Summary

After the sharp decline in token prices, the AI Agent market has lost momentum, but technological development continues steadily. Through actual product launches and specialized on-chain functionalities, the decentralized finance AI (DeFAI) sector has regained attention.

Specialized AI Agents optimized for specific functions have replaced the previous general-purpose AI Agents. Projects like Virtuals are actively building infrastructure to connect these AI Agents and enable collaboration among them.

AI Agents will become a core functionality of crypto projects. Infrastructure ensuring smooth communication and cooperation between Agents will become crucial.

1. The Hype Is Over, but Technology Continues to Evolve
   The crypto industry has integrated AI technology in various ways, with AI Agents receiving the most attention. The total market capitalization of related tokens once reached approximately $16 billion, demonstrating strong market interest. However, this attention was short-lived. Most projects failed to meet development expectations, and token prices plummeted by over 90% from their peaks.

The price decline does not mean technological regression. AI Agents remain an important technological area in the crypto space. Discussions about practical use cases have become more concrete, and teams continue to test new approaches. This report explores how AI Agents operate in the crypto space and examines their potential future directions.

2. The AI Agent Ecosystem Reshapes the Landscape After the Hype
   2.1. Early AI Agent Projects Gradually Fade from the Market
   The AI Agent sector within the crypto space gained attention starting in late 2024. The ElizaOS by the ai16z team and the G.A.M.E development stack by the Virtuals Protocol team significantly lowered the barrier to AI Agent development. Launch platforms like DAOS.fun and Virtuals Fun provided easy tokenization pathways for developed projects. The process from development to launch became simplified. Market interest surged. Numerous projects emerged rapidly.
   Most projects proposed ambitious development blueprints, claiming to leverage AI technology. Investors, expecting innovative services, drove up token prices. In reality, however, these projects merely fine-tuned or applied prompt engineering to base models from OpenAI or Anthropic. Most projects built advanced chatbots for X or Telegram rather than developing independent services. These projects emphasized innovative visions and technological differentiation, but their actual operations were no different from "meme coins."
   Some projects were exceptions. Projects like aixbt and Soleng partially realized their roadmaps and launched actual services. They implemented token-gating mechanisms, providing exclusive access to token holders. aixbt offers project analysis reports. Soleng analyzes GitHub repositories to support investor decision-making.

Even these relatively successful cases could not overcome structural limitations. Unstable revenue structures relying solely on token price appreciation hindered development. Technological competitiveness lagged behind Web2 companies. Token prices eventually declined. Operational funds dried up. Today, most projects have suspended services.

2.2. DeFAI Projects Revive Industry Hopes

AI Agent technology once faced excessively high expectations, followed by an adjustment phase. Now, the decentralized finance AI (DeFAI) sector is regaining attention by demonstrating its practical value. DeFAI Agents can execute automated investment strategies 24/7. They enable easy access to complex decentralized finance (DeFi) services through simple natural language instructions. This area was once a core theme in the early AI Agent field. Most projects remained at the roadmap stage, and practical implementation proved challenging, causing the sector to lose attention. Recent product launches are reshaping market expectations.

Representative projects include Wayfinder and HeyAnon. Wayfinder executes on-chain tasks through specialized AI Agents called "Shells." Shells directly perform on-chain transactions via a built-in dedicated wallet. The system employs a specialized multi-agent architecture, including trading agents, perpetual agents, and contract agents. Each agent type focuses on a specific role to automate various investment strategies. Users can easily execute simple cross-chain transactions or advanced strategies like basis trading and leveraged DCA.

2.3 From Individual Agents to Agent Networks

Early AI Agent projects promoted "general-purpose Agents" capable of handling all functions. This approach focused more on fundraising than technological completeness. Projects proposed overly grand roadmaps to attract broader markets. However, most exposed limitations during the execution phase.

The current Agent ecosystem is moving in a截然不同的 direction. Developers recognize the limitations of general-purpose Agents. They are now developing Agents focused on specific domains. These Agents can collaborate with each other. It is like skilled artisans with different expertise—carpenters, electricians, plumbers—working together to build a house.

Virtuals Protocol's ACP (Agent Commerce Protocol) embodies this trend. It provides a standard framework for communication and task allocation among different Agents. Theoriq and General Impression are also building infrastructure to enhance interoperability between Agents. The market is reshaping to maximize value for the entire ecosystem rather than for individual Agents.

3. Future Prospects of the AI Agent Market
   After the early hype faded, AI Agents continue to evolve. Speculative activity has ended, but projects are still using AI Agents to build new features and services. Two changes are particularly notable.

First, AI Agents are becoming critical infrastructure. AI Agents are no longer a standalone field but are being integrated as fundamental functionalities of crypto projects. Blockchain data platform Nansen is developing research Agents to make complex on-chain data more explorable. Decentralized finance projects are also adding Agents to improve user access. AI Agents will become the final interface connecting users to the blockchain, rather than an optional feature.

Second, Agent commerce will grow. As AI Agents become standard, interactions between Agents and between Agents and humans will increase. Secure transaction protocols and trust mechanisms become increasingly important. Projects like Virtuals Protocol's ACP lay the foundation for this.

These changes will simplify the complexity of cryptocurrencies, improve user experience, and create new economic opportunities.