Author: Edgy Source: X, @thedefiedge Translator: Shan Ouba, Golden Finance
Currently, it is quite unlikely that there will be a comprehensive altcoin season, where all altcoins rise together. The altcoin market is fragmented—there are too many tokens in the market now, and the lack of liquidity cannot support the rise of all tokens (even if retail investors fully return).
Only certain tracks will usher in a full-fledged altcoin season. Right now, the AI agent track is at this stage. While the market is generally declining, this field continues to set historical highs. AI agents are attracting market liquidity and attention.
If you missed the DeFi summer of 2020 or the Alt Layer 1 trend of 2021... the market is giving you another opportunity! Don't try to go against the trend, and don't be clever.
If you have been watching from the sidelines recently, you might be wondering if it's "too late" to get in now? I don't think so:
• The current market is generally sluggish, but AI infrastructure and agent projects are reaching all-time highs. Just imagine what will happen when the market rebounds?
• The entire AI agent track has only just started about 2 months ago (the starting point is the launch of GOAT). Currently, these AI agents are in a "very basic" state. As time goes by, we are unlocking new features every day.
Imagine the changes that would occur when AI agents can optimize your portfolio and trade directly on the chain?
• Treat AI infrastructure as Alt Layer 1 and AI agents as DApps. Some AI infrastructure protocols may reach the valuation level of Alt Layer 1 (over $10 billion).
The main difference is: Most AI infrastructure projects do not have VC support, so you don't have to worry about the selling pressure from large-scale token unlocks.
• Currently, top AI protocols have not been launched on CEX (Centralized Exchanges). I have a few friends around me who are interested in this sector, but they encountered some difficulties when trying to enter.
I will mainly discuss AI infrastructure projects because their current risk/reward ratio is optimal.
Instead of selecting individual AI agents, it is better to invest in the entire infrastructure, which is equivalent to "owning the entire casino." During the gold rush, the richest people were those who sold shovels and pickaxes.
Let's dive deeper into this track.
The Two Kings of AI Infrastructure
1. Virtuals (@virtuals_io) - The Current King
• Market Cap: $4.6 billion
• Status: The main Launchpad platform in the AI agent (Agent) field
Virtuals has become the preferred Launchpad for AI agent projects, currently dominating the Base ecosystem, but it may expand to other chains in the future. Its co-founder @ethermage hinted that they are ready to launch the platform on Solana and plan to expand to @HyperliquidX and @AbstractChain in 2025.
Virtuals recently released a series of strategic goals, such as attracting top AI agent developers and improving technology to make Virtuals the fairest stage for agent investors. Will Virtuals launch a revenue-sharing mechanism for AI agents?
Three Core Advantages:
Token Economic Model: Creating an agent requires $VIRTUALS, and all new agents' liquidity pairs also require $VIRTUALS. Almost all new agent Launchpads are mimicking their token economic models.
Network Effect: Virtuals are currently attracting significant attention from the market, and launching an agent on this platform means being able to enjoy the tailwind of the Base ecosystem.
Star Agent: @AIXBT is the first agent with a market value exceeding 500 million dollars.
Although I don't like making price predictions, Virtuals may enter the top ten by market capitalization in this cycle.
2. Ai16z ($AI16Z) - King of Challengers
• Market Cap: $2.2 billion
• Status: The origin of the ElizaOS proxy framework and one of the most popular code repositories on Github.
Since its establishment, Ai16z has gone through many ups and downs, but its technology and community influence continue to grow.
The biggest issue used to be that its token economic model failed to effectively capture value. Now, they are undergoing a major reform and will launch a new Launchpad in the first quarter of 2025.
Starting a project on the Eliza framework will require:
• Pay the initiation fee (part of which will be returned through buyback and destruction of $AI16Z)
• Only holders of $AI16Z can gain access and liquidity pairing opportunities.
• The project token must pair with $AI16Z for liquidity to stabilize the market.
It's like owning a share of a casino, where each new agent has to pay an "entrance fee."
Strategy and Planning:
• Diversified Vault Strategy: Diversify investments into major L1 tokens, stablecoins, and project tokens, and provide liquidity for the $AI16Z trading pair to ensure long-term sustainability and avoid sell-off risks.
• Agent Swarms: AI agent swarms will be a key focus in the future, with multiple agents working together, marking the beginning of the realization of decentralized general artificial intelligence (AGI).
• Ecological Incentives: Developers building on Eliza will receive:
• Ecological Fund Support
• Revenue sharing opportunities
Make $AI16Z the "glue" for the entire decentralized AI stack, similar to how $ETH is for the Ethereum ecosystem or $SOL is for Solana.
Who is stronger, Virtuals or Ai16z?
Advantages of Virtuals:
• Strategic foresight, staying at the forefront of the industry while competitors are still catching up.
• The support of the Base ecosystem provides strong momentum for its growth.
Advantages of Ai16z:
• The ElizaOS framework is technologically advanced, providing a better experience for developing agents.
• The reform of the token economic model will address the value capture issue.
The crypto industry has always liked to take sides, but you don't have to pick a side. I'm not sure who will ultimately win this race, so holding both directly might be a simpler choice. However, I have more interest in Virtuals and its ecological configuration.
Many industries ultimately evolve into a duopoly, such as Apple vs. Android, Coca-Cola vs. Pepsi. Will this sector also face a similar situation? Let's wait and see.
Competitors
Virtuals and Ai16z are currently dominating the market, but this game has just begun. If you seek higher returns, you might consider some more "flexible" options.
ZereBro (Market Cap $632 Million) - Transformation Has Arrived
ZereBro was originally a universal AI agent capable of creating music. But now it is transforming into a complete full-stack framework for creating other agents.
ZerePy is an open-source proxy framework based on Python, and the status of Python goes without saying:
Python is the most popular programming language in the world.
The vast majority of AI tools and libraries are written in Python.
You can use it to launch a proxy similar to ZereBro.
The Zentients Agency Platform is set to launch in early 2025. This new Launchpad will empower $ZEREBRO directly, and each created agency will return value through launch fees, liquidity pairing (LP) binding, and an innovative liquidity locking mechanism.
ZereBro has now joined the thriving ecosystem of Virtuals and launched the ZereBro/Virtual liquidity pool on @Base to expand its influence.
They are still using the successful strategies of the current industry leaders, but their current valuation is much lower than their competitors.
$ARC (Market Cap $358 Million) - AI Agent Framework Based on Rust
Arc.fun is building an open-source proxy framework called Rig, which is currently the only proxy framework built on Rust. Rust is the native language of Solana, which is very important.
Why is $ARC worth paying attention to?
• Rust optimizes performance through zero-cost abstraction.
• Rig framework performs better than Langchain in terms of memory and cold start time.
• Core contributor @0xCygaar has started contributing code to Rig Github, and he is also one of the core developers of Abstract Chain.
In short: Arc = Rust + excellent code library.
$GRIFFAIN (Market Cap $457 Million) - AI App Store on Solana
Griffain allows you to search and perform any operations on-chain using natural language, with agents able to autonomously complete on-chain transactions.
Core Highlights:
• Griffain agents can automatically execute preset trades on DEX, such as hourly dollar-cost averaging (DCA) or limit orders.
• Agents can also send the latest address holdings and transaction reports via email.
• The project has received public support from @aeyakovenko and Solana Labs and plans to build an AI agent similar to Siri on the iPhone on Solana Mobile.
• Griffain is built by @tonyplasencia3, who was a developer for the Underdog and Blink projects on Solana.
Why is this important?
Currently, many people criticize AI agents as "just chatbots" and lacking practical applications. Griffain is building infrastructure for useful on-chain AI agents.
REI (Market Cap $153 Million) - A Smarter AI Agent New Play
REI is not just an ordinary AI agent; it is a full-stack framework that combines AI innovation with blockchain. Think of REI as an intelligent agent that can not only act but also learn, reason, and adapt.
Feature Highlights:
• REI mainly interacts with users through X (Twitter) and possesses natural and contextually appropriate conversational abilities.
• Oracle Bridge connects off-chain data, while the ERCData standard optimizes the gas costs of on-chain data, making on-chain AI applications more efficient.
• The 4-layer cognitive model of REI (Thinking, Reasoning, Decision-making, Execution) enables agents to have the ability to learn and self-adjust, thus achieving deterministic execution.
Recent Catalysts:
• AI Stack SDKs: Phased rollout to lower the barrier for developers to create agents.
• Expand Oracle Network: Laying the foundation for building on-chain real-world AI applications.
• Phase Two Plan: Comprehensive test network, advanced verification protocol, and mainnet plan for 2025.
What is the big picture? The goal of REI is not just to create smarter robots, but to shape the future of decentralized intelligent agents through the precise combination of AI and blockchain. If you are interested in the future of autonomous agents, REI is a project worth following in the long term.
$VAPOR - (Market Cap: $154 million) - The first and only AI agent Launchpad on Hyperliquid
Vapor is an AI agent Launchpad natively built on Hyperliquid, using the Eliza framework from @ai16zdao.
Key Points:
• Although $AI16Z accounts for approximately 1.2% of Solana's fully diluted valuation (FDV), the market capitalization of $VAPOR is only $132 million, which is equivalent to 0.47% of Hyperliquid's FDV.
• After going live, users must destroy $VAPOR to launch the proxy, which means $VAPOR is a deflationary token, and the total supply will continue to decrease.
• All proxy tokens launched on Hyper EVM will be traded in a local DEX pool paired with $VAPOR. As more proxies are launched, more $VAPOR will be locked in the liquidity pool.
• It is now live on the testnet, and currently all agents do not need to hold tokens to approve.
MODE (Market Cap: $114 million) - The Intersection of AI Agents and DeFi
Mode Network can be seen as an Ethereum Layer 2, focused on expanding DeFi to billions of users through on-chain AI agents.
"By 2026, over 80% of on-chain transactions will be completed through AI agents." If you believe this prediction, Mode will allow you to position yourself in advance.
• TVL: Over $500 million, the third largest chain in the OP Superchain ecosystem.
• User Growth: With 367,000 users and over 24 million transactions.
• Undervalued: The MC/TVL ratio indicates potential upside.
• AI Agent Hackathon: The first hackathon attracted 667 registrants, and over 10 Eliza plugins were developed in just 6 days.
• AI Proxy Application Store: Currently, several proxies have been launched, including:
• Amplifi: A Bitcoin abstraction layer that utilizes AI to achieve Bitcoin scalability.
• Arma: Optimize USDC yield farm.
• Brian: Allows natural language to execute transactions and contracts.
• Sturdy: Aggregate AI-driven yield vaults to enhance yield.
• QuillAI Network: A secure AI agent powered by D-LLM and EigenLayer AVS.
Vision of Mode: To build the infrastructure for the on-chain agency economy. With the Synth testnet, BitcoinOS integration, and the growing AI agency ecosystem, Mode will play an important role.
$GAME (Market Cap: $390 million) - Pillar of the Virtuals Framework
GAME is the first infrastructure project that allows developers to integrate AI agents into games.
Description from Virtuals:
"Every society has core infrastructure to drive its development and growth. @game_virtuals plays the role of Shopify in the Virtuals ecosystem, while @base is similar to SWIFT."
Significant Progress:
• Developed directly by the Virtuals Protocol team.
• $GAME is the backbone of the virtual economy, and every time an AI agent operates, $GAME is paid as operating expenses.
• GAME has supported over 200 projects and processes more than 150,000 requests daily.
• In the Virtuals ecosystem, G.A.M.E's 30-day performance ranks first, with growth approaching 400%.
• GAME has the most Lifetime Inferences, exceeding 2.2 million.
Why is $GAME undervalued? People do not know much about its functions, and even the G.A.M.E team has not heavily promoted it (the official account has only 5 tweets, and they haven't even changed the Twitter header image).
A similar but riskier option is CONVO, which powers AI agent conversations on Virtuals.
Soul Graph ($GRPH, Market Cap: $36 million) - Making AI Agents More Humanized
Imagine if other frameworks shape the "hard skills" of agents, then Soul Graph shapes their "soft skills", making AI agents more human-like. Its framework is designed to add personality to new or existing AI agents, giving them persistent memory and real-time communication capabilities.
"We are building open-source tools and infrastructure that allow developers to give agents an evolving personality, persistent memory, and real-time communication capabilities."
Key Points:
• Over 2000 "souls" have been created, providing 15,000 minutes of voice interaction time in the Soul Graph Playground.
• Recently integrated the AI16Z plugin.
• 85% of the total token supply is allocated to the community, with the allocation for the development team locked and vested for 1 year.
Reasons why I am optimistic about this project:
Character AI is very popular. Ordinary users spend hours chatting with AI every day, and Google just acquired Character.ai for 2.7 billion dollars. Imagine if users could interact in real-time with AI agents that have human-like personalities? Soul Graph is making this happen.
Other Projects Worth Noting
• Bully (@dolos_diary): Initially a "complaint" account, now developed a framework for a social media AI agent @dolion_ai.
• TopHat (@tophat_one): AI agent Launchpad on Solana.
• Swarm Node (@Swarmnode): Similar to AWS Lambda, but specifically designed for AI agents and framework services.
• Cookie Fun (@cookiedotfun): An AI agent data tracking platform, similar to DeFiLlama/Kaito, that tracks the influence and market share of agents. Advanced features require holding tokens for access.
How to choose?
First of all, Virtuals and AI16z are essential configurations. They are clearly dominating the market, and I don't see this trend slowing down in the short term; the network effects should not be underestimated.
If considering other promising projects, I focus on the following points:
• LaunchPad on the new chain: This is the strategy template for 2021, where Virtuals dominated Base, so you can find LaunchPads on other popular chains, such as $VAPOR which has seen an incredible rise on Hyperliquid.
• Niche Market Strategy: It's becoming increasingly difficult to launch a general-purpose L1/L2; focusing on niche markets presents greater opportunities. For example, Mode focuses on the combination of AI agents and DeFi, while Griffain specializes in natural language interaction.
• Programming Languages: Infrastructure requires proxies, proxies require developers, and developers have their preferred languages. Therefore, Zerebro (Python) and Arc (Rust) are highly competitive.
AI Investment Portfolio Ideas
1**. Buddhist-style Combination** - 50% invested in Virtuals, 50% invested in ai16z. This simple combination may outperform 80% of investors.
2.Alpha/Beta Combination - Use Virtuals as the core Alpha investment, and then choose competitive frameworks such as Arc or Griffain as Beta options.
3.Barbell Strategy - Virtuals and ai16z as "robust" bets, combined with various high-risk A.I. proxy projects.
Comprehensive Layout - Invest in infrastructure Alpha, add some Beta projects, and then diversify investments into A.I. agent projects of different risk levels. This includes leading agents like @aixbt, as well as configuring some smaller projects with a market cap of less than $10m.
Criticism of the AI Agent Track
"There are too many Launchpads and frameworks" – Brothers, have you seen how many L1 and L2 there are now? We are developing very well. This field is new and progressing rapidly. It is reasonable to build roads, bridges, and lay pipelines first if we want to build a new city.
"Most of it is garbage, ultimately going to zero" – This is the crypto world, and most things will indeed go to zero. But those that survive will overturn the game rules.
"The AI track has peaked" – You are destined not to succeed. Don't be clever and take the middle path.
"All AI agents are terrible" – Remember the days when people were afraid to shop online? I also remember the first generation iPhone couldn't even copy and paste. We're still in the early stages; this is a bet on the future.
Conclusion
I know this cycle will usher in a bull market, but I am not sure what new game-changing primitives will emerge.
Each cycle will have a moment like "DeFi" or "NFT"—a track that rejuvenates developers, and a track that enlightens retail investors and makes them flood in.
I once doubted whether this moment would really arrive. But the good news is... it has come. This is your chance to achieve financial freedom—don't mess it up.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Besides Ai16z, what other AI Agent projects are worth following?
Author: Edgy Source: X, @thedefiedge Translator: Shan Ouba, Golden Finance
Currently, it is quite unlikely that there will be a comprehensive altcoin season, where all altcoins rise together. The altcoin market is fragmented—there are too many tokens in the market now, and the lack of liquidity cannot support the rise of all tokens (even if retail investors fully return).
Only certain tracks will usher in a full-fledged altcoin season. Right now, the AI agent track is at this stage. While the market is generally declining, this field continues to set historical highs. AI agents are attracting market liquidity and attention.
If you missed the DeFi summer of 2020 or the Alt Layer 1 trend of 2021... the market is giving you another opportunity! Don't try to go against the trend, and don't be clever.
If you have been watching from the sidelines recently, you might be wondering if it's "too late" to get in now? I don't think so:
• The current market is generally sluggish, but AI infrastructure and agent projects are reaching all-time highs. Just imagine what will happen when the market rebounds?
• The entire AI agent track has only just started about 2 months ago (the starting point is the launch of GOAT). Currently, these AI agents are in a "very basic" state. As time goes by, we are unlocking new features every day.
Imagine the changes that would occur when AI agents can optimize your portfolio and trade directly on the chain?
• Treat AI infrastructure as Alt Layer 1 and AI agents as DApps. Some AI infrastructure protocols may reach the valuation level of Alt Layer 1 (over $10 billion).
The main difference is: Most AI infrastructure projects do not have VC support, so you don't have to worry about the selling pressure from large-scale token unlocks.
• Currently, top AI protocols have not been launched on CEX (Centralized Exchanges). I have a few friends around me who are interested in this sector, but they encountered some difficulties when trying to enter.
I will mainly discuss AI infrastructure projects because their current risk/reward ratio is optimal.
Instead of selecting individual AI agents, it is better to invest in the entire infrastructure, which is equivalent to "owning the entire casino." During the gold rush, the richest people were those who sold shovels and pickaxes.
Let's dive deeper into this track.
The Two Kings of AI Infrastructure
1. Virtuals (@virtuals_io) - The Current King
• Market Cap: $4.6 billion
• Status: The main Launchpad platform in the AI agent (Agent) field
Virtuals has become the preferred Launchpad for AI agent projects, currently dominating the Base ecosystem, but it may expand to other chains in the future. Its co-founder @ethermage hinted that they are ready to launch the platform on Solana and plan to expand to @HyperliquidX and @AbstractChain in 2025.
Virtuals recently released a series of strategic goals, such as attracting top AI agent developers and improving technology to make Virtuals the fairest stage for agent investors. Will Virtuals launch a revenue-sharing mechanism for AI agents?
Three Core Advantages:
Token Economic Model: Creating an agent requires $VIRTUALS, and all new agents' liquidity pairs also require $VIRTUALS. Almost all new agent Launchpads are mimicking their token economic models.
Network Effect: Virtuals are currently attracting significant attention from the market, and launching an agent on this platform means being able to enjoy the tailwind of the Base ecosystem.
Star Agent: @AIXBT is the first agent with a market value exceeding 500 million dollars.
Although I don't like making price predictions, Virtuals may enter the top ten by market capitalization in this cycle.
2. Ai16z ($AI16Z) - King of Challengers
• Market Cap: $2.2 billion
• Status: The origin of the ElizaOS proxy framework and one of the most popular code repositories on Github.
Since its establishment, Ai16z has gone through many ups and downs, but its technology and community influence continue to grow.
The biggest issue used to be that its token economic model failed to effectively capture value. Now, they are undergoing a major reform and will launch a new Launchpad in the first quarter of 2025.
Starting a project on the Eliza framework will require:
• Pay the initiation fee (part of which will be returned through buyback and destruction of $AI16Z)
• Only holders of $AI16Z can gain access and liquidity pairing opportunities.
• The project token must pair with $AI16Z for liquidity to stabilize the market.
It's like owning a share of a casino, where each new agent has to pay an "entrance fee."
Strategy and Planning:
• Diversified Vault Strategy: Diversify investments into major L1 tokens, stablecoins, and project tokens, and provide liquidity for the $AI16Z trading pair to ensure long-term sustainability and avoid sell-off risks.
• Agent Swarms: AI agent swarms will be a key focus in the future, with multiple agents working together, marking the beginning of the realization of decentralized general artificial intelligence (AGI).
• Ecological Incentives: Developers building on Eliza will receive:
• Ecological Fund Support
• Revenue sharing opportunities
Make $AI16Z the "glue" for the entire decentralized AI stack, similar to how $ETH is for the Ethereum ecosystem or $SOL is for Solana.
Who is stronger, Virtuals or Ai16z?
Advantages of Virtuals:
• Strategic foresight, staying at the forefront of the industry while competitors are still catching up.
• The support of the Base ecosystem provides strong momentum for its growth.
Advantages of Ai16z:
• The ElizaOS framework is technologically advanced, providing a better experience for developing agents.
• The reform of the token economic model will address the value capture issue.
The crypto industry has always liked to take sides, but you don't have to pick a side. I'm not sure who will ultimately win this race, so holding both directly might be a simpler choice. However, I have more interest in Virtuals and its ecological configuration.
Many industries ultimately evolve into a duopoly, such as Apple vs. Android, Coca-Cola vs. Pepsi. Will this sector also face a similar situation? Let's wait and see.
Competitors
Virtuals and Ai16z are currently dominating the market, but this game has just begun. If you seek higher returns, you might consider some more "flexible" options.
ZereBro (Market Cap $632 Million) - Transformation Has Arrived
ZereBro was originally a universal AI agent capable of creating music. But now it is transforming into a complete full-stack framework for creating other agents.
ZerePy is an open-source proxy framework based on Python, and the status of Python goes without saying:
Python is the most popular programming language in the world.
The vast majority of AI tools and libraries are written in Python.
You can use it to launch a proxy similar to ZereBro.
The Zentients Agency Platform is set to launch in early 2025. This new Launchpad will empower $ZEREBRO directly, and each created agency will return value through launch fees, liquidity pairing (LP) binding, and an innovative liquidity locking mechanism.
ZereBro has now joined the thriving ecosystem of Virtuals and launched the ZereBro/Virtual liquidity pool on @Base to expand its influence.
They are still using the successful strategies of the current industry leaders, but their current valuation is much lower than their competitors.
$ARC (Market Cap $358 Million) - AI Agent Framework Based on Rust
Arc.fun is building an open-source proxy framework called Rig, which is currently the only proxy framework built on Rust. Rust is the native language of Solana, which is very important.
Why is $ARC worth paying attention to?
• Rust optimizes performance through zero-cost abstraction.
• Rig framework performs better than Langchain in terms of memory and cold start time.
• Core contributor @0xCygaar has started contributing code to Rig Github, and he is also one of the core developers of Abstract Chain.
In short: Arc = Rust + excellent code library.
$GRIFFAIN (Market Cap $457 Million) - AI App Store on Solana
Griffain allows you to search and perform any operations on-chain using natural language, with agents able to autonomously complete on-chain transactions.
Core Highlights:
• Griffain agents can automatically execute preset trades on DEX, such as hourly dollar-cost averaging (DCA) or limit orders.
• Agents can also send the latest address holdings and transaction reports via email.
• The project has received public support from @aeyakovenko and Solana Labs and plans to build an AI agent similar to Siri on the iPhone on Solana Mobile.
• Griffain is built by @tonyplasencia3, who was a developer for the Underdog and Blink projects on Solana.
Why is this important?
Currently, many people criticize AI agents as "just chatbots" and lacking practical applications. Griffain is building infrastructure for useful on-chain AI agents.
REI (Market Cap $153 Million) - A Smarter AI Agent New Play
REI is not just an ordinary AI agent; it is a full-stack framework that combines AI innovation with blockchain. Think of REI as an intelligent agent that can not only act but also learn, reason, and adapt.
Feature Highlights:
• REI mainly interacts with users through X (Twitter) and possesses natural and contextually appropriate conversational abilities.
• Oracle Bridge connects off-chain data, while the ERCData standard optimizes the gas costs of on-chain data, making on-chain AI applications more efficient.
• The 4-layer cognitive model of REI (Thinking, Reasoning, Decision-making, Execution) enables agents to have the ability to learn and self-adjust, thus achieving deterministic execution.
Recent Catalysts:
• AI Stack SDKs: Phased rollout to lower the barrier for developers to create agents.
• Expand Oracle Network: Laying the foundation for building on-chain real-world AI applications.
• Phase Two Plan: Comprehensive test network, advanced verification protocol, and mainnet plan for 2025.
What is the big picture? The goal of REI is not just to create smarter robots, but to shape the future of decentralized intelligent agents through the precise combination of AI and blockchain. If you are interested in the future of autonomous agents, REI is a project worth following in the long term.
$VAPOR - (Market Cap: $154 million) - The first and only AI agent Launchpad on Hyperliquid
! NOgiCzdKOKTGOX4I6ZN5l0lh5Ar0blFvrvXZXyrS.png
Vapor is an AI agent Launchpad natively built on Hyperliquid, using the Eliza framework from @ai16zdao.
Key Points:
• Although $AI16Z accounts for approximately 1.2% of Solana's fully diluted valuation (FDV), the market capitalization of $VAPOR is only $132 million, which is equivalent to 0.47% of Hyperliquid's FDV.
• After going live, users must destroy $VAPOR to launch the proxy, which means $VAPOR is a deflationary token, and the total supply will continue to decrease.
• All proxy tokens launched on Hyper EVM will be traded in a local DEX pool paired with $VAPOR. As more proxies are launched, more $VAPOR will be locked in the liquidity pool.
• It is now live on the testnet, and currently all agents do not need to hold tokens to approve.
MODE (Market Cap: $114 million) - The Intersection of AI Agents and DeFi
Mode Network can be seen as an Ethereum Layer 2, focused on expanding DeFi to billions of users through on-chain AI agents.
"By 2026, over 80% of on-chain transactions will be completed through AI agents." If you believe this prediction, Mode will allow you to position yourself in advance.
• TVL: Over $500 million, the third largest chain in the OP Superchain ecosystem.
• User Growth: With 367,000 users and over 24 million transactions.
• Undervalued: The MC/TVL ratio indicates potential upside.
Latest Updates on Mode:
• Synth Testnet launched: Bittensor subnet for financial prediction, unlocking DeFi intelligence.
• AI Agent Hackathon: The first hackathon attracted 667 registrants, and over 10 Eliza plugins were developed in just 6 days.
• AI Proxy Application Store: Currently, several proxies have been launched, including:
• Amplifi: A Bitcoin abstraction layer that utilizes AI to achieve Bitcoin scalability.
• Arma: Optimize USDC yield farm.
• Brian: Allows natural language to execute transactions and contracts.
• Sturdy: Aggregate AI-driven yield vaults to enhance yield.
• QuillAI Network: A secure AI agent powered by D-LLM and EigenLayer AVS.
Vision of Mode: To build the infrastructure for the on-chain agency economy. With the Synth testnet, BitcoinOS integration, and the growing AI agency ecosystem, Mode will play an important role.
$GAME (Market Cap: $390 million) - Pillar of the Virtuals Framework
GAME is the first infrastructure project that allows developers to integrate AI agents into games.
Description from Virtuals:
"Every society has core infrastructure to drive its development and growth. @game_virtuals plays the role of Shopify in the Virtuals ecosystem, while @base is similar to SWIFT."
Significant Progress:
• Developed directly by the Virtuals Protocol team.
• $GAME is the backbone of the virtual economy, and every time an AI agent operates, $GAME is paid as operating expenses.
• GAME has supported over 200 projects and processes more than 150,000 requests daily.
• In the Virtuals ecosystem, G.A.M.E's 30-day performance ranks first, with growth approaching 400%.
• GAME has the most Lifetime Inferences, exceeding 2.2 million.
Why is $GAME undervalued? People do not know much about its functions, and even the G.A.M.E team has not heavily promoted it (the official account has only 5 tweets, and they haven't even changed the Twitter header image).
A similar but riskier option is CONVO, which powers AI agent conversations on Virtuals.
Soul Graph ($GRPH, Market Cap: $36 million) - Making AI Agents More Humanized
Imagine if other frameworks shape the "hard skills" of agents, then Soul Graph shapes their "soft skills", making AI agents more human-like. Its framework is designed to add personality to new or existing AI agents, giving them persistent memory and real-time communication capabilities.
"We are building open-source tools and infrastructure that allow developers to give agents an evolving personality, persistent memory, and real-time communication capabilities."
Key Points:
• Over 2000 "souls" have been created, providing 15,000 minutes of voice interaction time in the Soul Graph Playground.
• Recently integrated the AI16Z plugin.
• 85% of the total token supply is allocated to the community, with the allocation for the development team locked and vested for 1 year.
Reasons why I am optimistic about this project:
Character AI is very popular. Ordinary users spend hours chatting with AI every day, and Google just acquired Character.ai for 2.7 billion dollars. Imagine if users could interact in real-time with AI agents that have human-like personalities? Soul Graph is making this happen.
Other Projects Worth Noting
• Bully (@dolos_diary): Initially a "complaint" account, now developed a framework for a social media AI agent @dolion_ai.
• TopHat (@tophat_one): AI agent Launchpad on Solana.
• Swarm Node (@Swarmnode): Similar to AWS Lambda, but specifically designed for AI agents and framework services.
• Cookie Fun (@cookiedotfun): An AI agent data tracking platform, similar to DeFiLlama/Kaito, that tracks the influence and market share of agents. Advanced features require holding tokens for access.
How to choose?
First of all, Virtuals and AI16z are essential configurations. They are clearly dominating the market, and I don't see this trend slowing down in the short term; the network effects should not be underestimated.
If considering other promising projects, I focus on the following points:
• LaunchPad on the new chain: This is the strategy template for 2021, where Virtuals dominated Base, so you can find LaunchPads on other popular chains, such as $VAPOR which has seen an incredible rise on Hyperliquid.
• Niche Market Strategy: It's becoming increasingly difficult to launch a general-purpose L1/L2; focusing on niche markets presents greater opportunities. For example, Mode focuses on the combination of AI agents and DeFi, while Griffain specializes in natural language interaction.
• Programming Languages: Infrastructure requires proxies, proxies require developers, and developers have their preferred languages. Therefore, Zerebro (Python) and Arc (Rust) are highly competitive.
AI Investment Portfolio Ideas
1**. Buddhist-style Combination** - 50% invested in Virtuals, 50% invested in ai16z. This simple combination may outperform 80% of investors.
2.Alpha/Beta Combination - Use Virtuals as the core Alpha investment, and then choose competitive frameworks such as Arc or Griffain as Beta options.
3.Barbell Strategy - Virtuals and ai16z as "robust" bets, combined with various high-risk A.I. proxy projects.
Criticism of the AI Agent Track
"There are too many Launchpads and frameworks" – Brothers, have you seen how many L1 and L2 there are now? We are developing very well. This field is new and progressing rapidly. It is reasonable to build roads, bridges, and lay pipelines first if we want to build a new city.
"Most of it is garbage, ultimately going to zero" – This is the crypto world, and most things will indeed go to zero. But those that survive will overturn the game rules.
"The AI track has peaked" – You are destined not to succeed. Don't be clever and take the middle path.
"All AI agents are terrible" – Remember the days when people were afraid to shop online? I also remember the first generation iPhone couldn't even copy and paste. We're still in the early stages; this is a bet on the future.
Conclusion
I know this cycle will usher in a bull market, but I am not sure what new game-changing primitives will emerge.
Each cycle will have a moment like "DeFi" or "NFT"—a track that rejuvenates developers, and a track that enlightens retail investors and makes them flood in.
I once doubted whether this moment would really arrive. But the good news is... it has come. This is your chance to achieve financial freedom—don't mess it up.