Everything on Product Economics

Venice demonstrates that AI privacy aggregators can achieve rapid user growth, but economic sustainability is threatened by high API costs and the lack of a defensible technical moat against major model providers.

Impact: Investors should scrutinize margin structures in AI wrapper protocols, as revenue multiples may be misleading if costs scale linearly with usage and competitors can easily replicate privacy features.

— from Institutional Crypto Adoption and AI Privacy Market Dynamics · The Milk Road Show· May 21, 2026