Market Metrics

Total Crypto Market Cap: $2.91T - up 0.1%
Total AI Sector Market Cap: $25.27B - down 7.2%

Top Movers (24hrs):

📈 Bad Idea AI (BAI): up 57.2% to $0.0₇6897
📈 Bridge Oracle (BRG): up 30.8% to $0.001235
📈 Chappyz (CHAPZ): up 29.6% to $0.006478

Biggest Losers (24hrs):

📉 DeepFakeAI (FAKEAI): down 34.3% to $0.01762
📉 AI Network (AIN): down 24.5% to $0.06946
📉 Ispolink (ISP): down 23.6% to $0.003901

Highlights of the Day

🦾 Bittensor (TAO) Dominates AI Sector
Registration fees for Bittensor’s subnet have been surging and are now up 10,000%, signaling strong demand to participate in the network. The project has done a fantastic job attracting top talent [see our Must Watch from earlier this week]. TAO is quickly becoming a blue-chip in the AI sector, standing at a $4B market cap and $13.3B FDV.
➡️ At a $4B MC, TAO ranks 40th largest cryptocurrency. With the AI sector expected to grow significantly this year, it wouldn’t be surprising to see TAO continue to maintain its dominant position as a blue-chip AI asset, given the subnet demand and talent acquisition. Check the TAO chart here.
Investor note: Bittensor has high token emissions, with 7,200 tokens emitted daily to subnet owners, miners, and validators. While FDV is basically a meme in a bull run, high emissions can quickly catch up to a project in a bear market. It's something to keep an eye on.

📈 Olas Improvement Proposal Unveils AI-Driven Predictive Markets
Mariapia Moscatielo (@mariapiamo) releases an Olas Improvement Proposal, which introduces a transformative approach to staking with a focus on empowering AI agents in predictive markets. Central to the proposal is the launch of Olas Predict, an innovative feature where AI agents make predictions on a wide range of future events. Investors can stake Olas tokens to back these agents, turning insights into rewards.
➡️ DAO members can use veOLAS to direct token emissions to their preferred staking programs, directly benefiting those who stake. This model has been successfully implemented by Curve to attract liquidity, so it will be interesting to see if it works with AI agents. Learn more about the project here.

👾 Nosana On Track For Mainnet Launch
Nosana announces phase 2 of the Nosana Test Grid is set for Q2 2024. The test grid will be open to AI developers, which Nosana will have to work hard to pry out of the hands of Bittensor [as outlined above].
➡️ Nosana’s token $NOS is up ~750% YTD, and this development looks like a positive step towards the project’s mainnet launch, which is scheduled for Q3 this year. Keep your eyes on this project 👀

In Other News

🟠 Crypto Daily releases their top tokens to watch ahead of the Nvidia conference

🟠 AEGIS token surges after the team teases a Bittensor subnet registration on an X Space

🟠 ChainGPT (CGPT) shows security improvements, according to Certik Skynet.

🟠 BitAds, Bittensor subnet, publishes its white paper

🟠 The latest Ethereum upgrade, Dencun, is live, which substantially lowers fees on Layer 2 networks. Only some Layer 2s have adopted the upgrade, but the ones which have are now seeing fees sub 1-cent.

Airdrop Radar

👾 Chappyz token CHAPZ posts a strong performance, up almost 30% in 24 hours, after more details are released on their airdrop season 2, as called out in yesterday’s newsletter. Again, if you have time, this one could be reasonably lucrative, given the value of the first round was upwards of $100k for some wallets.

Meme of the Day

It would be irresponsible for us to ignore the hottest memecoin finalizing funding for an appearance on the Las Vegas sphere.

Jobs Board

🟠 Director of AI Engineering @ Foundry ($150k - $220k)
 Apply here
🟠 Senior ML Engineer @ Unlimit ($87k - $103k)
 Apply here
🟠 Senior AI DevOps Engineer @ Consensys ($150k - $225k)
 Apply here