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MCS · Ledger · 35

The Ledger

Blockchain, read as hardware. This site covers silicon, so the Ledger leads with the three seams where crypto actually touches it — proving ASICs, decentralised GPU markets, and the miners converting megawatts into AI hosting. The protocols underneath are here for context, not for price.

17 of 35 entries name the silicon they run on. Every number carries a source URL; where two credible sources disagreed, the number was left out rather than averaged. Nothing here is investment advice.

Proving silicon

Silicon

Purpose-built ASICs and FPGAs that make validity proofs cheap.

  • Cysic

    Cysic Technology

    Purpose-built ZK proving ASICs, sold as a proving network rather than as chips.

    1 sourced metric

  • Fabric Cryptography

    Fabric Cryptography

    A verifiable processing unit — a general cryptographic CPU rather than a fixed-function prover.

    1 sourced metric

  • Irreducible

    Irreducible (formerly Ulvetanna)

    FPGA-accelerated proving sold as a service, so the silicon stays in-house.

    1 sourced metric

  • Ingonyama

    Ingonyama

    ZK hardware house whose GPU library is, for now, the more consequential product than its chip.

    No plotted metrics — see entry

Capital raised

Disclosed private capital raised to date.

Capital raised — 3 entriesFabric CryptographyAcross three rounds, including a $33M Series A co-led by Blockchain Capital and 1kx.$52MIrreducibleSeries A co-led by Paradigm.$24MCysicIncludes a $12M Pre-A co-led by HashKey Capital and OKX Ventures, May 2024.$18M

Decentralised compute

Silicon

GPU markets that rent accelerators without a hyperscaler.

  • Akash Network

    Overclock Labs

    Reverse-auction compute marketplace, and the only one that publishes a utilisation figure.

    1 sourced metric

  • io.net

    IO Research

    Solana-based GPU aggregation whose headline fleet size does not survive independent tracking.

    1 sourced metric

  • Render Network

    Render Network Foundation

    Distributed GPU rendering that quietly became 40% an AI inference network.

    1 sourced metric

  • Bittensor

    Opentensor Foundation

    An incentive market for ML subnets, priced as if it were a compute network.

    1 sourced metric

  • Gensyn

    Gensyn

    Decentralised ML training that reached mainnet in 2026 and immediately met the market.

    1 sourced metric

  • Prime Intellect

    Prime Intellect

    Distributed training that ships open frontier models, which is the rare proof the approach works.

    1 sourced metric

  • Aethir

    Aethir

    The largest claimed GPU fleet in the category, and revenue is the number to judge it on.

    No plotted metrics — see entry

Capital raised

Disclosed private capital raised to date.

Capital raised — 3 entriesPrime Intellect$130M Series A in July 2026 led by Radical Ventures, with NVIDIA Ventures, Intel Capital and Dell Technologies Capital participating.$150MGensynSince 2020, including a $43M Series A led by a16z in 2023.$78Mio.netAcross two rounds.$40M

Mining to HPC

Silicon

Hashrate operators converting megawatts into AI hosting.

  • Core Scientific

    Core Scientific

    The furthest along of the pivots — mining is winding down, AMD and CoreWeave are the business.

    1 sourced metric

  • TeraWulf

    TeraWulf

    Signed a 20-year Anthropic lease, which is as clean a statement of the thesis as the sector has.

    1 sourced metric

  • IREN

    IREN (formerly Iris Energy)

    The one operator already delivering GPU capacity rather than announcing it.

    1 sourced metric

  • Hut 8

    Hut 8 Corp

    Building to NVIDIA reference architecture, which is the tell that this is no longer a mining company.

    1 sourced metric

Contracted IT capacity

Megawatts of datacentre IT load the operator has under signed contract for HPC or AI hosting.

Contracted IT capacity — 4 entriesCore ScientificCoreWeave leases across five sites. Of that, 395 MW was actually billing as of 30 June 2026 — the clearest contracted-versus-energised gap in this section.590 MWTeraWulfCritical IT load on the 20-year Anthropic lease in Kentucky. Not online until early 2028 — this is contracted, not energised.401 MWHut 8Beacon Point, Nueces County TX — a 15-year, $9.8B lease. Lifts total contracted AI capacity to roughly 597 MW.352 MWIRENMicrosoft "Horizon": 5 years, $9.7B, four phases on NVIDIA GB300. Unusually for this section the first 50 MW phase is already delivered.200 MW

Contracted is not energised. Nearly every operator announces a signed megawatt figure years before the load is live, and the gap is routinely 2-3 years — Core Scientific is the one row here where a separately reported billing figure lets you see both numbers at once. Read the note on each value before comparing two operators.

Base layers

Settlement networks that everything else inherits from.

  • Bitcoin

    Bitcoin Core contributors

    The only network whose security budget is denominated in megawatts.

    2 sourced metrics

  • Ethereum

    Ethereum Foundation

    Settlement layer for most of the rollups below it, and increasingly little else by design.

    1 sourced metric

  • Solana

    Solana Foundation

    Now running a second independent validator client, which is the harder half of the scaling problem.

    1 sourced metric

  • Monad

    Category Labs

    Parallel EVM that reached mainnet in late 2025 with a benchmark it still has to defend in production.

    1 sourced metric

  • Sei

    Sei Labs

    The clearest case in the catalog of a marketing ceiling and a real throughput diverging.

    1 sourced metric

  • Hyperliquid

    Hyperliquid Labs

    A chain built for one application, which turned out to be the way to win that application.

    2 sourced metrics

  • Plasma

    Plasma Foundation

    Tether-backed L1 built for zero-fee USDT transfers, with a TVL nobody can currently agree on.

    No plotted metrics — see entry

Market capitalisation

Circulating-supply market capitalisation of the native token.

Market capitalisation — 2 entriesBitcoinSnapshot, 11 Sept 2026.$1580.0BHyperliquidHYPE, roughly 10th by capitalisation at the same reading.$13.4B

Moves every second. Snapshot only — the verifiedAt stamp on the row is the honest read date.

Rollups

Execution layers that batch upward to a base layer.

  • Arbitrum One

    Offchain Labs

    Still the largest L2 by value secured, and no longer by a comfortable margin.

    2 sourced metrics

  • Base

    Coinbase

    Went from $2.1B to $11.2B secured in eighteen months on the back of a distribution advantage.

    2 sourced metrics

  • OP Mainnet

    OP Labs

    The stack won; the chain itself is now a distant third by liquidity.

    2 sourced metrics

  • Taiko

    Taiko Labs

    The clearest live reference for based sequencing — L1 proposers sequence the rollup.

    No plotted metrics — see entry

Total value locked

Dollar value of assets deposited in the network’s contracts.

Total value locked — 3 entriesArbitrum OneLow end of a $14.9-16.9B reported range, May 2026; roughly 40-44% of all L2 TVL.$14.9BBaseLow end of a $10.7-11.2B reported range; roughly 28-33% of all L2 TVL.$10.7BOP MainnetLow end of a $1.27-1.91B reported range.$1.3B

TVL double-counts bridged and restaked collateral across layers. It measures attention at least as much as it measures value.

Data availability

Modular layers that publish and guarantee blob data.

  • Celestia

    Celestia Labs

    Roughly half the DA market by usage, and the reference implementation of the modular argument.

    No plotted metrics — see entry

  • EigenDA

    Eigen Labs

    Buys its security from Ethereum restakers rather than bootstrapping a validator set.

    1 sourced metric

  • EigenLayer

    Eigen Labs

    The restaking substrate EigenDA sits on, rebranded as a verifiable cloud.

    1 sourced metric

  • Avail

    Avail Project

    Third in a three-horse DA race, with integrations but no published throughput.

    No plotted metrics — see entry

Assets and stables

Tokenised treasuries, stablecoins and the plumbing around them.

  • Tether USDt

    Tether

    Roughly three-fifths of all stablecoin value, and the settlement asset for most of this catalog.

    1 sourced metric

  • Circle USDC

    Circle

    The compliance-first stablecoin, and the primary beneficiary of the GENIUS Act framework.

    1 sourced metric

  • BlackRock BUIDL

    BlackRock / Securitize

    A tokenised Treasury fund that became usable collateral, which is the point of tokenising it.

    1 sourced metric

  • Ondo Finance

    Ondo Finance

    First to take tokenised equities past a billion, having started with Treasuries.

    1 sourced metric

  • Polymarket

    Polymarket

    Prediction markets stopped being a curiosity the month combined volume passed $44B.

    1 sourced metric

Market capitalisation

Circulating-supply market capitalisation of the native token.

Market capitalisation — 3 entriesTether USDtRoughly 59% of a ~$314-322B total stablecoin market through 2026.$189.5BCircle USDCRoughly 23% share; with USDT it accounts for about 82% of the market.$78.8BPolymarketPrivate valuation, not a token capitalisation — backed by a $600M ICE investment. June 2026 volume was $10.8B.$15.0B

Moves every second. Snapshot only — the verifiedAt stamp on the row is the honest read date.

Snapshot dated per row. Crypto figures move faster than any editorial review cycle — TVL, market capitalisation and hashrate especially. Re-pull from the cited source before treating any number here as current.

7 seams · 35 entries