New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows 00:00 Intro 00:43 From Nuclear Physics to Web Scraping 03:38 The Pandemic Signal Everyone Missed 07:31 The Smart TV Proxy Scandal 09:10 Why the Internet Is Blocking AI 11:56 Training Data vs Live Data 16:05 Mapping the Entire Internet 18:03 Delivering Exabytes to AI Labs 21:48 What AI Labs Really Pay For 24:43 How Robots Learn From Web Video 33:02 When Labs Change Direction 35:57 One API Call for Any Website 41:58 AI Flipped Search Upside Down 47:03 Can the Network Keep Up? 49:52 The Defense Tech of AI Data 52:58 Why Data Is the Alpha 57:08 Why AI Labs Won’t Buy Slop 59:17 The Metric That Matters Most 01:02:35 The $100 Billion Data Market 01:05:07 Who Actually Owns Grass 01:08:18 What a Real Moat Looks Like 01:13:16 What Happens Next Disclosure. Delphi Ventures holds $GRASS Full episode

A Brave New Roadmap for BAT BAT is up 182% in 30 days, nearly 4x off its Aug 14 ATL of $0.055. It's a 9 year old token with no remaining unlocks and some strong potential catalysts. Brave is one of the best consumer businesses touching crypto. The problem is, the team has not incorporated the BAT token into the business anywhere near the extent they initially promised. Could this be about to change? BAT Refresher Brave is a privacy browser that blocks trackers and surveillance ads. 128M MAU in September (+27% YoY) and 55M DAU. The 2017 pitch was users getting paid for their attention. Users can opt-in to see privacy-preserving ads and get 70% of the revenue in BAT, paid to their browser-native wallet. Brave has gradually moved away from browser ads. Search is now the core business: 2.5B queries per month, a Search API, ~$100M of annualized revenue in Q1 2025, and search ad revenue up 5x in 2025 per chief of ads JP Schmetz. Much of this growth, he says, is fueled by agentic AI. Brave’s Search API is one of the few full web indexes friendly to agents, which made it the first search tool built into OpenClaw. The broader pitch is that Brave could become the search layers for AI labs, enterprise, indie agents, and pay-per-call through x402. None of the search revenue reaches BAT. Brave’s BAT buying fell from ~$13M a year in 2021-22 to $0.14M in 2025, with nothing since Oct 21, 2025. Browser ads are effectively deprecated. Roadmap 4.0 and upcoming Tokenomics Revamp On July 9, Brave released Roadmap 4.0, laying out a revamp for BAT utility as the company pushes into payments. Brave has plans for a stablecoin debit card, a unified wallet, BravePay, x402 & MPP payments, and AI royalties for creators. For BAT, the changes include: - Brave will buy BAT with an undisclosed share of revenue from the new products and distribute as rewards - card purchases earn BAT - earned BAT can be locked into BravePass for premium access - rewards tiers for holding BAT Brave promised a dedicated tokenomics post later in 2026. Meanwhile, the card waitlist passed 200K and card code is landing on GitHub (tickets closed Oct 6 and 13). The buyback has four problems: - Undisclosed buyback % - Pre-launch products: The card does not have the card has no issuer, reward rates or launch date. - Recycling, not burning: Bought BAT is distributed as rewards, most of which will presumably be sold. - Search is excluded: When search ads launched in Dec 2022, Brave said it hoped to make them “eligible for BAT earnings in the coming months.” Today the help page says they’re “not eligible for BAT earnings.” The napkin math is bleak. At a $315M market cap, a 5% net buyback yield needs ~$16M a year of BAT kept off the market. If users sell 70% of their rewards, Brave has to buy ~$52M a year: ~4x its 2021-22 peak, and ~$210M of roadmap revenue at a 25% buyback share. EtherFi Cash has ~$2B annualized spend. Brave will need to become a top crypto card and see rapid success with its other new products to make BAT fundamentals look strong. TL;DR Brave has 128M-users and is extremely well-positioned in the AI payments narrative. The stablecoin card and lack of future unlocks are additional positives. The problem is that Brave’s new push is a familiar story. BAT is the hook for a new product, then gets deprioritized once that product finds traction. The new roadmap even hedges for this case: initiatives “may become less of a focus over time,” and buyback “timing and amounts will vary.” It’s likely not malicious, but the slow rug bear case is a realistic outcome. BAT is a trade into the tokenomics post, not reliable exposure to Brave.

Please listen to Dan Boneh (top 5 cryptographer alive today) who is known to be measured and judicious in his comments describe the probability that Bitcoin is able to transition to a post-quantum world. Lots of opinions out there - be careful who you listen to.