TAO Gains 86% as Nvidia CEO Endorses Decentralized AI
Bittensor's native token (TAO) recorded an 86% price increase over the last month, pushing its market capitalization to $3.55 billion by March 27. The climb was propelled by an endorsement from Nvidia CEO Jensen Huang, who highlighted the potential of decentralized computing models similar to Bittensor's network. The token's price surged over 20% on March 25 alone, reaching $374.70 as the market responded to growing validation from major tech and venture capital figures.
This price action is supported by fundamental network developments and a bullish thesis from investors like Rob Greer of Stillcore Capital, who described TAO as the "Bitcoin of AI." Greer points to the network's "proof-of-intelligence" model, where token emissions reward useful AI work. Tangible progress within its subnets provides further evidence of utility; the Templar subnet's Covenant-72B model reportedly outperforms Meta's Llama2-70B, while the Chutes subnet claims to run AI tasks at a cost 85% lower than Amazon Web Services (AWS).
Hyperliquid Attracts 3 ETF Filings in Institutional Push
While TAO captures attention for its technical merits, Hyperliquid (HYPE) is gaining traction through pathways of traditional finance. The decentralized finance protocol became the focus of institutional interest after three spot ETF applications were filed with the U.S. Securities and Exchange Commission (SEC). Grayscale Investments formalized one of these bids, submitting an S-1 registration statement for a spot Hyperliquid ETF to trade on Nasdaq under the ticker GHYP.
The filings represent a significant test for regulators and a potential milestone for the broader altcoin market. While the SEC has approved Bitcoin ETFs, applications for single-asset altcoin products are rare. This move signals that institutional asset managers are looking beyond established digital assets to protocols with specialized utility. The pursuit of a HYPE ETF occurs as the SEC and CFTC have informally signaled that major cryptocurrencies may be treated as commodities, a favorable regulatory shift that awaits legal certainty from the pending CLARITY Act.
