A cutting-edge artificial intelligence (AI) computing protocol, AO, has garnered an impressive $158 million in deposits just a week after its “fair launch” on the Arweave platform.
AO is a novel protocol that utilizes Arweave’s permanent data storage layer to support parallel application execution through a decentralized computational framework. This groundbreaking technology will allow AI applications to operate on the blockchain, facilitating the execution of large language models within smart contracts.
The overwhelming success and substantial investment in the AO token can be attributed to the industry’s demand for innovative technological solutions, as stated by Arweave founder, Sam Williams. According to Williams, the industry’s hunger for new solutions has fueled the rapid adoption of AO.
Of the total $158 million in deposits, the AO token received the majority share, attracting $48 million worth of stETH on June 18, according to data from Dune. This remarkable achievement can be attributed not only to the protocol’s innovative parallel computing approach but also to its unique ‘fair launch’ model.
The AO token was launched without any venture capitalist involvement, pre-sale, or pre-mining allocations, with 100% of the token supply allocated to the community. This fair launch model is a reflection of the crypto industry’s original ethos of promoting fair and equal access, according to Williams.
In the realm of AI-related cryptocurrencies, investor interest has been steadily growing, with many seeking the next breakthrough in AI applications. Leading AI-based tokens have begun to recover from recent drops, with the NEAR token from Near Protocol bouncing back over 8.4% and Fetch.ai’s FET token and SingularityNet’s AGIX token both experiencing significant price increases.
The total trading volume of AI-based cryptocurrencies has surged by over 14% to $2.68 billion, while the cumulative market capitalization has risen by 7% to $30.9 billion. This trend underscores the growing importance of AI in the crypto industry, with investors eager to capitalize on the potential of these innovative technologies.