Sentient Labs Raises $85M for Open AI Platform
Sentient Labs, co-founded by Polygon’s Sandeep Nailwal, has secured $85 million in seed funding to develop an open-source, decentralised AI platform. This platform aims to democratise artificial intelligence by using blockchain technology to incentivise contributors and ensure transparent development.
Sentient Labs is set to challenge industry giants like OpenAI and Google’s Gemini by focusing on an Open, Monetizable, and Loyal (OML) model, which rewards community contributions through blockchain protocols. This approach aims to combat the current centralization in AI development and create a more equitable ecosystem for AI innovation.
Ripple Launches New Stablecoin to Compete with Tether and USDC
Ripple has introduced a new stablecoin aimed at rivalling established players like Tether and USDC. This new addition to the Ripple ecosystem is expected to enhance the utility of the XRP Ledger and attract more users to its platform. By expanding its offerings, Ripple aims to secure a larger market share in the stablecoin sector, providing more options for users seeking stability in their crypto assets.
The introduction of Ripple’s stablecoin comes at a crucial time as the demand for stable and reliable digital assets continues to grow. With this move, Ripple not only aims to strengthen its ecosystem but also to offer a competitive alternative to the dominant stablecoins currently in the market, potentially reshaping the landscape of digital finance.
Ellipsis Labs Secures $20M for Decentralised Exchange Phoenix
Ellipsis Labs, the developer behind the Solana-based decentralised exchange (DEX) Phoenix, has raised $20 million in a Series-A funding round led by Paradigm. This funding will be used to enhance the functionality and security of the Phoenix platform, which aims to provide a seamless and secure trading experience on the Solana blockchain.
Phoenix has been designed to leverage Solana’s high throughput and low transaction costs, making it an attractive option for traders. The funds will help in scaling the platform’s capabilities and integrating more advanced features, further solidifying its position in the competitive DEX market.
Polygon dApp Transaction Volume Soars 83%
Polygon has seen a significant surge in transaction volumes on its decentralised applications (dApps), with an 83% increase reported. This spike in activity has drawn considerable attention to the $MATIC token, highlighting Polygon's growing influence in the crypto space. Despite this growth, the price of MATIC remains under seller pressure, indicating a potential buying opportunity for traders.
The increased transaction volume is a testament to Polygon’s scalability and efficiency, which have made it a preferred platform for dApp developers. This growth is expected to continue as more projects choose Polygon for its robust infrastructure and low transaction fees.
Bitcoin Reserves on Exchanges Hit Multi-Year Low
Bitcoin reserves on crypto asset exchanges have plummeted to a multi-year low, according to data from CryptoQuant. This trend suggests a growing preference among investors to store Bitcoin off exchanges, possibly in anticipation of higher future prices. The decrease in exchange reserves could lead to reduced selling pressure and a potential increase in Bitcoin’s market value.
The shift towards long-term holding indicates increased confidence in Bitcoin’s potential as a store of value. As more investors opt to keep their Bitcoin in personal wallets, the reduced supply on exchanges could drive prices higher, creating a bullish outlook for the leading crypto asset.
That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!
Disclaimer: Crypto-asset or VDA investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
