What is $FET Fetch AI? All You Need to Know about FET
With ChatGPT destroying social media, the artificial intelligence (AI) narrative stormed the crypto space. Even though the storm has calmed down lately because of $PEPE and the meme narrative, there are good AI projects you should check out! Let’s dive into Fetch AI Fetch.ai Network, the infrastructure for smart, autonomous services.
In this article:
- What is $FET Fetch AI?
- What are Smart Agents or Digital Twins?
- Fetch’s Crypto Ecosystem
- $FET Token
- $FET Tokenomics
- $FET Allocation
- Where to buy $FET?
- Final Thoughts
♦What is $FET Fetch AI?
Fetch AI is a project that uses smart contracts to allow you to create and use your own AI programs (also called digital twins or smart agents) to help you with your digital tasks while using a decentralized and peer-to-peer network.
It was founded by Humayun Sheikh, a software developer and investor well-known in the AI space.
♦What are Smart Agents or Digital Twins?
They’re AI technology that learns from you how to perform tasks and do it for you. Examples:
- Auto-park option in cars
- In search engines for best plane ticket prices
The tech is also used in Decentralized Finance (DeFi) with Automated Market Makers (AMMs) that control lending and borrowing automatically.
♦Fetch’s Crypto Ecosystem
- Atomix: This platform allows stablecoin holders to earn passive incomee by providing a yield (APY) for stablecoin holders.
- Resonate: A decentralized social media platform with an NFT marketplace.
- Starfleit: A UniSwap inspired decentralized exchange (DEX).
Of course there’s more to the ecosystem, but I’m only mentioning crypto-related ones.
♦$FET Token
The token is built on Cosmos blockchain which is know for its high interoperability. This allows it to run on multiple blockchains, making it work with EVM. So FET’s blockchain serves as a layer 2 on Ethereum.
The network is secured by proof of staking by around 60 validators so far. Small $FET holders can provide their stake to validators to earn a small fee from the validator’s rewards.
Fetch provides rewards for around 10% APY for every block secured.
Validators that double sign or have prolonged downtime can have their staked FET slashed as a penalty. Moreover, they have a role in governance. The more stake they have, the more say in the governance.
All fees on Fetch’s networks are paid in $FET.
♦Tokenomics
- Max supply: 1.15 Billion.
- Circulating Supply: 1.04 billion on CoinGecko. — 819 million on CoinMarketCap & Messari
Whether 90% or 71% of supply is in circulation that means future inflation is low and won’t exceed 29%.
- Mcap~ $252MM.
The Total Crypto Mcap is around $1.1T this shows that there is big room to grow.
♦Allocation
What’s concerning is that the team holds a considerable amount of the voting power.
That 40% held off by the team (foundation & founders) weakens their mission for decentralization.
Thus, the selling pressure from the team can push the prices down.
♦Where to buy
CEXs like:
- Coinbase
- Binance
- KuCoin
- Mexc
- Kraken
DEXS like:
- Uniswap v3 eth
- Pancakeswap v2 bsc
♦Final Thoughts
- Fetch’s success is highly dependent on its ecosystem.
- They need more partnerships to attract devs.
- They also need to make the network more friendly to the average tech-savvy user because it’s designed for software experts only.
Not financial advice, so make sure to DYOR!
If you enjoyed this, share it with your friends, & don’t forget to follow me! Subscribe to my substack, where I’ll be sharing weekly crypto updates!
