AI computing protocol raises 158M in just one week following its fair launch

Arweave-based computing protocol, AO, which is designed for artificial intelligence (AI) applications, has attracted more than $158 million in deposits within one week of its “fair launch.”
AO is a novel protocol that operates on Arweave’s permanent data storage layer, allowing parallel application running through a decentralized computational model. It will also facilitate the onchain operation of AI applications, enabling large language models to run within smart contracts.
The substantial inflows for the AO token are attributed to the industry’s demand for new technological solutions, according to Sam Williams, the founder of Arweave. Williams told Cointelegraph:
Related:
Bitcoin ETFs legitimized the crypto industry for investors — Storm Partners
Fair launch tokens reflect ethos of crypto
Out of the total $158 million in deposits, the AO token attracted the majority, or $48 million worth of stETH on June 18, according to Dune data.


AO net stETH deposited. Source: Dune
In addition to introducing an innovative parallel computing strategy, the token’s ‘fair launch’ model was another contributing factor to its success. The AO token was minted without any venture capitalist, pre-sale, or pre-mining allocations, with 100% of the token supply allocated to the community.


AO token, economical launch model. Source:
AO
The fair launch of the AO token is an attempt to uphold the original ethos of fair and equal access within the crypto industry, according to Arweave’s Williams. He wrote:
AI vs. Crypto: Will It Make a Real Difference? Source: Cointelegraph
Related:
Ethereum price to $10K is the most ‘asymmetric bet’ in crypto — Analyst
AI-related cryptocurrencies stage recovery
Throughout 2024, AI-related cryptocurrencies have garnered significant attention as investors continue to seek out the next major AI applications. Some of the top AI-based cryptocurrencies began to rebound on June 20 after experiencing double-digit weekly drops.
The Near Protocol’s NEAR (NEAR) token saw an intraday recovery of over 8.4% following a nearly 13% price decrease the previous week. Fetch.ai’s FET token also rose over 23% in the past 24 hours, while SingularityNet’s AGIX token rallied over 23% in the 24 hours leading up to 12:25 pm UTC, according to CoinMarketCap data.


Top 10 AI and big fata tokens. Source: CoinMarketCap
The total trading volume of AI-based cryptocurrencies increased over 14% to $2.68 billion, while their cumulative market capitalization rose over 7% to $30.9 billion.
Magazine:
Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame