SingularityNET, the artificial intelligence project being developed on Cardano, has unveiled plans to enable cross-chain interoperability on Ethereum and Cardano. The platform's plans are ambitious and directly affect Cardano's native token, ADA.
#SingularityNET’s partnership with #Cardano is central to our future direction, and migration to the Cardano blockchain got well underway in 2022— SingularityNET (@Singularity_NET) January 12, 2023
Read more on our busy year #BuildingOnCardano in our end of year report: https://t.co/ZWJEdIDS4r#AI #CardanoCommunity #blockchains pic.twitter.com/b4gUitFAqR
According to the official announcement, AGIX-ADA staking on Cardano should be launched soon, namely the first quarter of 2023. AGIX is, as a reminder, the native token of the AI services marketplace being developed by SingularityNET. Prior to this, a bridge was launched between the Ethereum and Cardano networks, allowing AGIX to be converted between them. Next, the AGIX-ADA rewards program was also launched.
Crypto AI narrative
Since the beginning of January, the token has seen its price soar by more than 150%, starting at just $0.05 and trading at $0.115 per AGIX by now. The explosion in the popularity of artificial intelligence applications among the masses, including ChatGPT, has contributed to the soaring of SingularityNET's token price.
The scale of the AI narrative became clear when Microsoft further announced its desire to invest $10 billion in the creators of ChatGPT and OpenAI.
According to CoinMarketCap, the AI and Big Data sector in cryptocurrencies is now valued at $2 billion, almost double what it was at the beginning of the year.