FET becomes reserve asset for Binance as AI token popularity rises FET becomes reserve asset for Binance as AI token popularity rises
The AI crypto sector continues its surge in popularity as FET token becomes Proof of Reserve asset for Binance, Huobi and Bitfinex.
3 min read
Updated: Jan. 20, 2023 at 3:57 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Fetch.ai (FET)has become a listed token on Proof of Reserves (PoR) for several exchanges, including Binance, Huobi and Bitfinex, according to Glassnode data.
Artificial Intelligence (AI) token popularity surged over the last three months — leading to significant increases in AI token price and active addresses, according to CryptoSlate data.
Fetch.ai
FET is a decentralized digital representation of the world in which autonomous software agents perform useful economic work. This involves delivering data or providing services, which are then rewarded with FET for their efforts.
FET posted a 1.24% increase in price over the last 24 hours, but real growth can be observed over the last seven days — where FET price pumped 80.89%.
![Fetch.ai: Total Transfer Volume [USD] (Source: Glassnode.com)](https://cryptoslate.com/wp-content/uploads/2023/01/glassnode-studio_fetch-ai-total-transfer-volume-usd.png)
Binance FET Proof of Reserves
![Fetch.ai: Proof of Reserves [FET] - Binance (Source: Glassnode.com)](https://cryptoslate.com/wp-content/uploads/2023/01/glassnode-studio_fetch-ai-proof-of-reserves-fet-binance.png)
Huobi FET Proof of Reserves
![Fetch.ai: Proof of Reserves [FET] - Huobi (Source: Glassnode.com)](https://cryptoslate.com/wp-content/uploads/2023/01/glassnode-studio_fetch-ai-proof-of-reserves-fet-huobi.png)
Bitfinex FET Proof of Reserves
![Fetch.ai: Proof of Reserves [FET] - Bitfinex (Source: Glassnode.com)](https://cryptoslate.com/wp-content/uploads/2023/01/glassnode-studio_fetch-ai-proof-of-reserves-fet-bitfinex.png)
Ocean Protocol
The AI-infused data-sharing blockchain Ocean Protocol (OCEAN) saw the number of active addresses spike three times since November 2022, according to Glassnode data.
OCEAN outflows exceeded $2.5 million in withdrawals over a 30-day period — beginning in mid-November 2022 and ramping up into mid-December 2022 — according to Glassnode data.
![Ocean Protocol: Exchange Net Position Change [USD] - All Exchanges (Source: Glassnode.com)](https://cryptoslate.com/wp-content/uploads/2023/01/glassnode-studio_ocean-protocol-exchange-net-position-change-usd-all-exchanges.png)
OCEAN saw significant gains in active addresses and price in the month leading up to 2023 but is — as of press time — now dethroned as the highest AI token market cap by FET.
AI revolution
The AI cryptocurrency sector posted steady but significant gains through December 2022, setting the foundations for 2023.
With the introduction of the AI-powered selfie editor Lensa and the prototype chatbot ChatGPT, AI quickly became a viral sensation across social media — tested by over one million users in early December 2022.
Witnessing faster uptake than Netflix, Meta, and Instagram, ChatGPT began as a fun conversation simulator but quickly evolved.
Capabilities for coding, debugging, health advice, marketing, assistant task, and more were demonstrated — stimulating both AI tokens growth and general public interest in the AI sector.
Mentioned in this article
Author 
Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.
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In this article
Fetch.AI, founded in 2017 and launched on Binance in March 2019, is an innovative platform combining artificial intelligence with blockchain technology.
Ocean Protocol
$0.59615
Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.