Fetch.ai has successfully completed its network update, known as proposal number 33. This update involved integrating its mainnet with the CUDOS network, resulting in the merging of all CUDOS tokens and staked assets based on specified token ratios. Additionally, a three-month locking program was implemented as part of this integration, bringing new functionality to the Fetch.ai ecosystem.
This integration has introduced a new layer of interoperability to the Fetch.ai ecosystem, enabling support for more scalable and efficient AI and blockchain-based applications. By expanding its decentralized computing capabilities, Fetch.ai can now offer enhanced services to its users.
A significant advancement in cross-chain interoperability has been achieved through a partnership between Fetch.ai and Injective. This collaboration has allowed Fetch.ai to leverage Injective’s lightweight client technology within the Inter-Blockchain Communication (IBC) protocol. As a result, faster and more efficient asset transfers between the two networks have become possible, opening up new opportunities for collaboration and innovation.
The market has shown a positive reaction to the developments surrounding Fetch.ai. Trading volume has surged by 93.89% to reach $121.26 million, indicating a renewed interest from the community. Open positions have also increased by 3.22%, further highlighting the growing market sentiment towards Fetch.ai.
Technical analysts have taken note of these developments and provided their insights. “World of Charts” has observed that FET has broken its downtrend, suggesting a potential reversal. If this breakout continues, FET could reach $5 in the short term. Crypto analyst DamiDefi has also expressed optimism, predicting that FET could rise to as much as $13 due to the technical breakout, increasing trading volume, and successful updates.
The network update and collaboration with Injective have made significant contributions to the Fetch.ai ecosystem. The growing trading volume and positive expectations from analysts indicate the potential for further growth. Users and market participants are closely monitoring the impact of these developments on the value of FET.
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Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
