I'm excited to share some impressive news about a groundbreaking development in the AI and crypto space. AO, an Arweave-based computing protocol designed for AI applications, has attracted over $158 million in deposits within a week of its "fair launch."

AO leverages Arweave’s permanent data storage layer to enable decentralized and parallel application running. This innovative protocol allows AI applications, including large language models, to operate onchain within smart contracts.

The rapid influx of funds into AO is a testament to the industry’s appetite for new technological solutions. Sam Williams, the founder of Arweave, highlighted this enthusiasm in a conversation with Cointelegraph. He noted, "The launch of AO has generated a huge amount of building, usage, and excitement. This has been reflected in the rapid growth of the network’s TVL. The industry is ready for something new, both in terms of tech and the economics of blockchain networks — and that is exactly what AO provides."

The fair launch of the AO token was a significant factor in its success. On June 18 alone, the AO token attracted $48 million worth of stETH, according to Dune data. The token was minted without any venture capitalist involvement, pre-sale, or pre-mining allocations, ensuring that 100% of the token supply was allocated to the community.

Sam Williams emphasized that this fair launch model aligns with the true ethos of crypto, promoting fair and equal access. He stated, "AO’s technology solves many of the core issues that have held crypto back from mass adoption, so we built economics to match that, too. Fair, equal access for all. No preferential treatment for anyone."

This fair launch approach, combined with AO's innovative parallel computing strategy, demonstrates a return to the core principles of cryptocurrency and has resonated strongly with the community.