlocks and a ~170M airdrop still to come.
Roadmap
Search API and multimodal data products announced but not launched; Season 2 token airdrop (~170M GRASS, not officially confirmed) expected in H2 2026.
Token performance
1-year return (22 Oct 2025 → 21 Oct 2026, CoinGecko)
GRASS
+67%
BTC
-22%
ETH
-35%
GRASS beat BTC and ETH over 12 months, mostly thanks to the late-September rally. There is no 3-year return: the token only began trading on 28 Oct 2024, so it cannot be compared with BTC (~+179% from ~$29.7k) and ETH (~+53% from ~$1.6k) over 3 years; since its Nov 2024 ATH it is −81.5% (manual, from the CoinGecko ATH fields).
Range 2026
$0.18 low (11 Feb) to $0.84 high (12 Oct), daily closes; now $0.72
12-month drawdown
−66%, from $0.53 (21 Nov 2025) to $0.18 (11 Feb 2026); since recovered 4×
Liquidity
$33.5M traded in 24h, 6.7% of market cap; rank #115
Relative strength
+67% in a year vs BTC −22% and ETH −35%; +95% in 30 days after Multicoin's 29 Sep investment, +18% on 21 Oct
ATH check ATH check passed, with a caveat. The $3.89 ATH (8 Nov 2024) came 11 days after listing, but price traded within 50% of it for weeks after (manual, outside the 365-day data), so it is not treated as a one-day spike. It is far above today's price: −81.5%.
Tokenomics
Supply
1B GRASS fixed maximum; ~699.5M circulating (70%), ~300M still locked.
Inflation
No mining or staking emissions; new float comes from scheduled unlocks and community distributions.
Unlocks
Monthly unlocks for early investors and contributors; 33.4M GRASS (3.3% of supply) on 28 Jun 2026 and ~$10M in late July. Trackers show the schedule running to 2028 to 2030.
Utility
Staking and governance; airdrop rewards to contributors. AI customers pay in dollars, and Stage 2 contributor rewards (~$3M) were paid in USDC, so the token is bypassed in the core business.
Distribution
Early investors and contributors hold a large share (about 43% at launch); a ~170M GRASS Season 2 airdrop (17% of supply) is expected but unconfirmed.
Sinks
Buybacks from revenue: ~$350k disclosed in late 2025. A July 2026 vote reportedly gives stakers a share of USDC revenue; mechanics not yet published.
Bull case
Inference-time products (Contents API, Search API) push revenue toward the $75M target, and the staker revenue share sends a visible slice of it to GRASS holders. Price holds above the $0.59 to $0.62 October base and retakes the $0.84 high.
Bear case
Revenue stays in USDC and the business while the Season 2 airdrop and monthly unlocks add supply; like the July call (−24% next day), news rallies fade. Price falls back toward the $0.30 to $0.35 range that held from August to mid-September.
Watch before the next re-run
Official mechanics and size of the staker revenue share
Season 2 airdrop date and size (~170M GRASS reported)
Monthly unlocks and circulating supply (699.5M now)
Audited or verified revenue vs the $75M 2026 target
Pool size (TVL), fee tier and fee APR are not in yet: they need DefiLlama, which this setup cannot reach so far. CL = concentrated liquidity (higher fees, more impermanent-loss risk).
On-chain share of all GRASS volume: 1.6%.
As of 21 Oct 2026 · CoinGecko tickers (24h volume, ±2% depth). ±2% depth is the money it takes to move the price 2% either way: the real size of a market. Exchanges ranked by volume among well-known venues; pools by depth. Not investment advice.
