🤖 Is AI the next big ponzi in crypto?

GM Legends,

Bitcoin short-squeezed its way back to $28,000 whilst the 2 Bens prepare for their next big ponzi all while Elon takes a trip to China and the Curve Finance CEO spends $40m on 2 mansions.

We hope you enjoyed the long Memorial weekend and took the time to touch grass. We’ll be digging into AI today. Is it the next ponzi? A meme? Or something more? Plus projects to keep an eye on.

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The big story.
🤖 Is AI the next big ponzi in crypto?

DeFi insights.
🖼 Alpha Scan dashboard catches early influencer alpha
📅 YoloNolo released the YOLO bridge from Arbitrum
🫠 GM degen podcast: Mike’s getting sunburnt as Alex & Grant talk OP & Lybra

In the news.
🐮 Solana can be the “Apple of Crypto”
🐻 Bali says NO to crypto
👨🏻‍💼 What the FED?! Increasing the debt ceiling is bad news

Plus Twitter reads from @defi_mochi, @crypthoem and @neworderDAO!

🔥 The big story.
To make you think.

🤖 Is AI the next big ponzi in crypto?

Trad-Fi lost the plot last week after Nvidia pumped 27%.

The reason? Better than expected earnings plus AI narrative.

But is AI going to be the next Game-Fi ponzi? Or is it something more?

Let’s take a look at one of summer's hottest narratives.

What is AI?

To keep it simple I asked ChatGPT to TLDR “What is AI?” in less than 100 words.

“AI, or artificial intelligence, is when computers are made to think and learn like humans. They use special algorithms and data to understand things, make choices, and solve problems. AI can help us with many tasks, like talking to us, driving cars, and even predicting what might happen in the future. It's like having a smart friend that can help us do things better and faster.”

The next big ponzi?

Oh Axie… how you were once so great during the Game-Fi bull run in 2021 which showed us just how early we are to Game-Fi and that A LOT of developments are needed for it to actually happen.

The next question on my mind is “Are we too early?”

Will it become the summer ponzi and fall into the same trap as Game-Fi or are we quite literally on the verge of a technological revolution that goes beyond the pump, dump and kaput token prices?

After all, AI generates NFT collections, AI creates trading algos and it’s also the cause behind annoying FaceBook ads.

So yes, we are probably maybe early to crypto AI but let’s have some fun and see whos building.

Whos building?

Cogito Protocol, stable assets but on steroids. Founded within the SingularityNET ecosystem, Cogito offers a “stablecoin-as-a-service” framework the team have created “Tracercoins” which are low-volatility digital assets. These AI-driven stable assets are pegged to non-financial indices such as the “Green Index.”

Token launches June 2nd and the team is made up of Ex-Binance, Ex-HSBC and Ben Goertzel a top Ai cognitive scientist, and artificial intelligence researcher with his own wikipedia page.

Worldcoin got $115m gold coins from a world of investors including Blockchain Capital, a16z and Bain Capital Crypto.

The eyeball scanning crypto AI project is co-founded by Open Ai CEO Sam Altman.

Co-founded by Open Ai CEO Sam Altman, Worldcoin is an eyeball scanner that wants to create a global ID, a global currency and a crypto payments app.

Proof of humanity to protect against the AI bots that are capturing our data. A highly controversial topic giving “self-custody” a whole new meaning.

Orbofi is said to be the “Amazon of AI content” and recently closed $2.8 million in funding from Zephyrus Capital, Cogitent Ventures and others.

You can create AI-generated NFT collections in less than 3 minutes or your own AI AI-asset factory web3 and games. With Ex-Ubisoft devs on board, could this be picked up by large-scale gaming companies?

They've also got some quests on Zealy for you quest-heads out there.

Other mentions:

• Mozaic Finance is an AI-Optimized Yield and Liquidity Strategies, powered by LayerZero (airdrop??)

• SignuarlityNET is an AI marketplace who are involved in Cogito Protocol.

• imgnAI an AI-powered image generation bot.

• Encryption AI is building a suite of tools to empower traders, developers, and influencers across different networks.

• ApeWorX is a smart contract framework including a fully AI powdered testnet.

There's a lot that has already been built in the AI space and taking these seven-day mooners with a pinch of salt, DYOR and remember that pumpamentals + narrative = Valhalla.

Our Take

So, is it the next big ponzi?

Probably, but everyone loves a good ponzi, right?!

Liquidity in the market is pretty sparse right now but, as a narrative and as future gud tech, AI is pretty cool and one that is likely to be correlated to the likes of Nvidia and AMD. This means, ape smart, degen safe and always take profits.

On a side note, I wonder if AI-Fi will ever become a proper thing like NFT and LSDFi.

👀 DeFi insights & project updates.
Project updates, governance reports and industry secrets.

The World of DeFi

• Alpha Scan - A Twitter influencer dashboard catching early calls going through private beta testing. To get access you can use our referral link here. (Twitter)

• ApeWorX - Releases “Chaosnet” the first AI-powered testnet. (Twitter)

• nftperp - Released a quest series in partnership with Tide Web3 in preparation for Mafia Nuts NFT minting. (Twitter)

• Ordinals - Breaks 10,000,000 total inscriptions. (Dune Dashboard)

• Perpy Finance - NFT mint May 31st. (Twitter)

• Plutus DAO - plsARB/ARB LP will launch on Camelot DEXs V2 to take advantage of their concentrated liquidity. (Twitter)

• Stumble Upon Rumble - NFT Glove reveals today at 2PM EST. (Discord)

• Thena - Launching futures on BNB chain including 60+ assets with 4x lower funding and infinite liquidity. (Twitter)

• YoloNolo - released the YOLO bridge letting traders bridge 13+ coins from Arbitrum. (Twitter)

• WAGMI - Roadmap for Q2/Q3 has been released featuring WAGMI token launch, GMI liquidity token launch and wUSD. (Twitter)

Governance Updates

• Maker DAO - Community to vote on the savings rate hike to deploy a new DSR raise, from 1% to 3.33%, if approved. (Twitter)

• Stargate DAO - Successful vote to reduce exposure to Multichain-Issued stablecoin. (Snapshot)

• Stargate DAO - A proposal in voting to add Circles Euro Coin (EUROC) to Stargate. (Snapshot)

🫠 GM degen.
The latest GM degen podcast.

Mike is getting sunburnt in Dubai so you’re stuck with Alex & Grant in today’s GM Degen as they tuck into the $580m OP token unlock and the monster run-up Lybra had last week.

Tune in on Spotify | YouTube | Twitter

🗞 In the news.
The important bits.

• Solana can be the “Apple of Crypto” according to co-founder Raj Gokal. (TechCrunch)

• Nvidia’s BIG announcements included Spectrum-X, an AI Supercomputer and a content engine. Short sellers are in for a tough time. (The Kobeissi Letter)

• Paradigm moves into AI as they begin to focus on a broader array of “frontier tech” including AI. (The Block)

• Curve Finance CEO cashes out and in on two mansions in Australia costing $40m. (The Block)

• Bali says NO to crypto as the local authorities of the paradise island warned tourists that those paying in crypto will be “dealt with firmly.” (Decrypt)

👨🏻‍💼 What the FED?!

Whilst an increase in the debt ceiling is short-term bullish, the long-term impacts might cause disaster.

🐥 Twitter reads.
In case you missed it.

@defi_mochi gives a master class in LSDfi.

@crypthoem shows you how to have some fun with ChatGPT.

@neworderDAO takes a look at the “Memeing of Money.”

And on that note, thanks for reading, catcha apes in the next edition!

blocmates team 🫡

🤝 A final word.

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