Can Binance's launch of TAO save Bittensor?

On April 11, according to the official announcement, Binance will launch Bittensor (TAO) at 20:00 (Eastern Time) on April 11, 2024, and open spot trading pairs such as TAO/BTC and TAO/USDT. After the announcement, Bittensor's native token TAO rose rapidly. The price of this "AI leader" with a market value of over US$4 billion suddenly rose to around US$700, an increase of more than 20% in 1 hour.

Driven by the launch news and the increase in TAO tokens, a number of tokens related to the "TAO ecosystem" rose sharply in a short period of time. For example, Rivus DAO, a TAO ecosystem liquidity project that just completed LBP at FjordFoundry two days ago, gained more than 40% in 1 hour and reached around $0.1.

According to the official introduction, Rivus DAO aims to unlock DeFi on AI protocols/ecosystems by providing LSD services to AI blockchains such as Bittensor. Rivus DAO provides a liquid mortgage solution using rsToken, allowing users to receive staking rewards while staying on DeFi native networks such as Ethereum. Recently, RIVUS has also been on the list of popular Ethereum tokens on Dexscreener.

In addition to Rivus DAO, other projects that focus on "bringing liquidity to the TAO ecosystem", such as the interest-free DeFi lending protocol Sturdy Finance, have also experienced price fluctuations. After the news was announced, STRDY gained 20% within 1 hour. In early March, Sturdy just announced the launch of the TAO subnet, but the price has been "sluggish" since then.

In March 2022, Sturdy announced the completion of a $3.9 million seed round and strategic round of financing, led by Pantera Capital, with participation from Y Combinator, SoftBank Opportunity Fund, KuCoin Ventures and Orange DAO. It can be said to be a luxurious lineup. But in June 2023, Sturdy was hacked and lost 442 ETH. In the new round of encryption cycle, Sturdy seems determined to hold on to TAO's thighs to boost its development morale.

Compared to Rivus DAO and Sturdy Finance, TAOPad (TPAD) seems to have become the target of a lot of KOLs' fierce calls. This launch platform, which also focuses on "TAO ecological liquidity", has previously helped another TAO ecological project TAOBank (TBANK) successfully issue tokens. Both of them have gained quite a good increase in the early stage of "AI dog" hype, but TAO prices began to show a downward trend in mid-last month and then fell rapidly.

BlockBeats previously reported that due to Bittensor's huge market value and the closed nature of the ecosystem, people want to participate in the speculation of the ecosystem, but they have no way to do so, resulting in the frequent appearance of various "TAO dog" projects under the TAO signboard on the market. These projects will still operate slightly in the early stage, such as TAOBank (TBANK), TAO Accounting System (TAS), etc., but with the continuous influx of wealth creation and hot money, TAO local dogs appear faster and faster, but the quality of official operation is getting worse and worse. In the end, most of the TAO local dogs were harvested and left after the zero ending, leaving only the participants disappointed with the TAO ecosystem.

《TAO, with a market value of 4 billion US dollars, is it the Ethereum of AI or the new meme factory? 》

In fact, the meme tokens of the Solana ecosystem also experienced a period of lows like TAO, but rekindled their popularity after Binance launched WIF, and created the myths of BOME and Slerf in succession in the following month. Can Binance's listing of TAO make the Bittensor ecosystem hot again? Is the increase in TAO coins today a "dead cat bounce" or a signal of rise?

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