EigenLayer Partners With Ritual To Build AI Driven DApps

EigenLayer, the leading restaking protocol on Ethereum has teamed up with Ritual to develop AI-driven decentralized applications (DApps).

EigenLayer, the largest restaking protocol on Ethereum in terms of total value locked (TVL), partnered with Ritual, a community-owned artificial intelligence (AI) network, to develop decentralized applications (DApps) driven by AI. 

The cooperation plans to implement Ethereum-level restaking security on the Ritual network and incorporate artificial intelligence capabilities into decentralized apps (DApps).

These capabilities will include smart agents, AI-powered decentralized financial (DeFI) applications, and autonomous media content development.

Sreeram Kannan, the founder of EigenLayer stated that coprocessors powered by artificial intelligence and crypto-economics can introduce significant new functionality to blockchain networks while also boosting economic incentives.

“Ritual is in the process of developing the first crypto-economic artificial intelligence coprocessor to enable a new generation of smart decentralized applications that AI enables.

With the support of this forward-thinking team, we are thrilled to be able to bring Ethereum staking security to this emerging sector and make it possible for EigenLayer stakeholders and operators to contribute to the development of an artificial intelligence ecosystem that is more decentralized and transparent.

As a result of Vitalik Buterin’s post on February 18thon X which detailed the Ethereum co-founder’s excitement for AI-powered smart contract auditing, which may cure bug-ridden code, the alliance comes at a time when there is a growing interest in artificial intelligence approaches to cryptocurrency solutions.

However, Buterin considers bugs to be the “most significant technical risk” that the Ethereum network faces. According to Ritual, its initial solution, Infernet, will be the first to enable smart contracts to access AI models in a native manner and at a cost-efficient rate.

This integration will create new Actively Validated Services (AVS), which will power Ritual’s infrastructure. Additionally, it will enable graphics processing unit (GPU)-capable EigenLayer restakers to provide decentralized inference, fine-tuning, and proving services within its on-chain economy.

Established in 2023, Ritual is a network of computing devices. These devices host, infer, and fine-tune artificial intelligence models. Additionally, Ritual consists of an application programming interface, or API, layer that ensures the accessibility of AI models and security mechanisms that provide the integrity of computations.

According to Niraj Pant, co-founder of Ritual, the new integration may make it possible for decentralized applications (DApps) to be smarter and more efficient.

“This integration extends the power of EigenLayer to AI computation, an exciting new capability for crypto developers. We’re excited to partner with the team as the first EigenLayer AI AVS, harnessing Ethereum’s native security and capital to enable smarter AI-enabled dApps on the Ritual network.”

According to what he wrote, the artificial intelligence and cryptocurrency industry experienced a significant surge after GPU producer Nvidia released its earnings report for the fourth quarter of 2023.

The report highlighted a 265% year-on-year increase in revenue, which caused Nvidia to surpass Tesla as the most-traded stock on Wall Street in the 30th trading sessions leading up to February 22.

In the 24 hours leading up to 1:30 pm Central European Time on February 22, the market capitalization of AI tokens increased by 11.2%, reaching $25.4 billion, as reported by CoinMarketCap. 

This occurred after the company announced the earnings results.  During the past month, the market capitalization of AI-based cryptocurrency tokens increased by a factor of two.