An under-the-radar project focused on artificial intelligence (AI) is defying the crypto market downturn as tokenomic upgrade plans begin to take shape.
The utility token for the AI agent project ai16z (AI16Z) is trading for $1.52 at time of writing, up 23.7% in the past 24 hours.
With a market cap of $1.65 billion, the Solana (SOL)-based altcoin is the 79th-largest crypto project.
Meanwhile, Bitcoin (BTC) is down nearly 2% on the day, trading for $91,998 at time of writing. The entire crypto market cap is valued at $3.36 trillion at time of writing, down 3.4% in the last 24 hours.
The market strength of ai16z comes as the project is proposing a new tokenomic plan that aims to increase the utility token’s value by better leveraging the benefits of the ecosystem’s AI agent known as Eliza.
“The main challenge is that while the Eliza agent framework is thriving in terms of adoption and technical innovation, the ai16z token currently lacks strong mechanisms to accrue value, leading to misaligned incentives. The partners recognize this needs to change to sustain ai16z’s momentum…
Overall, there is strong consensus that major tokenomic upgrades are urgently needed to better capture the value that Eliza is creating. An official launchpad is the leading proposal, but with healthy debate on the details and trade-offs.”
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Featured Image: Shutterstock/jiang jie feng/Andy Chipus
