Artificial intelligence platform Validation Cloud has launched a new large language model on the Hedera network, potentially giving decentralized finance users the ability to reach blockchain data in a more accessible way.
The Mavrik-1 AI engine has been deployed on Hedera, with several other planned integrations expected during a public rollout later this year, Validation Cloud’s team told Cointelegraph.
The AI engine is designed to allow users to interact with DeFi protocols and access blockchain data through natural language queries without needing technical expertise or knowledge.
Mavrik-1 uses live onchain data trained for DeFi, stablecoins and other blockchain applications.
“Despite DeFi accounting for over 50% of all onchain activity, accessing and interpreting that data remains a major hurdle for most users and institutions,” Validation Cloud told Cointelegraph, asserting that existing blockchain data tools like Dune, Flipside and Nansen are harder to grasp for users who aren’t well versed in the industry.
Since at least 2023, blockchain companies have developed AI chatbots to assist developers and users. However, as Cointelegraph reported at the time, widespread adoption faced major hurdles, particularly for AI-powered smart contracts, which were hindered by high and unpredictable gas fees.
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AI’s growing utility in Web3
With AI set to be a $15 trillion industry by 2030, more of its activity will migrate to the decentralized web as blockchains give users greater control over computing resources and databases, according to LeewayHertz, an AI development company.
This was further corroborated by Ernst & Young, which reported in 2024 that “AI and Web3 could address shortcomings in each other.”
“Web3 could help AI tackle its trust issues, and AI could help overcome Web3’s adoption challenges,” E&Y said.
Use cases for AI have popped up all over the blockchain industry, with Cointelegraph recently reporting that a Circle co-founder had launched an “AI native bank” with $18 million in fresh startup capital.
Venture capital poured $73 billion into AI startups during the first quarter, according to Pitchbook data. More than half of the total was a single funding round into ChatGPT developer OpenAI, which raised $40 billion in March.
Although crypto-focused venture capitalists are excited about AI applications, some have expressed reservations about investing until the technology progresses further.
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