AO's Fair Launch Attracts $158M: Paves Way for AI Applications on Blockchain
Summary:
AO, an artificial intelligence application protocol, attracted over $158 million worth of deposits within a week after its 'fair launch.' It is designed on Arweave's permanent data storage layer, allowing AI applications to run on-chain and large language models to run within smart contracts. The fair-launch token, representing crypto's ethos of equitable and universal access, amassed $48 million worth of stETH on its first day alone. This has signalled a recovery trend in the AI-focused crypto market, with tokens such as Near Protocol (NEAR), Fetch.ai (FET), and SingularityNet (AGIX) seeing significant increases.
AO, the computational protocol for AI applications built on the Arweave's everlasting data storage infrastructure, gained over $158 million from within seven days of its 'fair launch.' The uniquely engineered protocol permits decentralized and simultaneous functioning of apps and facilitates AI-driven operations to be executed on-chain. This dynamic innovation allows smart contracts to utilize large language models (LLMs). The impressive accumulation for the AO token can be credited to the sector's appetite for innovative technologies, affirmed Arweave's founder, Sam Williams.
He stated in an interview with Cointelegraph that AO's launch evoked massive construction, usage and enthusiasm mirrored in the impressive surge of the network's TVL. Mr. Williams pointed out that the capital influx in the sector is primed for the onset of new dimensions and economic features of blockchain networks, supplementing what AO has to offer.
Indeed, AO token dominated all deposits, amassing about $48 million worth of stETH on June 18, as reported by Dune data. The secret to this feat can be traced to its unique strategy of incorporating a state-of-the-art parallel processing method and a 'fair launch' scheme. The token was minted without any backing from venture capitalists and there was zero allocation for pre-sale or pre-mining, with the entire supply dedicated to the community.
The concept behind AO token’s fair launch was to uphold the principle of crypto's essence of equitable and universal access, stated Williams. He proclaimed AO's technology resolves the key challenges which have obstructed the mass adoption of cryptocurrency. Consequently, they developed an ecosystem that promotes that as well, advocating fairness and equal opportunity for everybody.
AI-centric digital currencies have been under the spotlight throughout 2024, with investors continually in search of the forthcoming significant AI inventions. Prominent AI-focused digital currencies started recovering on June 20, following double-digit decline over the previous week.
Tokens such as Near Protocol (NEAR) rallied over 8.4% within the day, following a near 13% reduction in the past week. The Fetch.ai (FET) token and SingularityNet (AGIX) token also rebounded significantly, increasing over 23% each, within 24-hours led by UTC, backed by data from CoinMarketCap. The collective transaction volume for AI-focused cryptos rose over 14% to $2.68 billion and their total market capitalization ascended over 7% to $30.9 billion.
Published At
6/20/2024 4:25:48 PM
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