Venice Launches VVV Token on Coinbase Base Network

Artificial Intelligence Meets Web3: Venice Launches VVV Token on Coinbase’s Base Network

Artificial Intelligence Startup Makes a Move into Web3

Venice, an artificial intelligence startup backed by Erik Voorhees, has announced the launch of its own token, VVV, on Coinbase’s Base layer-2 network. This move marks the startup’s entry into the web3 space, following the recent advancements in AI technology.

With the VVV token, Venice aims to make its API more accessible to AI agents by allowing them to stake tokens for continuous access to its growing offerings for generative text, images, and code. The API is powered by open-source models and decentralized inference, enabling agents to operate without restrictions.

Key Features of the VVV Token

The VVV token is designed to eliminate the pay-per-request model, allowing agents to stake tokens and gain a share of Venice’s inference capacity. As the firm explained, “If you stake 1% of VVV, you get 1% of Venice’s growing API capacity, indefinitely. You do not pay per request.”

The VVV token has a limited supply of 100 million tokens created at launch, with an additional 14 million tokens to be added each year as staking rewards.

Venice Airdrop and Token Distribution

Alongside the token announcement, Venice launched an airdrop, giving away 50 million VVV tokens. Half of the tokens were distributed to over 100,000 Venice users, while the other half was given to AI and crypto communities like Virtuals, Luna, and VaderAI.

Background on Venice and Erik Voorhees

Venice was founded by Erik Voorhees, the founder of ShapeShift, in May 2024. The startup aims to offer users an alternative to the increasingly centralized and censored AI offerings of major tech firms like OpenAI or Anthropic. By leveraging decentralization, privacy, and permissionless technology, Venice seeks to provide a more accessible and open AI ecosystem.

For those interested in learning more about the intersection of artificial intelligence and web3, stay tuned for more updates from Global Crypto News.