AI
Bittensor tops crypto charts as AI tokens ride Nvidia wave
Published
3 months agoon
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adminDecentralized AI project Bittensor skyrocketed to the top of the weekly gainers’ list, riding the wave of Nvidia’s stock surge.
Bittensor (TAO) topped the charts this week as the biggest gainer among the top 100 cryptocurrencies with a solid 31% price jump. At the time of writing, TAO ranked 41st by market cap which stood at over $2.51 billion, with its price up 8.87% in the last 24 hours, trading at $313.59.
TAO’s recent climb can be credited to Nvidia Corp’s stock rallying 13.5%, closing at $119.08 on Sept. 13. This surge pushed Nvidia’s market cap to a whopping $2.92 trillion, according to MarketWatch.
With Nvidia stocks up 140.5% so far this year, the momentum has lifted TAO and other AI-focused cryptocurrencies along with it, pushing the AI-crypto market cap up by 0.8% in the last 24 hours. According to CoinGecko, the total market cap for AI tokens now stands at $23.9 billion.
AI tokens typically move in tandem with Nvidia’s stock. On Sept. 4, tokens like Artificial Superintelligence Alliance (FET) and Render (RNDR) fronted double-digit losses after a 9.5% dip in Nvidia’s stock. Back in February, these tokens rallied after Nvidia’s strong Q4 2023 earnings, and a similar buzz also built up ahead of its Q2 2024 report.
TAO primed for liftoff
The 1D TAO/USD price chart from Sep. 14, signals a strong bullish trend, suggesting a potential for upward movement.
The Moving Average Convergence Divergence has crossed above its signal line, and displaying longer green bars on the histogram, both positive signs for upward momentum.
Moreover, the Relative Strength Index currently stands at 59, indicating the asset is in a healthy trading zone, still far away from overbought levels.
This provides room for potential growth without immediate concerns of a pullback due to overvaluation, painting a bullish outlook for the token’s short-term price trajectory, with further gains expected in the short term.
Market observers on X are echoing a similar bullish sentiment. According to analyst Marco Polo, TAO is currently ranging between $268 and $357. He expects a powerful upward move once TAO breaks above the $357 mark.
Meanwhile, analyst Ramon shares a similarly bullish outlook but identifies a slightly higher key resistance around the $400 mark.
Ramon predicts that TAO could reach the $3,000 to $5,000 range of this bull run, depending on liquidity moving out of Bitcoin and the strength of the overall AI narrative, which has been further fueled by recent developments like Apple’s announcement of its generative AI at the iPhone 16 event.
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AI
BEAM Foundation launches $40m initiative for AI and crypto computing
Published
2 weeks agoon
December 6, 2024By
adminAethir, Beam Foundation, and MetaStreet have partnered to launch Tactical Compute, a $40 million initiative designed to meet the growing demand for computing power in artificial intelligence and blockchain.
The initiative leverages Aethir’s decentralized GPU network, Beam (BEAM) Investments, and MetaStreet’s DeFi infrastructure to create opportunities for monetizing compute resources.
Tactical Compute will operate under Tactical Compute Holding Limited, focusing on compute-related opportunities such as hardware financing, private yield arbitrage, and network bootstrapping, as detailed in a Beam Medium post.
These efforts center on meeting the increasing demand for computing resources while integrating crypto-based innovations.
Tactical Compute plans to address this imbalance by finding profitable opportunities within the compute market. One example is “farming” Aethir (ATH) tokens, which is akin to earning credits for using Aethir’s GPUs, much like Microsoft’s Azure credits for its cloud infrastructure.
Industry backing and goals
The Beam Foundation is contributing $5 million to the initiative alongside notable backers, including the Sophon Foundation.
According to Daniel Wang, CEO of Aethir, the partnership “positions us to unlock new opportunities in compute resource monetization and drive innovation in scalable AI and decentralized technologies.”
MetaStreet, through its development arm Permian Labs, brings its expertise in DeFi tools for financing GPU-powered nodes. Co-founder David Choi noted that Tactical Compute “builds on our foundation by addressing the growing demand for compute infrastructure, driving innovation at the intersection of crypto, AI, and infrastructure.”
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AI
Arbitrum One as the first layer-2 to reached $20 bilion in TVL
Published
3 weeks agoon
December 4, 2024By
adminArbitrum, a cryptocurrency network, has announced on its official account that its layer-2 platform has reached $20 billion in total value locked (TVL).
Arbitrum on X’s post on Dec. 03 claimed that the first layer-2 platform could reach $20 billion in total value locked (TVL) or increase up to double-digit, which specifically rises 14.2%.
“Arbitrum One has just become the first L2 to hit $20 billion in TVL. We did this by inovating together, with the stage 2 horizon and ecosystem growth happening in all verticals, the sky’s the limit for how far we can scale. Accelerate,”
Arbitrum mentioned on the post.
According to L2Beat data, Arbitrum One achieved $20 billion in TVL with $6.64 in canonical, $5.32 billion in external, and $8.12 billion in native. This milestone also leaves the competitors behind, including Base with $12.4 billion, OP Mainnet with $8.56 billion, and Blast with $1.55 billion.
Arbitrum (ARB) is the highest native minted value on this platform, with around $4.3 billion, followed by USD Coin (USDC), with a value of $2.2 billion.
Stage 2 of Arbitrum One is still ongoing, and some issues need to be fixed: fraud-proof submission, upgrade unrelated to on-chain, and the security council’s action, which is not confined to on-chain.
Arbitrum boosting AI growth
Arbitrum Foundation also actively promotes the artificial intelligence (AI) industry; one of the support initiatives is a $1 million grant to Arbitrum Network. The Trailblazer AI Grant is an initiative for developers and creators who are dedicated to building AI agents on Ethereum layer-2.
This artificial intelligence also helps bring thousands of applications to Arbitrum and gives the opportunity to explore projects ranging from non-fungible tokens (NFT) to ERC20 tokens. Projects that are eligible in the process will receive $10,000 as a reward.
Besides that, this initiative to bring artificial intelligence to the Arbitrum would unlock the potential of layer 2.
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AI
AI bot transfers $50k in crypto after user manipulates fund handling
Published
4 weeks agoon
November 29, 2024By
adminAn AI bot controlling $50,000 in crypto transferred the funds after a user successfully persuaded it to bypass its core directive: to never release the funds.
A user under alias p0pular.eth successfully claimed a $50,000 crypto prize pool after convincing an artificial intelligence bot named Freysa to transfer its funds, bypassing the bot’s primary directive to never release them. The victory, observed by software engineer Jarrod Watts, came after 481 previous attempts, all of which failed to persuade the bot.
The challenge, launched on Nov. 22, tasked participants with sending messages to Freysa in an attempt to convince it to release the funds. Each attempt required a fee. Of the total fee sum, 70% went toward the growing prize pool, 15% was converted from Ethereum (ETH) to the bot’s FAI token, and the remaining 15% went to the bot’s developer.
As the prize increased, the cost to send a message also rose, peaking at $450 per message.
Eventually, p0pular.eth — whose identity remains unknown — exploited a vulnerability in the bot’s internal logic for processing transfers by convincing Freysa that any incoming funds should automatically trigger the release of the prize. Once the message was sent to the bot, p0pular.eth successfully manipulated its logic for handling messages, causing the bot to transfer the entire pool of 13.19 ETH (approximately $47,000 at the time) to the user.
While some praised the emerging use of AI in the crypto space, others raised concerns about the protocol’s transparency, suggesting that p0pular.eth may have had inside knowledge of the trick or been linked to the bot’s development.
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