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SPX index is up 0.26%, these gains occurred as the Federal Reserve kept interest rates unchanged and signaled a greater-than-expected rate cut of 75 basis points for the next year. The broader cryptocurrency market is mixed, with Bitcoin rising 0.16% and Ether dropping and ETH rising 1.66% in the past 24 hours.
Today’s outperformer is FET, which jumped 8.6% after Fetch AI Partners with SingularityNET to Tackle AI Hallucinations.
Fetch.ai (FET), launched in March 2019, is a decentralized blockchain network using machine learning to drive a digital economy with minimal human intervention. It connects IoT devices and services, enabling data sharing and collaboration among various AI agents. Fetch AI and SingularityNET are teaming up to combat AI "hallucinations" - inaccurate outputs from large language models. They'll leverage decentralized tech, combining neural and symbolic AI, to build more reliable and trustworthy AI applications. This tackles misinformation and harmful AI actions, but requires increased transparency in development. Open initiatives like Frontier Model Forum aim to address this, paving the way for a safer and more beneficial AI future.
Synthetix has approved a governance proposal to end SNX token inflation, shifting towards strategies like token buybacks and burns. This change, part of the upcoming Andromeda release, eliminates the need for weekly inflationary rewards for stakers. The move aims to reduce token supply by using trading fees to buy and burn SNX tokens. Following this announcement, the Synthetix token value rose, reaching a yearly high of $4.75. The platform, known for decentralized derivatives trading, has over $890 million in total value locked across Ethereum and Optimism networks. Check Out the Latest Prices, Charts, and Data of SNXUSDT Perp and SNX/USDT Spot!