Raoul Pal
Raoul Pal|Aug 28, 2026 21:03
In the next two or three years, every human could have a hundred... maybe a thousand agents working for them onchain. Arpan Nanavati breaks it down perfectly in this clip... the whole thing is a cost  curve. Right now, it costs about $10 a day in inference to run an agent... hedge fund territory. But inference costs have already dropped 100x in three years, and every step down changes who can afford to play: At $1 a day, every protocol is running agents At cents a day, your wallet has agents built in, managing your idle capital At microcents, you get agent swarms Jevons paradox... every time the cost of something collapses, usage explodes.  Intelligence is scaling, and theres no reason the number of agents executing onchain cant scale near infinitely. Madness.(Raoul Pal)
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