Market Metrics

Total Crypto Market Cap: up 1.2% to $2.409T
Total AI Sector Market Cap: up 7.6% to $27.2B

Top Movers (24 hours):

📈 OctaSpace (OCTA): up 29.8% to $2.10
📈 Frok.ai (FROK): up 11.3% to $0.0869
📈 Oraichain (ORAI): up 11.2% to $11.78

Weekend News

🟠 Erik Voorhees launched Venice, a private and premisionless AI chatbot similiar to Chat GPT. Venice was launched leveraging Morpheus, among other prominent researchers and open-source AI contributors. You can use it for free without being required to signup.

🟠 Virtuals Protocol was accepted into the Microsoft for Startups Founders Hub, offering a range of benefits and resources designed to accelerate the protocol’s growth and development.

🟠 Giza has partnered with zkSync as an Agent Launch Partner, integrating Giza’s agent framework.

🟠 Bittensor will soon have 64 subnets, raising the limit by 4 per week until 64. You can track all of the subnets at the TaoHub here.

🟠 Laika AI’s IDO public sale is open on Ape Terminal, with registration ending in 9 days or until the raise hard cap ($560,000) is met. Laika AI is a platform that offers various AI-enabled tools and aims to create an onchain data layer for AI applications.

🟠 Crypto Distilled dropped a few nuggets of information on AI, explaining their theses on various AI protocols along with some AI x DePin alpha. You can check out the threads here, here, here and here.

Sound Bites 🎧

In this week’s edition of Sound Bites, we listened to the 0xResearch Podcast featuring Saneel Sreeni, a founding member of Ritual. The podcast jumped around a bit, and Saneel dove deep into some of the technical aspects of Ritual, the problems the project is solving, and where Ritual is headed in the future. Here were our key takaways 👇

Key Takeaways

• Ritual is building a modular architecture that consists of both off-chain and on-chain components, aiming to create streamlined user experiences for developers and end users alike.

• Ritual leverages cryptographic primitives such as zero-knowledge proofs and game-theoretic constructs to enable verifiable and secure execution of AI models, addressing prevalent flaws in the current AI x Crypto landscape.

• The flaws within the AI x Crypto landscape, as outlined by Sreeni:

  • Lack of verifiability in model execution.

  • Centralized arbitration, leading to potential bribery and manipulation risks.

  • Absence of decentralized governance, incentive alignment, and coordination mechanisms within the AI stack.

  • Limited global representation in AI model development, resulting in models that may not capture diverse needs and values

• Integrating AI with blockchain technology aims to enable the trustless execution of AI models ensuring privacy, censorship resistance, computational integrity, and global accessibility.

• Strategic partnerships with Celestia, Eigenlayer, and MyShell enable data availability, restaking for AI, and a patron system for AI models and applications.

• Ritual's roadmap prioritizes delivering tangible products, improving the usability of their products, and scaling the infrastructure ecosystem.

Bonus info:
Ritual closed a $25M series A led by Archetype around 6 months ago. They have a number of major VCs onboard, as well as several notable angel investors such as Balaji Srinivasan (ex-Coinbase) and Nicola Greco from Protocol Labs.

There are some quiet rumour floating around that Ritual may airdrop to early supporters. Right now there isn’t much you can do other than set up and run a node (quickstart here) which appears to require some moderate technical knowledge. If you’re up to the task, it could pay off. We will be following closely.

X Post of the Day

After 4 years of silence, the infamous Roaring Kitty, known for his GME trade back in 2021, has come back to post this… What does it mean anon?

Exclusive Report: Top 5 AI Cryptocurrencies to Watch 2024

🌵 Access the report here! 🌵