SingularityNET Enhances FET Token Utility with Staking Feature

Decentralized AI platform SingularityNET has announced FET token staking on their SingularityDAO dApp.

They also mentioned the ongoing efforts for a new staking pool to support CNT-FET (ASI) on the Cardano network.

This move makes the FET token more accessible to investors who want to stake the asset. It also further shows SingularityNET’s commitment to supporting the AI ecosystem through its range of AI services.

Of late, FET suffered major price decline alongside the broader crypto market being hit. This comes a little over a month after the Artificial Superintelligence Alliance (ASI), which is made up of SingularityNET, Ocean Protocol, and Fetch.ai, deployed the FET token on the Cardano blockchain.

Ben Goertzel, the CEO of SingularityNET and longtime Cardano supporter, said that Cardano was the most efficient network for the deployment.

Goertzel said that Cardano’s speed, low cost, and high security were all reasons for the deployment decisions. After the deployment, the FET token was rebranded to ASI as a native Cardano token (CNT).

The rebrand is in line with the company’s mission to improve interoperability across major blockchain networks. FET, as a native Cardano token, should improve functionality and integration across the Cardano ecosystem.

At report time, Bitcoin and the broader cryptocurrency market appear to be nursing major price losses. The Artificial Superintelligence Alliance (FET) token, is one of many tokens recording a notable decline in price. The asset now trades at a press time price of $1.33, with 24-hour losses sitting at 5.36%.