Artificial Superintelligence Alliance

An Arweave-based computing protocol for artificial intelligence (AI) applications, AO, has attracted over $158 million worth of deposits within a week following its “fair launch.”
AO is a new protocol built on Arweave’s permanent data storage layer that enables parallel application running through a decentralized computational model. It will also enable <a href="https://cointelegraph.com/learn/ai">AI applications</a> to run onchain, enabling large language models to run within smart contracts.
The success and significant inflows for the AO token are attributed to the industry’s hunger for new technological solutions, according to Sam Williams, the founder of Arweave.
Williams told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “The launch of AO has generated a huge amount of building, usage and excitement. This has been reflected in the rapid growth of the network’s TVL. The industry is ready for something new, both in terms of tech and the economics of blockchain networks — and that is exactly what AO provides.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/bitcoin-etfs-legitimized-crypto-industry-investors-storm-partners">Bitcoin ETFs legitimized the crypto industry for investors — Storm Partners</a>
<h2 data-ct-non-breakable="true" id="fair-launch-tokens-reflect-ethos-of-crypto">Fair launch tokens reflect ethos of crypto</h2>
Of the $158 million worth of total deposits, the AO token <a href="https://dune.com/zkayape/ao-tokenomics-steth-deposit-breakdown" target="_blank" rel="noopener nofollow">attracted</a> the lion’s share, or $48 million worth of stETH on June 18, according to Dune data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/8c5da224-c23b-49b2-9878-7b2fee3c489a.png" alt="" title="">
 <figcaption style="text-align: center;">
 AO net stETH deposited. Source: Dune
 </figcaption>
</figure>
Beyond introducing an innovative parallel computing strategy, the token’s ‘fair launch’ model was another part of its success.
The AO token was minted without any venture capitalist, pre-sale, or pre-mining allocations, with 100% of the token supply allocated to the community.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/b7575e9e-ee70-40b0-9a0e-afbde3a1b551.png" alt="" title="">
 <figcaption style="text-align: center;">
 AO token, economical launch model. Source: AO
 </figcaption>
</figure>
The AO token’s fair launch is an effort to return to crypto’s original ethos of fair and equal access, according to Arweave’s Williams. He wrote:
<blockquote>
 “AO’s technology solves many of the core issues that have held crypto back from mass adoption, so we built economics to match that, too. Fair, equal access for all. No preferential treatment for anyone.”
</blockquote><iframe width="100%" height="315" src="https://www.youtube.com/embed/-mBrS_xLh6o" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen data-ct-non-breakable="true"></iframe>
<figcaption style="text-align: center;">
 AI vs. Crypto: Will It Make a Real Difference? Source: Cointelegraph
</figcaption>
Related: <a href="https://cointelegraph.com/news/ether-price-10k-most-asymmetric-bet-crypto-analyst">Ethereum price to $10K is the most ‘asymmetric bet’ in crypto — Analyst</a>
<h2 data-ct-non-breakable="true" id="ai-related-cryptocurrencies-stage-recovery">AI-related cryptocurrencies stage recovery</h2>
<a href="https://cointelegraph.com/explained/what-are-artificial-intelligence-ai-crypto-coins-and-how-do-they-work">AI-related cryptocurrencies</a> have been in the spotlight for most of 2024 as investors remain focused on finding the next significant AI applications.&nbsp;Some of the top AI-based cryptocurrencies started their recovery on June 20 after double-digit weekly drops.
The Near Protocol’s NEAR (<a href="https://cointelegraph.com/near-protocol-price-index">NEAR</a>) token recovered over 8.4% intraday after last week’s nearly 13% price decrease.
Fetch.ai’s FET token also rose over 23% in the past 24 hours, while SingularityNet’s AGIX token <a href="https://coinmarketcap.com/view/ai-big-data/" target="_blank" rel="noopener nofollow">rallied</a> over 23% in the 24 hours leading up to 12:25 pm UTC, according to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/be287e42-5db1-4bfb-a12a-05038f983671.png" alt="" title="">
 <figcaption style="text-align: center;">
 Top 10 AI and big fata tokens. Source: CoinMarketCap
 </figcaption>
</figure>
The total trading volume of AI-based cryptocurrencies rose over 14% to $2.68 billion, while their cumulative market capitalization rose over 7% to $30.9 billion.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame</a>

AI computing protocol attracts $158M within a week after ‘fair launch’

Table of Contents

Cointelegraph

Other articles published on Jun 20, 2024

New Solana Memecoin Daddy Musk (DADMUSK) to Explode 14,000% Within 48 Hours – Should You Buy?

Kraken CSO Restores Lost Funds, Confirms Return with Minor Deduction!

Mexican Cartels Use Bitcoin and Ethereum for Fentanyl Trade

Struggling Meme Coins Signal Need For Change In Crypto Market

Analyst Says XRP Price Is Long Overdue For Bullish Wave, Here’s The Target

MoonBag’s $2.5M Milestone Sets the Bar High for Render and AAVE - Best Crypto Presale in 2024

Join our free newsletter for daily crypto updates!