Articles

When API Tokens Sell at 3% of List Price, You Are Not Buying Tokens

425 RMB buys $3,333 of official Anthropic credit — a 97.8% discount. That is not a promotion, it is the retail price of a four-layer supply chain. This is an anatomy of the relay market: who sits at each layer, which two open-source projects it runs on, where the money comes from, and the part most product teams miss — if your product exposes model capability, you are already inventory in somebody's account pool.