The rally occurred amid improving fundamentals of Maker, as the protocol has returned to make profits, Messari analyst Kunal Goel said.
Curve Crisis Averted, NFT Loans Protocol Now Votes on Next Steps
JPEG’d DAO voters are deciding how to account for a $1 million bounty.
Embattled Aragon Mulled Sale of Crypto Project, Leaked Screenshot Shows
One of the biggest crypto projects building tools to support decentralized governance is trying to get out of its own governance pickle.
This Art Exhibit Is Bringing New Life to Allen Ginsberg’s Poetry Using AI
How AI, Web3 and Humans Can Work Together to Solve Complex, Global Problems
Fear abounds about AI, but the technology combined with blockchain can serve as an excellent complement to human ingenuity.
Ethereum Price Will Skyrocket Due To AI-Driven DAO Revolution: Arthur Hayes
In a thought-provoking blog post titled “Moai,” Arthur Hayes, co-founder of the renowned crypto exchange BitMEX, delves into the potential impact of Artificial Intelligence (AI) on the future of economic organization and the role of Ethereum. Hayes argues that the rise of AI-driven Decentralized Autonomous Organizations (DAOs) will revolutionize the global economy and propel Ethereum to new heights.
The Critical Role Of DAOs In The AI Era
Hayes contends that the current economic progress and per capita wealth of global civilization can be attributed to the efficient self-organization of human societies. He emphasizes that traditional company structures, empowered and regulated by the state, have been the primary vehicles for economic development. However, he highlights the limitations of these structures when it comes to AI-driven entities.
He states, “An AI has no reason to follow any laws. It cannot be coerced by the state, and therefore, exchanges that trade tokens issued by AI-powered DAOs will likely become natural monopolies.”
Hayes lays out a compelling argument for why DAOs, relying on smart contracts executed on public blockchains like Ethereum, are the ideal organizational structure for AI-driven entities. These smart contracts provide transparency, immutability, and cryptographic verification of transactions and agreements. Consequently, DAOs can operate efficiently and securely without the need for third-party intermediaries or costly auditing processes.
He envisions a future where AI-powered DAOs will raise capital and trade their tokens on decentralized exchanges (DEXs) on Ethereum rather than traditional centralized exchanges. This will create truly global capital markets accessible to anyone with an internet connection. Hayes predicts that DEXs will become natural monopolies due to the advantages they offer in terms of trust, security, and ease of use.
The BitMEX founder presents a hypothetical example of “PoetAI,” an AI-powered DAO that aims to fundraise and produce original poetry for profit. He envisions how PoetAI could issue its tokens, called “POET,” through a smart contract with specific attributes, such as revenue sharing and voting mechanisms. Investors can confidently invest in PoetAI DAO knowing that its financial statements are continuously available on the public blockchain, eliminating the need for traditional auditors.
Moreover, Hayes explains that DAOs can raise capital by issuing debt, enabling economic time travel by borrowing from the future to stimulate present economic activity. The enforceability of contracts in DAOs can be facilitated through smart contracts on public blockchains, ensuring that investors are protected.
Hayes’ Bull Case For Ethereum
Hayes concludes, “Ethereum transactions will grow exponentially as DAOs proliferate. As a result, the price of ETH should skyrocket in anticipation if this AI DAO hypothesis is widely believed.”
He also suggests that identifying and investing in Ethereum based governance tokens of DEXs facilitating AI-driven DAO trading will lead to significant profits. Furthermore, Ethereum middleware layers that enable visualization of AI DAO accounts will become essential for the smooth functioning of these capital markets.
While these ideas represent bold predictions about the future of AI and the role of Ethereum, Hayes presents a compelling case for the potential disruptive power of AI-driven DAOs. Hayes is one of the great thinkers of crypto space and his thesis a narrative to watch.
At press time, the Ether (ETH) price was at $1,863, just below the mid-range resistance.
Israel Consults Public on DAO Regulation, Sets Up Special Examination Team
The team will examine required corporate status, taxation other aspects of DAOs to “create legal certainty” and reduce risks, the government has said.
For Crypto Investors Down Bad in Hector, the DAO Can’t Die Fast Enough
Hector Network will take six to 12 months to hold a liquidation. Token holders want their money back sooner.
Researcher envisions smart education system built with blockchain, DAOs, NFTs and AI
According to the research, combining the technologies will result in 12 distinct advantages over the traditional educational system.
DeFi Project Parrot Puts Fate of Over $70M Treasury, PRT Token, to Vote
Polly wants a bailout?
Token hoarders defeat the purpose of most DAOs: Study
The study also showed that decentralized organizations work best when they’re built around a tight-knit group of focused participants.
IMF sees climate change, DAOs, CBDC as threats to Marshall Islands, urges reforms
Entering the crypto economy is not a good idea for a country with “capacity constraints” and no central bank, the IMF thinks.
Index Coop Aims to Improve Limitations of Protocol, On-Chain Structured Products
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Aave DAO to Vote on Gho Stablecoin Deployment on Ethereum
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DeFi ‘circuit breaker’ could slash hack losses by 70%: Finance Redefined
The top 100 DeFi tokens had a mixed week. Most tokens traded in the same range as the previous week, with a minor bearish correction.
Shibarium could go live in August — Developer
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AzukiDAO Votes on ‘Reclaim’ of 20K Ether After Botched Elementals NFT Mint
“We have only been given a similar profile picture to that of the original Azuki holders,” the DAO proposal reads.
This Free-to-Mint Soulbound NFT Tracks Your Web3 Work History
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MakerDAO Boosts U.S. Treasury Holdings by $700M to Back DAI Stablecoin With Real-World Assets
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France’s Markets Regulator Backs Global Rules for DeFi
The AMF wants industry stakeholders to contribute to a discussion about its views on supervising DeFi, DAOs and associated risks.