Fetch.ai (FET) hits a 2-year high after DeFi integration and Bosch partnership

0
88

Artificial intelligence and machine learning are changing the face of retail, computers and other technologies every day.

In its most basic form, the information that artificial intelligence collects is really just data that can be used for interpretation, and blockchains are created for the storage and transmission of data.

Fetch.ai (FET) is a Cambridge-based artificial intelligence laboratory that aims to use distributed ledger technology to build a decentralized machine learning platform that can securely handle any form of data worldwide.

FET / USDT 4 hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView show that the price of FET has increased 720% since early 2021, and this week the altcoin hit a new annual high of $ 0.40.

Partnership announcements and DeFi integrations encourage adoption

A scroll through the project’s Twitter feed shows that excitement increased in late January when Fetch.ai tweeted about its Mettalex (MTLX) project, which is a decentralized exchange (DEX) for the Fetch.ai ecosystem that specializes in “autonomous and intelligent oracles” at DeFi.

Given that DeFi is another rapidly emerging sector, the inclusion of FET was followed by a significant increase in trading volume.

As part of the introduction of Mettalex, FET token holders were given the opportunity to store their tokens on the platform for 3 months and receive a return of 10%, which is paid out in MTLX tokens.

After several high-profile partnerships, in particular a contract with the Bosch Group to support the platform in the start of a multi-purpose blockchain project that is supposed to enable Web 3.0, the momentum for the project was further expanded in February.

While the blockchain project has been in a testnet since October 2020, the upcoming release in mid-March seems to be on the right track based on the following tweet from the Fetch.ai team:

Are you ready? Mainnet 2.0 is coming … soon! # Mainnet2iscoming #nextgeneration #fetch_ai pic.twitter.com/Jq2qQQ8ruW

– Fetch.ai (@Fetch_ai) March 5, 2021

The follow-up version of the project’s first native application on the App Store shows that the expansion of the Fetch.ai ecosystem is just beginning, and the recording of transaction and trade volumes signals that interest in the AI-focused protocol is growing.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.