Market Metrics

Total Crypto Market Cap: down 4.7% at $2.35T
Total AI Sector Market Cap: down 1% to $27.6B

Top Movers (24 hours):

📈 LimeWire (LMWR): up 27.9% to $0.4543
📈 Nuklai (NAI): up 9.8% to $0.009045
📈 Chirpley (CHRP): up 7.7% to $0.01177

Weekend News

🟠 Is Nimble Network rugging? Almost their entire founding team announced their resignations this morning alleging incompetency and malicious intent by the project’s CEO and Founder.

🟠 Rivus DAO is introducing rsNMT, a liquid staking token (LST) for Netmind's NMT token, aiming to expand the Rivus Staked Assets ecosystem by offering rsNMT yield-bearing asset.

🟠 Allora Network and Scope Protocol announced a partnership to enhance AI capabilities in blockchain transactions and data analysis, combining Scope's Jarvis AI Agent and web3 data with Allora's decentralized AI infrastructure to improve AI-driven insights and responses.

Sound Bites 🎧

Over the weekend, ORA Protocol held an X space to discuss the protocol’s recent deployment on Base, the team’s focus on working with DeFi protocol’s to see how AI can be incorporated into onchain applications, and token fair launches in the AI sector. The space featured Alec James, who leads BD and Growth for ORA, and founder, Kartin (AKA NITRAK).

Throughout the discussion, there was a strong emphasis on the importance of decentralized and open-source AI development, positioning it as crucial for fostering innovation and preventing the misuse of AI technologies. This is something we have covered in-depth already at OO, so if you’re new here, be sure to check out our past content.

Overall, we thought the space provided some good info on ORA’s direction, despite being on the casual side. There was a hint of alpha towards the end which made it worth listening to. Here are our key takaways:

• AI has the potential to truly revolutionize some of the activities that take place onchain, including:

  • Fairer Token Launches: AI could revolutionize token distributions by considering multiple factors beyond simple first-come-first-served or stake-based systems which are inherently biased towards those with technical skills or with large amounts of capital. AI could be used to create a more equitable system for token launches, potentially even solving issues with current airdrop methods. Check out our long-form piece on fair launches here.

  • Gaming: AI has the potential to create more dynamic, interactive, and fair onchain gaming experiences. This includes AI-generated NPCs, environments, and neutral AI referees for PvP games. Such advancements could attract both traditional and blockchain gamers, potentially driving mainstream adoption to blockchain games, which has been severely lacking so far. Check out how NIM Network is involved in this space here.

  • DeFi and NFTs: While robust AI models for financial applications are still in development, there's significant potential for AI to reshape DeFi protocols, potentially leading to more efficient and personalized financial products. In the NFT space, AI-generated content is expected to become increasingly prevalent, potentially changing how we think about digital ownership and creativity.

• ORA’s role in the shift towards decentralized AI:

  • Open-source and decentralized AI development was emphasized as a counterpoint to centralized AI development by big tech companies. As we have discussed in-depth previously, building AI this way is fairer and helps to avoid many of the possible problems that come with big-tech controlled AI models that are trained on biased data sets.

  • The team spoke about ORA’s Initial Model Offerings (IMOs) as a potential funding mechanism for AI research. IMOs could democratize AI development, allowing a broader range of researchers and developers to pursue innovative ideas without the constraints of traditional corporate or academic structures.

• Ora Protocol's strategic positioning among a sea of AI projects:

  • ORA positions itself as a ready-to-use infrastructure for onchain AI applications across various blockchain ecosystems, making it easier for developers to integrate AI capabilities into their blockchain projects.

  • The team talked about the "OnchAIn Summer" movement, a spin-off of Base’s “Onchain Summer” campaign, which aims to bring more people and innovation onchain, including AI.

• The future of AI models beyond just LLMs:

  • While much of the current focus is on Large Language Models (LLMs). The discussion hinted at the limitations of current models and the potential for highly specialized models dedicated to a specific niche onchain, particularly in areas like DeFi where highly specialized and reliable models are needed or prediction markets that are currently limited to binary “yes/no” type events.

  • We align with this view, and are especially interested in the prediction market space because people love to gamble, especially crypto natives. There is a huge market for gambling on non-binary events, which could be enabled by the creation of a AI mediator that was verifiably neutral. Taoshi is building a Bittensor subnet addressing this niche.

Meme of the Day

Please don’t use GPT to write your whitepaper 😭