Is the VeniceAI $VVV token overvalued?

I’m a big fan of @AskVenice and have been using the product for ~2 years
And lately VVV has been ripping so I wanted to dig into the numbers
The closest comp product-wise is probably OpenRouter and they currently do ~60x the inference volume at ~2x the valuation
Not a good sign for VVV, at least at first glance
But, Venice is a bit different- it offers privacy (premium service) and routes a portion of traffic through its owned GPUs unlike OpenRouter which doesn’t own any infra
So maybe a better comp is TogetherAI which also owns GPUs
Together does ~45x the inference volume at about ~11x the valuation (currently raising a $7.5b round)
Looks a bit better but hard to argue VVV is undervalued by any stretch using those comps
Revenue would be a better metric as inference volume matters little unless it translates to revenue
OpenRouter is reportedly doing $50m ARR while TogetherAI has $1b in revenue
The Venice revenue numbers are not reported, but we can infer a bit with the VVV token burns + some assumptions
In the last 30 days approx 32.6k of VVV has been burned, equating to about $350k of burn-time value
If we assume a 50% burn rate, that puts Venice ARR at ~$8.4m
That is a revenue multiple of ~80x for Venice vs 26x for OpenRouter and 7.5x for TogetherAI
So again, not cheap, but the 50% burn rate is just an assumption, if they’re only burning 15-20% of revenue then that puts them closer to the 26x revenue multiple of OpenRouter
Hard to truly know without more revenue disclosure from the Venice team but at current market cap (all my analysis used mcap not fdv) it doesn’t look cheap vs the notable comps in the inference space