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8 million tokens airdropped, detailed explanation of on-chain AI agent Spectral

BlockBeats2024/05/11 03:33
By:BlockBeats
Original title: "Analysis of Spectral: On-chain AI agent with $30 million in financing and 8 million tokens in S1 airdrop"
Original author: Wenser, Odaily Planet Daily


Recently, Spectral, an on-chain agent machine intelligence network, announced the launch of the first quarter airdrop of SPEC tokens, with a total supply of 100 million tokens. The first quarter airdrop allocation tokens accounted for 8% of the total, or 8 million tokens. According to the highest average price of $90 per token on May 6, the total value of the project is $720 million. Of course, this is only a calculation of the extreme case. The circulation, liquidity and coin price are difficult to support such a project. As of the time of writing, the price of SPEC tokens is $6.1, with a remaining liquidity of $2.9 million, and the market value has also fallen back to around $16.7 million. When the explosive attention brought by the airdrop gradually fades, it may be the best time to review a "serious project". Today, Odaily Planet Daily will share with you more information behind the Spectral project.


Analysis of the SPEC Token Season 1 Airdrop


On May 6, Spectral officially announced that the first season of airdrops was officially launched. A total of 8% of the SPEC token supply was used for the first season distribution, and a total of 52,992 addresses were eligible for the first distribution.


SPEC token airdrop population segmentation: platform users, AI field contributors, NFT community


According to the announcement, the first season of SPEC token airdrop targets mainly include four groups of people:


· Early adopters of Spectral;

· Data scientists and open source artificial intelligence developers;

· Generative art collectors and community members;

· AI and Web3 supporters.


In addition, relevant core developers who have made significant contributions to the development of Ethereum and created decentralized infrastructure that is more important for the development of AI also have a certain share of token airdrops.


SPEC token economics: community, contributors, and investors


In the specific distribution of 100 million SPEC tokens, Spectral's division ratio can be described as simple and rough, among which:


· The community accounts for 40%, that is, 40 million SPEC tokens, 10.3% will be unlocked when TGE tokens are launched, the Cliff unlocking is divided into 12 months, and then 10% will be unlocked every month, and the vesting time is 30 months;


· Core contributors account for 22%, that is, 22 million SPEC tokens, 0 will be unlocked when TGE tokens are launched, the Cliff unlocking is divided into 12 months, and then 10% will be unlocked every month, and the vesting time is 30 months;


· Investors account for 38%, that is, 38 million SPEC tokens, 0 will be unlocked when TGE tokens are launched, the Cliff unlocking is divided into 12 months, and then 10% will be unlocked every month, and the vesting time is 18 months.


It can be seen that Spectral is quite generous in distributing returns to the core contributors of the project and investors, and the main distribution rhythm is "community first-even unlocking".


SPEC Token Distribution Model


Notable airdrop targets: AI tool users, blue chip NFT holders, Farcaster active users


Combined with the token airdrop list and the airdrop check interface , we can find that in addition to regular Spectral platform users, past contributors, and community active users, well-known AI tool platform Huggingface users, Pudgy Penguin NFT holders, and other users of the airdrop are also included. Holders, Artblocks NFT holders, and Farcaster active users also have different proportions of SPEC token airdrop shares.


Among them, Farcaster active users can get 8.125% of SPEC token airdrops, and the corresponding qualification criteria are: from January to May 2024, they have 10+ likes, 10+ followers, 10+ content releases, and 10-200 interactive contacts (original text: Users with over 10 likes, 10 followers, 10 posts on Farcaster, and between 10 and 200 contract interactions on Base from January 2024 to May 2024). The real example of 182 SPECs being able to exchange for 1200+ USDT once again makes the value of Farcaster active users soar.


In addition, AI platform users, digital art collectors and creators, data scientists, machine learning engineers and other groups have also become important roles that Spectral has repeatedly mentioned in the airdrop announcement and called for to join the ecological construction. Different from many previous AI projects that "look like AI, but are actually Meme", it must be said that in the token airdrop, Spectral still gives due respect to AI.


Spectral project background: On-chain AI proxy platform with $30 million in financing


Looking back at the past development of the Spectral project, the outbreak of AI can be said to have provided a new "breakthrough" for this project, and then reached the next turning point.


Spectral: From a programmable reputation protocol to an on-chain AI agent platform


From the current official introduction , the Spectral project positions itself as a machine intelligence network that allows users to build on-chain AI agents and participate in the on-chain agent economy. Its main products are AI conversation tools similar to ChatGPT-Spectral Syntax and Nova, which can help users create on-chain agents and access decentralized machine learning reasoning for smart contracts. These tools are integrated through Inferchain to ensure transparency and decentralization.


As early as November 2021, when Spectral announced the completion of its first round of financing, it was still a programmable reputation protocol based on Ethereum, mainly used to assess credit risks in Web3. With the help of an on-chain credit scoring system, it provides lenders with an improved mechanism for assessing borrower risks and grants users full control over their identities and pseudonyms on the blockchain.


But in a place like Web3 that emphasizes "Don't Trust, Just Verify", limited by the complexity and anonymity of decentralized networks, on-chain credit assessment is a difficult and "thankless" task. Therefore, although the project later received a new round of financing in August 2022, its multi-asset credit risk oracle (MACRO) scoring system is still difficult to be deeply understood and strongly recognized by the market and users.


In March 2024, according to Coindesk, Spectral launched the artificial intelligence application Syntax, which can help anyone start smart contracts for Ethereum and dozens of other blockchains. Users can compile, debug and deploy Solidity code generated by artificial intelligence. NFT, arbitrage robots and transaction aggregation are all possible use cases for this technology. Spectral CEO Varghese believes that retail cryptocurrency traders, rather than experienced programmers, will be the main users of Syntax.


Only then did Spectral officially complete the transformation from a programmable reputation protocol to an on-chain AI agent platform, and the originally obscure product positioning became easier to understand: a platform that helps users implement smart contract AI programming.


This is where the story begins. After all, simplicity is power, and complexity often leads to misunderstandings.


Spectral Syntax product interface


Investment institutions: Polychain Capital, General Catalyst, Social Capital and other star institutions


In November 2021, Spectral completed US$6.75 million in financing, led by Polychain Capital, with participation from Mike Novogratz's Galaxy Digital, Chamath Palihapitiya's Social Capital, ParaFi Capital, Edge Node Ventures (The Graph), and MetaPurse Ventures.


In August 2022, Spectral completed a $23 million financing, led by General Catalyst and Social Capital, with participation from Samsung, Gradient Ventures, Section 32, Franklin Templeton, Circle Ventures, Jump Capital, etc.


So far, the company has raised about $30 million in financing.


Spectral official website interface


Spectral's subsequent development and potential airdrop speculation


Based on the above information, for Spectral, the possible development direction of the project and potential airdrop opportunities are mainly in the following two aspects:


Spectral development direction: one-click coin issuance platform or smart contract education platform


Although Spectral's current platform positioning is much clearer than before, it still has a certain threshold for many market users. Therefore, based on the existing technical accumulation and project development, Spectral may consider launching a "one-click coin issuance platform" that is more in line with the existing market needs, referring to platforms such as Pump.fun and Rug.fun, while earning the corresponding issuance fees, it provides more data set accumulation and technical support for the smart contract writing, review, and deployment of AI agents on the chain.


In addition, another development direction of Spectral may also be to try to build a smart contract education platform, which coincides with the development of public goods in the Ethereum ecological network. According to Electric Capital's 2023 Developer Report, in 2023, only 22,411 active open source developers contributed to the crypto field each month, and the number of monthly active developers decreased by 24%. If Spectral can make some efforts in developer education, it is expected to make some contribution to the growth of blockchain network developers.


Spectral product demonstration interface


Spectral potential airdrops: first season airdrops and platform points


After the first season of airdrops gradually came to an end, Spectral's subsequent potential airdrops mainly focused on two parts: First, it continued the idea of the first season's airdrops being oriented to the target group, especially Huggingface platform users, Farcaster active users and other groups, who may still be important distribution targets for potential airdrops; second, according to the Spectral Syntax interface, users can currently obtain platform points by inviting new users to deploy smart contracts in order to seek the possibility of obtaining subsequent airdrops.


Summary: Token prices may continue to fall, and the long-term trend depends on the project's financing performance


Overall, Spectral's latest project positioning has certain innovative value, and its previous financing performance is also quite impressive, but the overly simple and crude token economics model and the tool platform with a certain threshold may not promote the continued rise in the price of its SPEC token. The development direction of subsequent projects and the long-term trend of token prices still depend on the subsequent financing performance of the project.


On the eve of the upcoming release of AGI by ChatGPT 5, perhaps we need to think more about the better combination and application presentation of AI and Web3.


Odaily Planet Daily reminds users to carefully choose investment targets and pay attention to asset security.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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