The natural intersection of blockchain technology and artificial intelligence has brought about a continuous stream of innovation.
Author: OurNetwork
Translation: Deep Tide TechFlow
The field of Crypto x AI is an emerging area in our industry, which has had a profound impact on the broader technology industry. Although this is still an unclear category, we are just beginning to explore it in more depth. However, in the past 18 months, some exciting projects have emerged, which have utilized artificial intelligence in various ways, covering areas such as infrastructure, consumption, and decentralized finance (DeFi).
Whether it is through decentralized computing to create a peer-to-peer market that transforms machine learning into tradable products, or using artificial intelligence to build the first decentralized self-managing artist, the natural intersection of blockchain technology and artificial intelligence has brought about a continuous stream of innovation.
So, let's explore some of these emerging projects!
- Bittensor ---------
Jack Forlines & Bhavin Vaid | Website | Dashboard
TAO's Market Cap Drops $1 Billion from All-Time High
- The Bittensor protocol has established a trading market that transforms machine learning intelligence into tradable commodities through a decentralized process and creates a peer-to-peer market for assets. Despite market fluctuations, the trend does not indicate a significant cooling of the artificial intelligence craze for this project—TAO's market cap dropped from a peak of around $3.5 billion in May to a low of around $1.5 billion in July. However, despite the recent overall crypto market correction, TAO's market cap rebounded to around $2.5 billion at the end of July. This roller-coaster pattern indicates that despite frequent corrections, investor interest in tokens related to artificial intelligence remains strong.
- An analysis of one of Bittensor's 32 subnetworks shows that the main source of income is validators holding a large amount of stake. In addition, the highest earner with over $350 million in stake earns less than $8,000 per day. This raises questions about the decentralization of the network and its ability to promote an open artificial intelligence market.
- Bittensor's economic model seems to be less favorable to most miners. In the text hint subnetwork, the average miner's daily income is about $50, regardless of their ranking. The daily income of the top 30 miners has hardly exceeded $58. The lack of significant income differences indicates that the model's performance has not been adequately rewarded.
- Trading Level Information: Bittensor has not allocated any tokens to venture capital (VC) firms. They stated that if VC firms want to establish a position on Bittensor, they must purchase tokens on the market or learn how to mine/validate. This is in stark contrast to most crypto projects related to artificial intelligence. 65% of TAO is still not issued; if Bittensor can achieve its decentralized goals, the protocol may provide a more attractive case for investment compared to its competitors.
- Covalent --------
Anthony Loya | Website | Dashboard
Covalent Unlocks 848.12 Million CXT Tokens, Valued at Approximately $5.67 Million
- Covalent is a decentralized finance (DeFi) protocol that provides a unified API across multiple blockchains to access on-chain data. It offers a range of products, including customizable data solutions and Ethereum-powered verifiable artificial intelligence infrastructure. The platform has converted its native token from CQT to CXT for staking and governance. Their staking dashboard allows users to manage staking, monitor network health, and earn rewards.
- Covalent's token unlocking schedule reveals important developments that stakeholders should pay attention to. On August 22, 9.6 million tokens will be unlocked, contributing approximately $64,730 to the market cap. Subsequent unlocks in September and October will release 21.78 million and 9.6 million tokens, respectively.
- In the past week, the price of CXT has dropped significantly, decreasing by 24.2% in the last 24 hours and by 42.6% over the past seven days. This sharp decline may be due to widespread market dynamics.
- Trading Level Information: Recently, in the Covalent X token (CXT) staking community, a small number of key users have significantly staked, indicating strong confidence in the future of the token. In particular, on August 7, 2024, a significant transaction was recorded, with a user staking CXT worth $91,350.65. This large stake not only highlights the user's confidence in the potential returns from staking CXT but also reflects overall positive sentiment.
- Botto -----
miguel rubio | Website | Dashboard
Botto Allocates 23% of Sales Revenue to Art AI Contributors
- Botto is a decentralized art AI experiment that distributes the earnings from 1/1 art sales weekly to users who train its taste model. Botto's 1/1 sales reached a peak of 100 ETH by 2024 and now average 6 ETH, in addition to earning additional revenue through secondary sales, curated collections, and collaborative projects. Botto has performed well in its revenue distribution model, with the DAO implementing a 50% revenue share, creating over 300 ETH for the community, which accounts for 23% of the total revenue—this is the blueprint for human-machine collaboration.
- Revenue distribution is related to training efforts—voting points use, VP in proportion to staked $BOTTO (directly or as Uni-V2 shares). As a result, 27% of the $BOTTO supply is locked, 6% is burned (through the old BB&B system), and 5.7% as liquidity provider (LP) shares are frozen. Combined with the protocol's holdings, the circulating supply has decreased by 50%.
- The future of Botto will depend on its cultural impact (Sotheby's proposed solo exhibition) and its ability to attract human resources for AI training. The project has integrated the Farcaster framework and is considering a partial shift to Base, resulting in a fourfold increase in address participation (from 5,000 to 19,000).
- Trading Level Information: Botto is an experiment in decentralized governance of artificial intelligence, allocating value to those providing input. Users are rewarded for training AI through voting. To obtain voting points, they need to purchase and stake BOTTO, or add BOTTO-ETH to Uniswap and stake LP shares. To claim rewards, they must actively claim, which requires a significant amount of ETH fees. Botto strives for mainstream cultural relevance, both on-chain and off-chain. An L2 ecosystem may open a whole new chapter.
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