SingularityNET is one of the top AI-based cryptocurrency projects that has recently introduced ADA staking services. The platform is designed to facilitate the Cardano blockchain network and it has issued the official date of release for ADA staking. It is worth noting that ADA is among the most staked currencies in DeFi.
The developers of the AI platform have informed the users that the ADA staking feature is set to go online in March of the current year.
However, the project is currently in the testing phase and as per the engineers it has to complete the technical audit before going live. At this speed, ADA investors can avail of the program before the end of Q1 2023.
SingularityNET operates using its native token called AGIX. Since the start of the current year, the token has recorded a price appreciation of 420%. The main reason for this considerable growth rate is attributed to the increasing hype around AI-related technologies. The tech-savvy stakeholders of DeFi have invested in AGIX tokens based on future development potential.
SingularityNET’s Cross-Chain Structure
SingularityNET is blockchain neutral platform. It can be hosted on multiple blockchain networks on account of technical diversity. The project is currently hosted on the Cardano network as well as the Ethereum blockchain.
The unique feature of this project is based on the cross-chain structure which allows it to access two massive blockchain ecosystems.
One of the main reasons for the increasing traction for the AGIX tokens is the latest project. The platform has recently introduced a cross-chain update that will increase interoperability. This program is called AGIX ETH-ADA Converter Bridge.
This channel is built on the Cardano blockchain. Therefore, when the users are availing of the staking services, they can also exchange assets between Cardano and Ethereum networks.
At the same time, the ADA stakers on the network will be able to earn AGIX tokens as yield rewards. Considering the massive price appreciation of the AGIX token and voting rights there is a chance of additional investment interest.