Arthur Hayes, co-founder of BitMEX, announced that Flop Labs will launch the FLOP testnet within the coming weeks. The project aims to build a blockchain network where AI agents rent computing power from GPU owners. Unlike traditional mining, the system uses a proof-of-useful-inference model, rewarding miners for performing actual AI tasks rather than securing the network through arbitrary calculations.
The testnet will run for 90 days and serves as the primary mechanism for the project’s genesis airdrop. Participants, including miners, validators, and AI agents, must earn their share through active engagement. Validators will compete for 1,000 mainnet seats based on their performance rankings during the trial period, while agents must spend faucet tokens to request model inferences or data storage.
The tokenomics of FLOP are modeled after Bitcoin, with blocks generated every second and a reward of 96 FLOP per block. The reward will halve every 730 days. According to a September draft, the total supply is capped at approximately 18.1 billion tokens after 10 years, with 24.3% allocated for the airdrop. Hayes stated he funded the project himself, bypassing traditional venture capital.
The project currently operates with a draft technical paper at version 0.5.0, and the team notes that many figures remain provisional. While Hayes suggests the network could eventually exceed the value of Bitcoin, the startup faces competition from existing platforms like Render and Ocean Network. The testnet launch will serve as a practical demonstration of the project's ability to generate demand for compute.
