Fetch.ai (FET) Hits Two-Year High Following DeFi Integration and Bosch Partnership


Artificial intelligence (AI) and machine learning are changing the face of commerce, computing, and other technologies on a daily basis.

In its most basic form, the information collected by AI is nothing more than data that can be used to make interpretations and blockchains are built for the storage and transmission of data.

Fetch.ai (FET) is a “Cambridge-based AI lab” that aims to use distributed ledger technology to build a decentralized machine learning platform capable of securely transacting any form of data globally.

4-hour chart of the FET / USDT pair. Source: TradingView

Data from Cointelegraph Markets and TradingView show that The price of FET has soared 720% since the beginning of 2021 and this week the altcoin secured a new annual high of $ 0.40.

DeFi Partnership Announcements and Integrations Increase Adoption

A tour of the project’s Twitter account shows that the excitement began to build in late January, when Fetch.ai began to tweet about your project Mettalex (MTLX), which is a decentralized exchange (DEX) for the Fetch.ai ecosystem that specializes in bringing “autonomous and intelligent oracles” to the DeFi world.

Given that DeFi is another sector that is growing at a fast pace, the arrival of FETs in this sector was followed by a notable increase in trade volume.

As part of the Mettalex launch, FET token holders had the option to lock their tokens on the platform for 3 months and get a 10% return to be paid in MTLX tokens.

Momentum for the project continued to grow throughout February following several high-profile partnerships, andAmong which stands out an agreement with the Bosch Group to help the platform launch a multipurpose blockchain project designed to enable Web 3.0.

While the blockchain project has been on a testnet since October 2020, the future mid-March launch appears to be underway according to the following tweet from the Fetch.ai team:

The posterior launch of the project’s first native app in the app store indicates that the expansion of the Fetch.ai ecosystem has only just begun, and record transaction and trade volumes indicate that there is a lot of interest in the AI-centric protocol.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.

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