Author: Tiger Research

Translation: AididiaoJP, Foresight News

Abstract

• The AI agent market has seen a sharp decline in interest following a crash in token prices, but technological development continues steadily. The DeFAI sector is regaining attention through actual product releases and specialized on-chain functionalities.
• Specialized agents optimized for specific functions have replaced the previous general-purpose agents. Projects like Virtuals are actively building infrastructure to connect these agents and enable collaboration.
• AI agents will be integrated as core functionalities into crypto projects. Infrastructure that enables smooth communication and collaboration between agents will become crucial.

The Hype is Over, Technology Continues

The cryptocurrency industry has integrated AI technology in various ways, with AI agents receiving the most attention. The total market capitalization of tokens related to agents once reached approximately $16 billion. This reflects strong market interest, but such attention was short-lived. Most projects failed to meet development expectations, and token prices plummeted by over 90% from their peak.

The price drop does not signify a technological regression. AI agents remain an important technological area within the crypto space. Discussions about practical use cases have become more specific, and teams continue to test new approaches. This report explores how AI agents function within the crypto domain and examines potential future developments.

Reshaping the AI Agent Ecosystem Post-Hype

Early AI Agent Projects Gradually Fade from the Market

The AI agent sector within the crypto space began to attract attention at the end of 2024. The ElizaOS team from ai16z and the G.A.M.E development stack from the Virtuals Protocol team significantly lowered the barriers to agent development. Launch platforms like DAOS.fun and Virtuals Fun provided a platform for tokenizing developed agents. The process from development to release became streamlined, leading to a surge in market interest and a rapid emergence of numerous agent projects.

Most projects proposed ambitious roadmaps utilizing AI technology. Investors drove up token prices due to expectations for innovative services. In reality, these projects were merely wrappers around fine-tuned or prompt-engineered base models from OpenAI or Anthropic. Most projects built advanced chatbots for X or Telegram rather than developing standalone services. The projects emphasized innovative visions and technological differentiation, but their actual operations were nearly indistinguishable from meme coins.

Source: aixbt

However, some projects stand out as exceptions. Projects like aixbt and Soleng partially realized their roadmaps and launched actual services. They offered token-gated exclusive access for token holders. Aixbt provides project analysis reports, while Soleng analyzes GitHub repositories to support investor decision-making.

Even these relatively successful cases could not overcome structural limitations. The unstable revenue structure relying solely on token price increases hindered progress. Technological competitiveness lagged behind Web2 companies. Token prices eventually fell, operational funds were depleted, and most projects have now suspended services.

DeFAI Projects Rekindle Hope in the Field

AI agent technology once faced excessive expectations and has now entered a correction phase. The DeFAI sector is regaining attention by proving its practical value. DeFAI agents execute automated investment strategies 24/7. They enable users to easily access complex DeFi services through simple natural language commands. This sector is the core narrative of the early AI agent space. Most projects remained at the roadmap stage, struggling to implement practically. The field temporarily lost attention. Recent product releases are rebuilding market expectations.

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

From Individual Agents to Agent Networks

Early AI agent projects promoted "general agents" that executed all functions. This approach prioritized financing over technological completeness. Projects proposed excessive roadmaps to capture a broader market. Most exposed limitations during the implementation phase.

The current agent ecosystem is evolving in a completely different direction. Builders recognize the limitations of general agents and are now developing agents focused on specific domains. These agents can collaborate with each other, similar to skilled craftsmen like carpenters, electricians, and plumbers working together to build a house.

The ACP of the Virtuals Protocol represents this trend. It provides a standard framework for communication and task allocation between different agents. Theoriq and General Impression are also building infrastructure to enhance interoperability between agents. The market is reshaping, shifting towards maximizing the value of the entire agent ecosystem rather than individual agents.

Future Scenarios for the AI Agent Market

After the early hype cooled down, AI agents continue to evolve. Speculation has ended, but projects are still leveraging AI agents to build new functionalities and services. Two changes stand out.

First, AI agents have become essential infrastructure. AI agents are no longer an independent domain but are integrated as core functionalities into crypto projects. The blockchain data platform Nansen is developing research agents to make complex on-chain data easier to explore. DeFi projects are also adding agents to improve user access. AI agents will become the final interface connecting users with blockchains, rather than an optional feature.

Second, agent commerce will grow. As AI agents become standard, interactions between agents and between agents and humans will become more frequent. Secure trading protocols and trust mechanisms will become increasingly important. Projects like the ACP of Virtuals Protocol lay the groundwork for this.

These changes will simplify the complexities of the crypto space, improve user experience, and create new economic opportunities.

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