🦍 State of the Market..

The Crypto x AI market took a hit this week, dropping from $28.6B to $27.1B—a drawdown of ~5%, mirroring the broader sell-off in both crypto and equities.

But here’s the kicker: TAO barely flinched, dipping just 1.1% from last week’s price.

Why? Chamath Palihapitiya name-dropped Bittensor on the All-In Podcast, piquing curiosity and bolstering confidence. Perhaps he already owns a bag of TAO.

I can tell you: nothing beats a billionaire talking about your project on the (arguably) #1 tech podcast with 500K subscribers.

 📊 Chart of the Week

Open Source Models Catch Up

This is a killer chart comparing open-source models to their closed-source counterparts.

With the release of Llama-3.1-405B this week, the gap between closed and open-source models is narrowing. It’s a bright future for open-source AI—may it also extend to Crypto x AI. 😁

One caveat: GPT-4 is an outlier, showing that OpenAI is way ahead of its time. It makes me wonder—what will GPT-5 be able to do? Sing nursery rhymes and put your baby to bed?

🏆 Caught Our Eyes..

• SingularityNET (part of ASI) invests $53M towards creating the world’s first AGI supercomputer.

• Web3 AI infrastructure firm Network3 raises $5.5M in funding

• Aethir provides a post mortem on network bottlenecks from June 28 to June 30

• Navy AI commenced TGE on July 23, failed to add liquidity nor airdrop successfully, and plans to relaunch the token again

• Autonolas staking proposal went live on July 24

• Theoriq recaps a week of new partnerships with Ionet, Assister, and Nosana

• Envision partners with Ionet to power Envision’s creator economy

• Sharpe AI announces Sharpe Basic Swap, which allows users to get the best prices through smart order routing

• Nous Research introduces the Open Reasoning Tasks Project for building training datasets & benchmarks

• Delphi Digital’s AI Analyst website automatically analyzes pitch decks and shares them with the team. If you’re a founder who is fundraising, you can submit yours there.

Bittensor

• Macrocosmos uses Bittensor subnet 13 to power a 702.1 million row Reddit dataset, the 5th largest on Hugging face

• You can soon keep your TAO on your Ledger hardware wallet

Incentive programs and airdrops

• Grass launches its desktop node with a 2x multiplier for points. First dibs goes to Giga Buds NFT holders

• AO stETH deposits cross $600m

• Lumerin Protocol announces its Morpheus AI public testnet is live. They also have a Zealy campaing ongoing.

• Raiinmaker announces a free mint for Raiinmaker Awakens NFTs

• Zero1 provides an airdrop to Pirate Nation Founder NFT holders

• Morpheus rewards staking went live on July 25

• Llama Land (fully on-chain world on AO) is open for first 10,000 on the waitlist.

🧠 Open Source Corner

• Mark Zuckerberg’s new article outlines why he believes open-source AI is the path forward.

• Apple gets into the open-source game, releases its 7B LLM model

• Meanwhile, Llama 3.1 breaches the computational limit for posing a systemic risk in the EU.

• Multiple folks at major AI labs believe that exponential AI scaling will continue for the next couple of years.

🔥 On X..

Grayscale Research: AI is Coming - Crypto Can Help Make It Right

Only decentralised AI will tell you how to hotwire a car 🤫

Christine Yip on the Latency Problem in Distributed AI Training

IridiumEagle Summarizes the Llama 3.1 paper

Shogan on running an Exolabs local LLM cluster

Alex Cheema running Llama 3.1 405B on 2 MacBooks using Exolabs

The Rise of the Compute Network State: Ensuring Decentralized Control in the Digital Era

Ethan Buchanan on the most important acronyms in crypto

Wei Dai sharing some ELI5 reads on ZK and FHE

Listen to NEAR’s AI office hours X spaces with Schelling AI