AGIX’s price skyrocketed at the beginning of this year, partially due to ChatGPT’s popularity and Microsoft’s announcement featuring plans to invest in OpenAI, the creator of said application. The token will also be available for staking soon, assumably in the first quarter of 2023.
SingularityNet is an AI project running on Ethereum and Cardano blockchains. Its main purpose is to build a decentralized AI network whose participants can use it to create and monetize AI services. Think of it as a potential one-stop shop for all things AI.
AGIX is a SingularityNet utility token primarily utilized for decentralized AI marketplace transactions. It’s also a multi-chain asset that can operate on chains such as Ethereum and Cardano, and its holders can participate in governance decision making within the SingularityNet ecosystem.
Since the beginning of 2023, crypto market conditions have been in AGIX’s favor. Believe it or not, its current price is over four times higher than at the beginning of the month. Some speculate that the latest hype around ChatGPT and other AI platforms has pushed price rebounds of AI tokens, including AGIX. On top of that, Microsoft plans to invest good money in OpenAI, which also drives the price of AI tokens up.
AI coins and tokens can be used as any other crypto. You can buy, sell, and send them or spend them to reap the benefits of the platform they power.
What’s more, as they connect the power of AI and DAO, some predict that the AI-based blockchain platforms and their coins are the next big thing in Web 3.0.
AGIX AI Token Is Listed on Binance Futures
The latest Binance press release gives us insight into Binance’s plans with the AGIX token. Its official website says Binance Futures will launch BUSD-margined AGIX perpetual contracts. On top of that, it will allow traders to exchange this AI token with up to 15x leverage.
BUSD-margined AGIX perpetual contracts are launched on January 19th, 2023. Perpetual contracts, often referred to as perpetual swaps, are futures agreements without an expiry date. It’s an agreement to sell or purchase a certain asset at an indeterminate future date without the option to opt out.
These BUSD-margined futures contracts will employ Binance coins as collateral. And, of course, traders will have the option to choose between 1x and 15x leverage. This would allow them to increase their market exposure and potential ROI without adding to the capital they initially had. Of course, trading with leverage can be profitable, but it’s extremely risky. Although Binance allows you to trade AGIX with leverage, it’s always a good idea to think twice before engaging in these trading practices.
Finally, Binance reserves the right to make changes to these contracts at any time based solely on the market conditions. Still, traders will be informed about such changes if they occur.