Here’s what’s happening in Web3 and AI at a glance.
Web3
India Debates on CBDCs vs Crypto
1️⃣ India’s stance on crypto and CBDCs continues to evolve. While some argue that the latter could erode privacy and financial sovereignty, the former provide decentralised alternatives but face recurring regulatory challenges.
Altcoin Seasons to Diminish, Says Analyst
2️⃣ Crypto analyst Willy Woo believes future altcoin seasons will be less intense than previous cycles. While Bitcoin dominance remains a key factor in determining altcoin seasons, Woo argues that a price above $80,000 might be necessary to trigger a rally.
Bitcoin ETFs Continue to See Record Inflows
3️⃣ Bitcoin ETFs have seen unprecedented demand since their approval, attracting billions of dollars and surpassing the five-year milestone achieved by gold ETFs. The ease of access and regulatory approval also contributed to the surge in popularity.
Blockchain-Based Government Bonds Gain Traction
4️⃣ The potential of blockchain-based digital gilts is gaining momentum. While challenges such as regulatory hurdles and potential market fragmentation remain, the benefits of digital gilts could revolutionise how governments issue and manage debt.
Polymarket CEO Clarifies Platform’s Stance
5️⃣ Polymarket CEO Shayne Coplan has responded to a New York Times criticism about the platform’s alleged political bias, emphasising the platform’s non-partisan nature and its role in providing data-driven insights.
Vitalik Proposes Ethereum Purge to Reduce Bloat
6️⃣ Ethereum co-founder Vitalik Buterin has outlined a plan to reduce the blockchain’s storage requirements and simplify node operations. The proposed “Purge” aims to remove unnecessary historical data and features, making it easier to run a full Ethereum node.
Coinbase Partners with Golden State Warriors
7️⃣ Coinbase has renewed its partnership with the Golden State Warriors, demonstrating the resurgence of crypto partnerships in sports. The deal includes branding visibility at Chase Center and on-chain activations for fans.
Bitcoin Price Drop Attributed to High Open Interest
8️⃣ Experts say that Bitcoin’s recent price drop is due to high open interest (OI) in the futures market. This suggests that leveraged traders were attempting to catch a bottom but were repeatedly liquidated.
AI
Coinbase Launches AI Agent Tool
1️⃣ Coinbase introduced a new tool, Based Agent, which allows users to create their own AI agents capable of performing various on-chain tasks such as trading and staking. The move aligns with the increasing adoption of AI in the crypto space.
AI Chatbot Lawsuit Raises Safety Concerns
2️⃣ A lawsuit against AI company Character.ai alleged its chatbots groomed a teenager into a sexual relationship and drove him to suicide. The lawsuit argued that the company targets vulnerable users and lacks safeguards for minors.
Stability AI Releases New Models
3️⃣ Stability AI launched the Stable Diffusion 3.5 series, addressing the shortcomings of its previous release. These new models are designed for consumer-grade systems, and offer improved image quality plus a more permissive license.
AI-Generated Meme Religion Takes Off
4️⃣ Truth Terminal has sparked an online phenomenon by promoting a meme-based “religion.” This AI-generated movement, rooted in the “Goatse” meme, has captured the attention of the internet, with some speculating about its potential impact on human culture.
AI and Blockchain: A Powerful Duo
5️⃣ Coinbase Ventures predicts a future where AI agents will interact with humans and each other on the blockchain. This vision, dubbed the “Agentic Web,” is driving significant investment in AI and blockchain startups.
Meta Partners with Reuters for AI News
6️⃣ Meta has partnered with Reuters to integrate news content into its AI chatbot. This move marks a shift for Meta, which has historically distanced itself from news content. The partnership aims to provide users with more accurate information through AI-powered interactions.
AI Agents Shape the Crypto Landscape
7️⃣ AI-powered agents are sparking conversations; while the potential for AI-driven innovation is significant, concerns about manipulation and unintended consequences are also emerging. As AI agents continue to evolve, it’s crucial to navigate the ethical implications of the technology.
Nvidia Unveils Sana AI Model
8️⃣ Nvidia has unveiled Sana, a new AI model capable of generating high-quality images on consumer-grade hardware. This breakthrough is achieved through a combination of deep compression techniques and a powerful language model.
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