Arweave-based computing protocol for artificial intelligence (AI) applications has attracted AO,
The Arweave-based computing protocol for artificial intelligence (AI) applications, AO, attracted over $158 million in deposits within a week of its “fair launch.”
AO is a new protocol built on top of Arweave’s persistent data storage layer, which allows parallel applications to run through a decentralized computing model. This will also enable AI applications to run on-chain, enabling the execution of large language models (LLMs) as part of smart contracts.
The success and significant flows of the AO token (AO) are attributed to the industry’s thirst for new technological solutions, according to Sam Williams, founder of Arweave.
Williams told Cointelegraph:
“The launch of AO has generated tremendous development, usage and excitement. This was reflected in the rapid growth of the TVL network. The industry is ready for something new – both in terms of technology and the economics of blockchain networks – and that’s exactly what AO is offering.
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Fair Launch Tokens Reflect the Spirit of Cryptocurrency
Of the total deposits of $158 million, AO attracted the lion’s share of $48 million from stETH on June 18, according to Dune data.
Besides the introduction of an innovative parallel computing strategy, the token’s “fair launch” model also contributed to its success.
The AO token was created without any venture capital allocation, pre-sale or pre-mining, with 100% of the token supply allocated to the community.
The fair launch of the AO token is an attempt to return to the cryptocurrency’s original spirit of fair and equal access, according to Arweave’s Williams. he wrote:
“AO technology solves many of the fundamental problems that have prevented mass adoption of cryptocurrencies, so we have also built the economy to match them. Fair and equal access for all. “There is no preferential treatment for anyone.”
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The recovery phase of cryptocurrencies linked to artificial intelligence
AI-related cryptocurrencies have been in the spotlight for much of 2024, as investors remain focused on finding the next big applications of AI. Some of the major AI-based cryptocurrencies began to recover on June 20, following double-digit weekly declines.
The NEAR protocol token (NEAR) recovered over 8.4% on the day, following a nearly 13% price drop last week.
The Fetch.ai token (FET) is up over 23% in the past 24 hours, while the SingularityNet token (AGIX) is up over 23% in the 24 hours to 12:25 UTC, according to CoinMarketCap . data. . .
Total trading volume for AI-powered cryptocurrencies grew over 14% to $2.68 billion, while cumulative market capitalization grew over 7% to $30.9 billion of dollars.
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