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- 1 The Arweave ecosystem announced the migration of their AR.IO network to AO (@aoTheComputer) with the blockheight at 1449000.
- 2 The founder revealed that AO ranked as the 28th largest DeFi economy.
- 3 The AR price is at the crucial support, and it looks clear that the price could bounce higher and break the resistance at $50.
The arweave ecosystem this June month highlighted that they are migrating their AR.IO network and protocol to @ao The Computer.
Arweave shared a prior migration announcement on X by June 21 and stated that they had almost reached the migration process. As of Arweave, block height is 1449000, and the existing AR.IO Smartweave smart contract has been locked to writes and is now in read-only mode.
📢 An update on our prior migration announcement: we're almost there! 🏗️🐘
— ar.io network (@ar_io_network) June 20, 2024
As of Arweave blockheight 1449000 (~5pm ET), the existing https://t.co/ljKQFJO6vN SmartWeave smart contract has been locked to writes and is now in read-only mode. https://t.co/EFSlvBA8Pu
AR.IO is a decentralized network of permanent domains and gateways for the Arweave ecosystem, and they have been migrating this to @ao The computer, which is a hyper-parallel computer.
What Founder Has in Mind for AO?
Recently, the founder and inventor of Arweave and AO, @samecwilliams, optimistic tweet post at X on June 22nd highlights that in a mere 3 days, @aoTheComputer has gathered $205 Million pre-bridged. He further claimed by sharing an image that AO has become the 28th largest DeFi economy, as its TVL now equals that of Cardano.
$205m pre-bridged to @aoTheComputer in just 3 days.
— 🐘🔗 sam.arweave.dev (@samecwilliams) June 21, 2024
AO is now the 28th largest DeFi economy. TVL equal to Cardano.
Larger than: zkSync, Fantom, Scroll, Algorand, Filecoin, ICP, and many more.
Devs: Liquidity has arrived. Just build.
100% fair launch. 21m. 4 year halving. pic.twitter.com/4drWO7pbj0
He further patronized that @aoThe Computer is now larger than some other projects in the crypto landscapes like zkSync, Fantom, Scroll, Algorand, filecoin, ICP, and many more. He further said that @aoThecomputer would have a 100% fair launch of 21 million total supply and a 4-year halving would be commenced every 4 years like BTC.
Arweave Fundamental Principle are Same as BTC & ETH!
Arweave also sheds some light on its concepts that the fundamental concepts are the same and approachable if one understands Bitcoin (BTC) and Ethereum (ETH).
Tweet Img of @only arweave| Source: X
It further said that like Rollups are similar to Arweave Bundles, and Proof of Work is similar to Proof of Access, the permanent data appears to be pretty simple.
Net stETH Deposited Overview on DUNE
Furthermore, the founder said that Defillama chain TVLs are not listed yet for AO, but the curious one could find info on the DUNE, as it has a dashboard to look at the breakdown of its pre-bridge.
Net stETH Deposited Overview | Source: Dune.com
As per dune data at the time of writing, AO looks over $200,000,000 of $stETH that has been deposited into AO, which is appreciable. Thus, as the number says the exact value of Net stETH that was deposited has been 63,695 stETH, which amounted to $223.44 Million, and the total number of stETH depositors is 1058 in total.
How Arweave (AR) Crypto Price is Responding to AO?
AR price is at a crucial support, and it looks clear that the price could bounce higher and break the resistance at $50. Once the price crosses the $50 mark, then the price could go higher, as the gates would open towards higher levels.
At press time, AR was at $27.50 with an intraday loss of -1.48%, taking support at $23. The price approaches to cut 200-day and 50-day EMAs dynamic resistances from below. Meanwhile, in MACD, a bullish cross is anticipated. The RSI took a U-turn towards overbought from the oversold territory, which flashed at 36.15 and has taken support on 14-SMA.
Therefore, if the price manages to surge, near-time resistance would be $35.0 and $45.0, respectively. however, if the price fails to surge and plunges by breaking $23.0 support, then near support would be at $12.0.
Summary
In June, the Arweave ecosystem announced the migration of their AR.IO network to @ao The Computer, with block height at 1449000. The founder, @samecwilliams, revealed that AO had gathered $205 Million pre-bridged and ranked as the 28th largest DeFi economy.AR price stood at $27.50, indicating potential resistance at $35.0 and $45.0, with support at $23.0 and $12.0.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
