Venice Token (VVV) Surges 46% as AI Platform Now Supports DeepSeek

The broader crypto market may be struggling to recover from the latest downturn, but the same cannot be said for some tokens related to leading sectors like artificial intelligence (AI).

This is the case of VVV, the native token of Venice.ai, a private, censorship-resistant, generative AI platform powered by decentralized infrastructure.

Why is Venice Token Up 45%?

VVV has rallied by at least 46% in the last few hours due to a recent development in the Venice application programming interface (API). Less than 24 hours ago, the team behind the Venice project announced that the platform had integrated support for a version of the DeepSeek AI model.

According to a tweet announcing the update, DeepSeek R1 671B is now available in the Venice API, which can be accessed for free with staked VVV. The team noted that Venice.ai is the only platform where users can access DeepSeek 671B privately unless they are running the model on their personal machine.

One of the perks of using DeepSeek R1 671B on the Venice API is that no user data is sent to any technology company or the Chinese or American government. This is due to the total absence of storage for user prompts or responses.

“The launch [of DeepSeek] has significantly disrupted the AI market, causing ripples through the industry and demonstrating that high-quality AI can be achieved with fewer resources. This efficiency translates directly to accessibility and cost-effectiveness for developers, organizations, and AI platforms like Venice,” Venice.ai stated.

What is Venice Token?

VVV combines the features of decentralized blockchain technology with generative AI. The token enables autonomous agents and developers to access private, uncensored, and decentralized AI inference without the need for a human intermediary, reducing costs and friction for AI agents and developers.

Users who stake their VVV are deemed eligible to receive a share of Venice.ai’s inference capacity through the Venice API. These capabilities are proportional to the size of their staked VVV. As a result, they enjoy access to data not gate-kept by close-sourced AI platforms, which are known for bias and censorship. Although market participants need staked VVV to access the Venice API, they do not need to use the token for fees when executing tasks on the platform.

The Venice Token was launched on Ethereum’s Layer-2 Base network in late January. The asset has a total supply of 100.48 million, with 25.48 million already in circulation. Almost half of the token’s total supply has been allocated to Venice users and crypto AI community projects.

At press time, VVV had a market cap of more than $135 million, per data from CoinGecko. The token was worth $5.25, with a 24-hour surge of roughly 40%. It is worth mentioning that VVV had corrected slightly after spiking due to news of Venice.ai adding support for DeepSeek R1 671B.

Combining AI And Crypto

Meanwhile, Venice.ai illustrates the benefits of combining crypto and AI. The platform’s open-source models enable text conversations, image and code generation, as well as AI character interaction.

Launched in May 2024 by digital asset entrepreneur Erik Voorhees and crypto executive Teana Baker-Taylor, Venice.ai currently supports over 450,000 registered users and at least 50,000 daily active users, who make over 15,000 inference requests per hour.