DeFi & L1L2 Weekly (03/04/2024) – 🪙 Fetch.ai, SingularityNet, Ocean Protocol to Merge Into ‘Artificial Superintelligence’ Token

Fetch.ai, SingularityNET, and Ocean Protocol to merge into ASI token. Vitalik Buterin outlines next steps for Ethereum’s Purge. Ankr unveils Neura, a blockchain for AI startups built on Cosmos SDK.

Apr 03, 2024
Crypto.com DeFi Weekly

Weekly DeFi Index

This week’s market capitalisation, volume, and volatility indices were negative at -11.04%, -7.17%, and -21.79% respectively.

Image9
Check the latest prices on Crypto.com/Price

Chart of the Week

Three decentralised AI platforms — Fetch.ai, SingularityNET, and Ocean Protocol — have agreed to merge their tokens to create the Artificial Superintelligence (ASI) token, with a total supply of around 2.63 billion tokens and a starting price of US$2.82. Fetch.ai’s native token FET will be rebranded as ASI. The native tokens of SingularityNET and Ocean Protocol will be migrated to ASI, both with a conversion rate of 0.43:1. The merger aims to establish an AI collective that provides a decentralised alternative to existing projects controlled by major tech companies, fostering transparency and collaboration in the AI space.

Fetch.ai, SingularityNET, and Ocean Protocol are three of the leading decentralised AI platforms today. Collectively, they make up about 20% of the AI tokens’ market share and are valued at approximately US$5.17 billion.

Image1

Screenshot 2024 04 03 At 4.31.22 pm

Screenshot 2024 04 03 At 4.32.53 pm

Screenshot 2024 04 03 At 4.33.30 pm

News Highlights

  • Following the Dencun upgrade, Ethereum co-founder Vitalik Buterin shared the next steps for Ethereum’s Purge, focusing on simplifying the protocol and reducing node resource load. The Purge involves removing old network history, lowering hard disk requirements for node operators, and introducing history expiration via EIP-4444.
  • The Ethereum core development team is planning to raise the maximum validator stake in the Pectra upgrade, increasing it from 32 ETH to 2,048 ETH via EIP-7251. It aims to allow individual network validators to maintain an effective balance of up to 2,048 ETH, reducing the operational burden for stakeholders and potentially improving network efficiency.
  • Web3 infrastructure provider Ankr introduced Neura, a blockchain for AI startups to deploy, train, and operate AI models. Neura is EVM-compatible, built using Cosmos SDK, and will use the ANKR token as its primary currency. Developers can submit a form to join Neura’s beta test.
  • China has launched a new public blockchain infrastructure platform in collaboration with Conflux Network. This initiative aims to support cross-border applications along the Belt and Road Initiative and signifies the country’s interest in blockchain technology.
  • HSBC has launched the HSBC Gold Token, a blockchain-based real-world asset for retail investors in Hong Kong. This marks a significant move in asset tokenisation within the financial services industry.
  • Casey Rodarmor released “ord 0.17.0,” marking the completion of the Runes protocol. The Runes protocol introduces a new category of fungible tokens on the network designed to address the shortcomings of existing token schemes on Bitcoin.
  • Ethena Labs launched its ENA token, airdropping 750 million ENA to early adopters and reaching $1 billion in market cap post-airdrop. It is now the fifth-largest stablecoin issuer, and the airdrop event kicked off the second phase of its incentive programme, ‘The Sats Campaign’.
  • Degen Chain, a Layer-3 blockchain built on top of Base, has gained significant attention and transactional volume ever since it launched. On 2 April, it managed to amass nearly $100 million in trading volume in 24 hours. This attracted a flurry of meme coin activity to the network. Furthermore, its native DEGEN token recorded a 500% gain since its release.
  • The Arbitrum community is considering a $3.3 million meme coin fund to promote a meme coin-friendly ecosystem within the Ethereum Layer-2 network, aiming to attract new users and increase DeFi activity.
  • Following Polygon zkEVM’s hours-long outage on 24 March, its developers released a detailed post-mortem explaining the root causes of the outage and the steps taken to prevent similar occurrences in the future.
  • Decentralised liquid staking protocol Prisma Finance was exploited for approximately $10 million in cryptocurrencies on 28 March. The exploit was executed by spoofing migration data, specifically through two MigrateTroveZap contracts that were designed to migrate user positions from one trove manager to another. Prisma Finance paused the protocol for investigation following the exploit.

Recent Research Reports


Recent University Articles


We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!


Author

Research and Insights Team

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report, nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

Share with Friends

Ready to start your crypto journey?

Get your step-by-step guide to setting up an account with Crypto.com

By clicking the Get Started button you acknowledge having read the Privacy Notice of Crypto.com where we explain how we use and protect your personal data.
Mobile phone screen displaying total balance with Crypto.com App

Common Keywords: 

Ethereum / Dogecoin / Dapp / Tokens