Market Metrics

Total Crypto Market Cap: up .5% to $2.6T
Total AI Sector Market Cap: down 8.9% to $23.9B

Top Movers (24hrs):

📈 Bridge Oracle (BRG): up 15% to $0.001713
📈 Roko Network (ROKO): up 8.7% to $0.0000662
📈 HyperGPT (HGPT): up 6.4% to $0.08976

Highlights of the Day

🔎 Blockworks Research Sheds Light on DePINs
Today, Blockworks Research published an in-depth report on Decentralized Physical Infrastructure Networks (DePINs), a new type of decentralized network that is set to revolutionize traditional infrastructure by leveraging blockchain technology and unique incentive models. Some projects in this category include Filecoin, Render, io.net, Akash, Livepeer, POKT Network, and AIOZ Network.

DePINs operate by incentivizing participants to contribute resources, such as storage, bandwidth, or computing power, in return for tokens that represent a stake in the network. This model encourages widespread participation and helps to rapidly scale the network's capacity and reach. By aligning incentives and enabling permissionless participation, DePINs aim to drive significant improvements in efficiency, accessibility, and resilience compared to traditional centralized systems.

io.net is an example of the success of the DePIN model, having added over 560k GPUs and CPUs to its network since November 2023, for an estimated network value of $3.5 billion.

The report delves into the mechanisms behind DePINs, exploring how granular token emissions and dynamic emission policies play a crucial role in kickstarting the DePIN flywheel and establishing strong network effects. The report also highlights the challenges faced by DePINs, such as the need to find sustainable demand within their respective sectors and effectively communicate their unique selling propositions beyond simply being lower-cost alternatives.

You can read the full report here.

➡️ The emergence of DePINs marks an exciting development in the world of infrastructure and blockchain technology. By aligning incentives and enabling permissionless participation, these networks have the potential to drive significant improvements in efficiency, accessibility, and resilience compared to traditional centralized systems. However, as with any nascent technology, DePINs face challenges such as regulatory uncertainty and the need to establish strong network effects and sustainable demand. Despite these hurdles, we believe that DePINs represent a promising opportunity for investors who can identify projects with solid fundamentals and compelling value propositions that sets them apart from the competition.
Related Tickers: FIL, RNDR, AKT, LPT, AIOZ & POKT

In Other News

🟠 US CPI inflation came in hotter than expected, hitting 3.2% YoY., while Truflation is reporting 1.78%. Major cryptocurrencies are red across the board in response.

🟠 MyShell shared that they have built a model that beats LLaMA2 by Meta, while keeping costs under $100k.

🟠 Bitcoin Virtual Machine (BVM) will be powering many new Bitcoin Layer 2 networks that are set to launch in the next few months, most of which enable AI functionality on Bitcoin.

🟠 AI-ready data from Linea is now being delivered to applications via RSS3.

🟠 io.net now has over 560K GPUs and CPUs since launching in November 2023, with a total infrastructure value greater than $3.5B.

Project of the Day

🤖 Free AI-driven Rugpull Detector
ChainAware.io just released its AI-driven rugpull detector that is free to use.

Meme of the Day

🌋 Embrace tradition, reject modernity.

Jobs Board

🟠 Director Product Management AI @ Crypto.com ($105k - $112k)
 Apply here
🟠 Machine Learning Intern @ Genies ($21k - $64k)
 Apply here
🟠 AI Data Coordinator @ Heretic Stealth Portfolio Company ($105k - $150k)
 Apply here

Exclusive Report: Top 5 AI Cryptocurrencies to Watch 2024

🌵 Access the report here! 🌵