Can Binance's listing of TAO save the "Bittensor Doggies"?

Janak9955

On April 11th, Binance will list Bittensor (TAO) and open trading pairs like TAO/BTC, TAO/USDT, and others. After the announcement, Bittensor's native token TAO surged rapidly. The price of this "AI leader," with a market capitalization exceeding 4 billion USD, soared to around 700 USD, securing over 20% gains within an hour.

Following the listing news and the surge in TAO token price, various tokens related to the "TAO ecosystem" experienced significant uptrends within a short period. For instance, Rivus DAO, a TAO ecosystem liquidity project recently completed on FjordFoundry, gained over 40% in value within an hour, reaching nearly 0.1 USD.

According to official sources, Rivus DAO aims to unlock DeFi on AI protocols/ecosystems by providing LSD services to AI blockchains like Bittensor. Rivus DAO offers liquidity collateral solutions using rsToken, enabling users to earn staking rewards while staying within DeFi-native networks like Ethereum. Recently, RIVUS has been consistently listed among the top tokens on Ethereum's popular tokens list on Dexscreener.

Apart from Rivus DAO, other projects like Sturdy Finance, a zero-interest DeFi lending protocol, known for providing liquidity to the TAO ecosystem, also witnessed price fluctuations. Following the announcement, STRDY saw a 20% increase in value within an hour. Sturdy Finance had just announced the launch of the TAO subnet in early March, but its price remained stagnant thereafter.

In March 2022, Sturdy announced the completion of a $3.9 million seed and strategic round financing, led by Pantera Capital, with participation from Y Combinator, SoftBank Opportunity Fund, KuCoin Ventures, Orange DAO, among others. However, in June 2023, Sturdy fell victim to a hacking attack, losing 442 ETH. In the new crypto cycle, Sturdy seems determined to align with TAO to revitalize its development morale.

Compared to Rivus DAO and Sturdy Finance, TAOPad (TPAD) appears to be the target of aggressive endorsement by various KOLs. This launch platform, also focusing on "TAO ecosystem liquidity," had previously assisted another TAO ecosystem project, TAOBank (TBANK), in successfully launching its token. Both projects witnessed significant gains during the initial hype around the "AI Dog" but experienced rapid declines after TAO prices began to falter in mid-last month.

Due to Bittensor's massive market capitalization and closed ecosystem, people are eager to participate in speculative activities within the ecosystem but often lack access routes. This led to the frequent emergence of various projects under the "TAO Dog" banner in the market. These projects may operate initially, such as TAOBank (TBANK) and TAO Accounting System (TAS), but as wealth effects and speculative money pour in, the speed of TAO Dog projects' emergence increases while the quality of official operations deteriorates. Eventually, most TAO Dogs end up cashing out after reaching zero, leaving participants disappointed in the TAO ecosystem.

In reality, meme tokens in the Solana ecosystem, like TAO, have also experienced a period of decline but regained momentum after the listing of WIF on Binance, subsequently creating myths around BOME and Slerf within a month. Will Binance's listing of TAO reignite the Bittensor ecosystem's popularity?

Jiger955

TAO is something I've heard of but don't know much about.

Yamini003

This is something worth looking into and understanding.

Ritu13

Whether it can save them is hard to say.