The protocol is designed to provide hashrate support for Mirendil's self-improving AI system to accelerate scientific discovery and AI development. Benham Neyshabur, co-founder and CEO of Mirendil, stated that the deal is valued at over $100 million, which is about half of the seed funding Mirendil raised at a $1 billion valuation at the end of June. Self-improving AI aims to automate scientific and AI research, with the goal of making progress in fields such as medicine, biology, and materials science.