The SingularityNET’s AGI token price is facing an upward trend as the industry is evolving. There are currently more DeFi possibilities, cross-chain integrations, and two-layer functionality that has contributed to driving the demand.
Just as the internet has transformed with time, the same is happening with different digital technologies such as blockchain and AI changing data and everything else.
SingularityNET is one of the AI-focused cryptocurrency projects that gained traction since the beginning of the year. Its humanoid robot, Sophia has gotten a lot of interest.
It has a platform that doubles up as an AI marketplace that AI developers can use to create, share, to monetize their services. Users can use its native token to search, test or purchase services on the platform. As a result of increased interest, the price of AGI increased by about 1000%. The price increased from $0.046 on January 1 to $0.50 on April 6, which is the highest it has ever been.
Three main reasons have fueled the AGI’s token rally. Its entrance into DeFi, its cross-chain collaboration with Cardano, and its system upgrade add layer 2, making it possible to create tokens on the platform.
2020 has been a significant year for DeFi, with many projects coming up have reshaped the industry. SingularityDAO is one of the leading players introduced in the last quarter of 2020 to facilitate funding and growth of early and mid-stage blockchain projects. It optimizes on AI to ensure there is more tokens liquidity.
In addition to that, AGI holders also could participate in platform governance, network security and earn interest through staking. Sofia was the first AI robot to create NFT-based artworks. This created hype for AGI making it generate more than $1 million in sales.
Is two-layer functionality better?
Even though the Ethereum network has so much popularity and preference, there is still a weakness in network congestion and high transaction costs that lead to long confirmation times. This is the main reason why SingularityNET added in a second layer such that there is an additional network on top of the SingularityNET network. Through the second layer of the network, it is possible to create other tokens with low transaction costs.
The idea has been embraced by many, thus AGI’s massive growth in 2021. So far, there are already SL2 projects running. SingularityNET’s strategy and positioning is a sure bet that it is headed to the stars.