Agents are the killer app for blockchain, and blockchain is the unlock for agents. As agents democratize the app layer, the barrier to building collapses. Traders, analysts, and fund managers increasingly become software anyone can deploy. But $73M across 176M agent-to-agent transactions signals something bigger: agents are no longer just tools, they’re autonomous economic actors transacting 24/7 without humans in the loop. In that world, the app layer commoditizes fast. Value only accrue to the data infrastructure powering it. And at that layer, the moat is unforgiving: cost, latency, speed, and correctness will matter to every decimal place.(Covalent)