This article is reprinted with permission from Tiger Research Reports, authors: Jay Jo, Elsa, copyright belongs to the original authors.

The AI agent market has seen a sharp decline in interest following the plummeting token prices, but technological development continues steadily. The DeFAI sector is regaining attention through the release of actual products 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 cryptocurrency projects. Infrastructure that facilitates smooth communication and collaboration between agents will become crucial.

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 peaks.

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 space and examines potential future developments.

The AI agent sector within the crypto space began to attract attention starting at the end of 2024. The ElizaOS team from ai16z and the G.A.M.E development stack from the Virtuals Protocol team have significantly lowered the barriers to agent development. Launch platforms like DAOS.fun and Virtuals Fun provide a platform for tokenizing the developed agents. The process from development to release has become streamlined, market interest has surged, and a large number of agent projects have quickly emerged.

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

However, there are some exceptions. Projects like aixbt and Soleng have partially realized their roadmaps and launched actual services. They offer 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 cannot overcome structural limitations. The unstable revenue structure that relies solely on token price increases hinders progress. Technological competitiveness lags behind Web2 companies. Token prices eventually fell, operational funds were depleted, and most projects have now suspended services.

AI agent technology faced excessive expectations and has now entered a correction phase. The DeFAI sector is regaining attention by proving its actual value. DeFAI agents execute automated investment strategies 24/7. They enable users to easily access complex DeFi services through simple natural language commands. This area is the core narrative of the early AI agent space. Most projects remain at the roadmap stage, struggling to implement in practice. The sector 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.

Early AI agent projects promoted "general agents" that executed all functions. This approach prioritized funding over technological completeness. Projects proposed too many 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 they 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 from 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 the value of individual agents.

After the early hype cooled down, AI agents continue to evolve. Speculation has ended, but projects continue to leverage AI agents to build new functionalities and services. Two changes are particularly notable.

First, AI agents have become essential infrastructure. AI agents are no longer an independent domain but are integrated as fundamental functionalities into cryptocurrency 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 transaction protocols and trust mechanisms are becoming increasingly important. Projects like the ACP from 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.

Related: Opinion: AI agents need intent-based blockchain infrastructure

Original text: “AI Agent Ecosystem Map: Hype Ends, Technology Endures”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。