Binance has launched TAO, can it save "Bittensor Tugou"?

On April 11, according to an official announcement, Binance will list Bittensor (TAO) on April 11, 2024, at 20:00 (UTC+8) and open trading pairs such as TAO/BTC and TAO/USDT. Following the news, the native token of Bittensor, TAO, quickly surged. The price of this "AI leader" with a market cap of over $4 billion soared to around $700, achieving over a 20% increase in just 1 hour.

Driven by the listing news and the price surge of the TAO token, various tokens related to the "TAO ecosystem" experienced significant increases in a short period of time. For example, Rivus DAO, a TAO ecosystem liquidity project that recently completed an LBP on FjordFoundry, saw a surge of over 40% in just 1 hour, reaching around $0.1.

According to official information, Rivus DAO aims to unlock DeFi on AI protocols/ecosystems by providing LSD services to AI blockchains like Bittensor. Rivus DAO offers a liquidity collateral solution using rsToken, allowing users to earn staking rewards while staying on native DeFi networks like Ethereum. Recently, RIVUS has also been consistently featured on the popular token list on Dexscreener for Ethereum.

In addition to Rivus DAO, other projects like interest-free DeFi lending protocol Sturdy Finance, which focus on bringing liquidity to the TAO ecosystem, also experienced price fluctuations. Following the announcement, STRDY gained a 20% increase in 1 hour. In early March, Sturdy had just announced the launch of the TAO subnet, but its price has been lackluster since then.

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

Compared to Rivus DAO and Sturdy Finance, TAOPad (TPAD) has become a target for many KOLs to promote vigorously. This launch platform, also focusing on "TAO ecosystem liquidity," had previously helped another TAO ecosystem project, TAOBank (TBANK), successfully issue tokens. Both projects saw decent price increases during the initial hype around the "AI dog" but quickly declined when TAO prices started to show weakness last month.

BlockBeats previously reported that due to Bittensor's large market cap and closed ecosystem, people wanted to speculate on the ecosystem but struggled to find a way in, leading to the frequent emergence of various "TAO dog" projects bearing the TAO label. These projects initially operated to some extent, such as TAOBank (TBANK) and TAO Accounting System (TAS), but with the influx of speculative money, the speed of TAO dog projects appearing increased while the quality of official operations decreased. Eventually, most TAO dog projects ended up collapsing, leaving participants disappointed in the TAO ecosystem.

"Is TAO, with a $4 billion market cap, the Ethereum of the AI industry or a new meme factory?"

In fact, meme tokens in the Solana ecosystem also went through a period of decline similar to TAO but regained popularity after WIF was listed on Binance, subsequently creating the myths of BOME and Slerf within a month. With Binance listing TAO this time, will the Bittensor ecosystem heat up again? Are today's price surges of "TAO dogs" a "dead cat bounce" or a signal of resurgence?

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