🤖 Is AI the next big ponzi in crypto?
PLUS money memeing memecoins
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.
Need to know.
If you’ve only got 2 minutes.
The big story.
🤖 Is AI the next big ponzi in crypto?
🖼 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
🔥 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.
AXS hulk smash!
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.
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.”
Stablecoins play a very important role in the world of Web3 but most of them have some kind of flaw and pose certain risks.
@CogitoProtocol is solving this problem with its innovative tracercoins and making stable assets on steroids.
Let's dive in 🧵
— Elite Crypto (@TheEliteCrypto)
May 19, 2023
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?
Here's a tutorial on how to create AI-generated NFT collect collections for games, media, or whatever you can imagine - All for free, and it takes less than 1 minute
Learn more about the Obrofi AI Mainnet here:
— Orbofi AI ☀️ (@Orbofi)
May 2, 2023
They've also got some quests on Zealy for you quest-heads out there.
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.
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
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)
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)
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.
🗞 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.
In the debt ceiling deal, the debt ceiling is rumored to not be raised by a specific amount.
Instead, the debt ceiling will run uncapped until January 1st, 2025.
Many are underestimating how significant this is.
This means that the debt ceiling is basically unlimited for the… twitter.com/i/web/status/1…
— The Kobeissi Letter (@KobeissiLetter)
May 28, 2023
🐥 Twitter reads.
In case you missed it.
@defi_mochi gives a master class in LSDfi.
17.9% of $ETH is staked
According to @DefiLlama there's up to $17.214B LSDs looking for yield
LSDfi is positioned to be the strongest narrative to benefit from this but who's attracting the most users and TVL? I crunched data 📊 with @DuneAnalytics to help you find out!
— Defi_Mochi (mochi, mochi 🍡) (@defi_mochi)
May 28, 2023
@crypthoem shows you how to have some fun with ChatGPT.
The main factor that influences the price of a token is tokenomics.
I turned ChatGPT into a tokenomics pro.
Here’s how in 9 steps (+ free prompt): 🧵👇
— hoeem (@crypthoem)
May 29, 2023
@neworderDAO takes a look at the “Memeing of Money.”
1/ We invite you to explore the phenomenon of memecoins in our latest piece, which delves into the societal and economic factors underpinning their rise. A saga of speculation reminiscent of the 17th-century Tulip Mania:
— New Order (@neworderDAO)
May 17, 2023
And on that note, thanks for reading, catcha apes in the next edition!
🤝 A final word.
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