Fetch.ai successfully integrated with the CUDOS mainnet through a network upgrade, merging CUDOS tokens and enhancing decentralized computing capabilities.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
In the latest development, Fetch.ai announced the successful integration with the CUDOS mainnet thereby driving FET price FET $0.63 24h volatility: 0.3% Market cap: $1.63 B Vol. 24h: $132.66 M higher by 5% in the last 24 hours. This integration happened via a network upgrade Proposal 33 while merging all CUDOS tokens and staked assets as per the pre-defined token ratios.
The integration of the CUDOS mainnet will bring new functionality and interoperability to the Fetch.ai ecosystem. Besides, this merger also allows Fetch.ai to broaden its decentralized computing capabilities providing room for more scalable and efficient AI and other blockchain-based applications.
As part of the Artificial Superintelligence Alliance (ASI), this integration enables the Alliance to expand and strengthen its position as AI’s influence grows within the crypto market. Speaking on this development, Fetch.ai noted:
“The CUDOS mainnet is now fully integrated, with all CUDOS — including staked CUDOS — seamlessly merged into the Fetch.ai mainnet. This network merger follows the predefined token merger ratios and a 3-month linear vesting schedule.”
Additionally, the Fetch.ai team also acknowledged the rapid and professional efforts of the validators, who ensured that the network upgrade went smoothly. Besides, the artificial intelligence (AI) platform has been making major developments in cross-chain interoperability through its recent partnerships with Defi protocol Injective.
This collaboration enables Fetch.ai to upgrade its Inter-Blockchain Communication (IBC) protocol light client with Injective’s technology, facilitating more efficient cross-chain asset transfers between the Fetch.ai and Injective networks.
Soon after the development, the FET price rallied more than 7% in the last 24 hours, reaching the $1.35 level as of press time. Moreover, with support from the broader crypto market rally, FET has recouped a majority of its losses over the past week.
The next key resistance for FET is at $1.40, a level it must surpass before making another attempt at the $1.71 mark. This threshold is pivotal in shaping the altcoin’s upcoming trajectory.
Courtesy: Trading View
Current indicators suggest that FET could gradually build bullish momentum, increasing the likelihood of breaking past $1.70 again. Investors remain optimistic, especially as FET nears these critical resistance levels that could enhance its upward potential.
However, one thing to keep in mind is that FET has always maintained a negative correlation to Bitcoin at -0.17. this shows that whenever the Bitcoin price rallies, FET may show a contrasting trend.
Typically, such negative correlations are approached with caution, given Bitcoin’s strong influence on the broader crypto market.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
