ON–225: AI 🤖

Coverage on Ocean Protocol, Worldcoin & Bittensor.

Apr 19, 2024

ON–225: AI 🤖

📝 Editor’s Note:

From 2019 – 2024 OurNetwork grew into the industry leading onchain analytics community. We've published 200+ issues, from 400+ contributors, to 30,000+ subscribers each week through three crypto cycles.

In order to execute our vision of bringing our publication onchain and scaling into a premier decentralized research platform – we must scale operating & engineering firepower in line with our coverage & community.

We have never raised outside venture capital funding and we plan to keep it that way. We run strictly on community grants and collaborative partnerships with projects in the industry that allow us to maintain and scale operations, while keeping our neutrality.

Our goal remains to have a grants-first approach as we build & launch OurNetwork 2.0 in 2024 and beyond.

- Spencer 🕛


AI 🤖

① Ocean Protocol 🦑

📈 $OCEAN total 5-year trading volume crosses $24B with 57,685 holders

  • Ocean Protocol is a blockchain-based ecosystem that leverages AI to unlock the value of data. The total 5-year trading volume has crossed $24B, showcasing engagement across multiple exchanges. Binance leads the charge with an impressive $14.01B in OCEAN-USDT trades, while Bybit's OCEAN-USDT pair commands a substantial $1.83B. Perps lead at $13.81B while spot trades across exchanges at $10.95B, displaying deep market liquidity.
Source: coincarp.com/currencies/ocean-protocol
  • OCEAN market dynamics reveal a captivating AI narrative with soaring trader interest. As of Apr. 18, 2024, OCEAN is trading at $0.86, with a daily volume of $22.57M. The past weeks have seen a whirlwind of activity with high volatility. For instance, the price soared to $1.24 on Mar. 29, 2024 with an explosive trade volume of $77.15M suggesting vigorous market reactions to developments and speculations. Over the last few days crypto has taken a hit and OCEAN price dipped 30.65%.
Source: Dune Analytics - @sashimiboi
  • The $OCEAN contract currently has 57,685 holders with total daily uniques popping up over the last few months with the new AI narrative and crypto’s latest bull run.
Source: etherscan.io
  • 💦🔬 Tx-Level Alpha: A significant transaction occurred wherein an individual transferred $56,000 of OCEAN tokens from Coinbase to their personal wallet which contains $153,159.95 worth of OCEAN. This transfer reflects the user's intention to hold or transact with a substantial amount of Ocean tokens, potentially indicating confidence in the project's future prospects. Additionally, this transaction highlights the accessibility and utility of Ocean tokens, reinforcing the ecosystem's role in facilitating data sharing and AI services.

② Worldcoin 🌐

📈 3.5 million WLD holders gear up for World Chain launch later this summer

  • World Chain, a new Ethereum L2 designed for humans and integrated with the Worldcoin protocol, was unveiled on Apr. 17. Reportedly, over 10M people from 160 countries have created a World ID, with 5M verified IDs using Orbs. In just nine months, the number of WLD token holders has surged to nearly 3.5M unique wallets. The impact of World Chain on the holder count and price action of the WLD token, as well as the adoption of their AI-powered zero-knowledge Proof-of-Personhood, remains to be seen.
Source: Flipside - alitaslimi
  • The WLD token saw a substantial increase in swap volume, during late February and early March with Optimism leading the way, reaching a new all-time high in line with the overall uptrend in the crypto market.
Source: Flipside - alitaslimi
  • Optimism has been the main network for WLD holders to use their tokens in various DeFi protocols. Interestingly, there has been cyclic behavior in user interactions, which has also been affected by the token's price action.
Source: Flipside - @alitaslimi

③ Bittensor ☯️

📈 Depending on who you ask, Bittensor might be lauded as a revolutionary step toward decentralized intelligence, or a $3.5B+ market cap charade riding the hype of AI.

  • Nevertheless Bittensor, the peer-to-peer intelligence market, has gained significant attention as a solution to things like closed-sourced large language model training and tuning. Price of TAO and total token holders has tripled in 2024. However the question stands, is Bittensor riding the DePIN and AI x crypto narrative hype, or are there useful applications of the network? This has been the center of lively debate recently.
Source: Dune Analytics - @uz_jfo
  • Bittensor ultimately borrows many concepts from Bitcoin, and creates a self-sustaining marketplace for machine intelligence, where a smart anti-collusion system ensures fairness and rewards contributors based on the genuine value they bring to the network. But despite the of TAO price jumping up to over $700 in March, there is a ways to go with respect to decentralization and the usability of the end products. For example, there tends to be less than a 1000 miners per subnet on the network.
Source: taostats.io
  • Bittensor has been at the forefront of the DePIN and crypto x AI narrative of 2024. Regardless of your views, the market has clearly confirmed the potential for such intelligence platforms — TAO has jumped over 72% to $468 from $271 on the year.
Source: Dune Analytics - @0x_mrmarx
  • The debate on Twitter mostly centers on what justifies Bittensor’s $3-4B market cap. Try using the LLMs on Bittensor and see for yourself if the results justify the valuation, or if its a lesser version of your $20 ChatGPT that you’re willing to pay for. Regardless, the ideas here are novel, and the primitives will be tested. Read more of our Bittensor research.

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