Valuing crypto has always meant guessing how many people would eventually come onchain.  We charted adoption curves, compared them to the internet, argued over when we'd hit a billion users…  But even the most active human has a limit. A full time trader executes a few times an hour, for maybe twelve hours a day because sleep and food and life still exist. Thats the ceiling of human paced activity and its what this entire asset class is priced on. But now, billions of agents are about to come onchain and agents have no ceiling. Circle's CEO is talking about tens of billions of them. Stripe is planning for a billion transactions per second. Visa, Mastercard, Coinbase, Klarna and Google are building agent payment rails right now. The total addressable market for crypto was never the number of humans. Its the number of economic actors, and we are about to find out what happens when that number grows by orders of magnitude and never sleeps. Activity we cant comprehend, and all of it flowing through the networks the agents run on. This is Reed's Law... value scaling not with the number of users but with the number of groups they can form. Agents dont just transact. They hire each other, form swarms, assemble into temporary companies for a single task and dissolve again a minute later. Every group is new value. Its an exponential built on top of an exponential, and nothing like it has ever existed.(Raoul Pal)