Category: News, NFT News

Morpheus AI Launch Attracts $50M Within Hours

The decentralized AI network is developing open-source ‘Smart Agents’ that can interact with smart contracts on behalf of users.

Investors have plowed over $50M into the fair launch of Morpheus, a peer-to-peer network of what the project calls ‘Smart Agents’ – AIs that can interact with smart contracts on behalf of users.

Morpheus aims to make Web3 more accessible by providing a neutral ChatGPT-like chat interface, enabling users to easily buy or sell crypto, send stablecoins, access smart contracts, and use dapps and DeFi protocols.

To incentivize the network, Morpheus is launching its MOR token, which has a fixed supply of 42M. Users can deposit stETH to accrue MOR emissions. The project plans to use the yield generated from user deposits to fund a pool of protocol-owned liquidity.

Roughly nine hours after going live, nearly 22,000 stETH ($52M) has been deposited. Investors have the option of withdrawing their funds after seven days, with the MOR token expected to start trading after 90 days.