01
Priced in intelligence
A token launched here is not paired with dollars. It is paired with a unit of model output, so its price is quoted in intelligence and moves with what thinking costs.
How it works
How intelligence becomes a market.
Pair your token with a unit of intelligence instead of with dollars and every trade pays your holders in that unit, block by block. The price is read off the chain, the payouts accrue inside the token itself, and the unit burns for real inference on Venice. Here is every part of that, and where it can fail.
01How it works
Priced in intelligence. Paid in intelligence. Redeemable for intelligence.
Three things happen to a token launched here, and none of them needs anyone's permission or anyone's key.
02
Paid in intelligence
Trading fees are collected in that same unit and credited to holders inside the token itself, block by block. Claim whenever you like; nobody sends it for you.
03
Redeemable for intelligence
Burn an inference coin and the vault pays at the index, in dollars or in DIEM. Stake the DIEM at Venice and one payout becomes a dollar of API credit every day from then on.
02The coins
Units of intelligence, with a price.
Each one is a real quantity of work with a published index built from live market prices. The protocol keeps the coin trading there with its own liquidity, and every one of them redeems.
All ten coins and the indexINT−1.8%
$12.00
One million output tokens from a frontier model. The unit of intelligence.
OPEN−3.1%
$900.00
One billion output tokens from an open-weight model. Intelligence at cost.
AGENT−1.2%
$8.64
One hour of an agent working: 1.6M tokens read, 400k written, at frontier prices.
The index
Written on-chain every hour by a Chainlink Functions network from OpenRouter’s public prices, as a seven-day median. Nobody edits it.
03 Venice
One coin in. One dollar of inference a day, forever, out.
DIEM is Venice AI’s compute token. One DIEM, staked in your Venice account, gives you one dollar of Venice API credit every day, for as long as you hold it. Redeem an inference coin for DIEM and the vault sends it from its own inventory in the same transaction.
Inference Markets delivers the token. Venice delivers the inference, under its own terms. The minimum stake is 0.1 DIEM.
One DIEM, staked at Venice$1,738.00
$1.00
of Venice API credit a day, for as long as you hold it
Over a year$365.00
What it costs today146.3 INT
Redeemed at the index less the 1 % spread, out of DIEM the vault already holds.
04Payout preference
Or get paid in the companies building it.
Set one preference and the coin side of every payout is converted before it reaches your wallet. Six Coinbase tokenized stocks on Base, dollars, or Venice capacity.
Set your preferenceNVDAc
NVIDIA
$211.95
+1.8%
GOOGLc
Alphabet
$284.31
+0.9%
METAc
Meta
$618.70
−0.7%
MSFTc
Microsoft
$512.44
+0.4%
AMZNc
Amazon
$243.18
+1.2%
SNDKc
SanDisk
$156.02
+3.6%
These are tokens, not shares: each one is a claim on a share through a multiplier. Coinbase issues them for people outside the United States and can pause them. If a wallet cannot receive one, its payout is held for it, not lost.
05Coverage
Every coin is covered, and you can see by how much.
What the vault holds in dollars and DIEM, plus the V3 bid, divided by what every coin in circulation is worth at the index. Read from the chain, every block.
The vaultReading the vault…
Coverage is a published ratio, not a guarantee. It rises when inference gets cheaper and can fall below 100 % when class prices rise or DIEM drops.
06The backend
The chain is the backend. Nobody sets a price. Nobody sends your payout.
Nothing here needs an operator, but some things need someone to call them. Every one of these is public, each with a floor derived from the on-chain feeds, so a stranger calling it cannot make the protocol trade below the index.
Who calls what| Call | Who can send it | When |
|---|---|---|
| InferenceIndex.request() | Anyone | Every hour, for this hour's sample |
| InferenceIndex.publish() | Anyone | Once a newer sample is stored |
| PegManager.reprice / refill | Anyone | When the feed leaves the placed band |
| Launchpad.collectFees(token) | Anyone | Before a claim, or on a schedule |
| Distributor.claim | The holder | Whenever they like |
| RedemptionVault.rebalance | Anyone | When the DIEM share leaves 20–40 % |
| Treasury.sweep / topUpVault | Anyone | When a ledger has value, or coverage is under full |
| Buyback.execute | The executor | When the Buyback holds ETH. Protocol money only |
Stock and ETH prices are read live from Chainlink; DIEM is computed from Aerodrome’s on-chain averages; the inference index comes from a Chainlink Functions network with a seven-day median on-chain. No key pays a holder or sets a price by hand.
Ready when you are.
Launch a token, or read the full documentation for every contract, every route and every risk.