Cardano-centric decentralised AI platform SingularityNET (AGIX) has officially announced the launch of ADA staking. According to the project, beta testing of the portal will start in early March. If testing and auditing is successful, the SingularityNET team hopes to launch ADA staking on the core network by the end of the first quarter of 2023.
Cardano (ADA) staking on SingularityNET
As previously reported, staking ADA will be paired with SingularityNET's native token, AGIX. Since early 2023, the token has grown in price by more than 420% on the wave of hype around artificial intelligence, where SingularityNET as a blockchain-built marketplace for AI services has generated the most interest among crypto enthusiasts.
In addition to Cardano, SingularityNET operates on Ethereum, and therein lies the gamechanging aspect of the upcoming innovation. As part of improving its cross-chain interoperability, SingularityNET has already launched an AGIX ETH-ADA converter bridge based on Cardano. Thus, together with AGIX-ADA staking, users will be able to convert both assets between Ethereum and Cardano networks, using a ready-made bridge.
In addition, ADA stakers on SingularityNET will probably be able to earn AGIX itself, which in addition to its crazy price action is a means of paying for services on the AI marketplace. According to the project's whitepaper, the token will also represent voting rights in the network management system in the future.