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This article provides an in-depth analysis of projects at the intersection of cryptocurrency and artificial intelligence, exploring which projects truly leverage AI and blockchain technology and which are just gimmicks. The article points out that most crypto projects do not require AI, and vice versa, and highlights the potential of decentralized physical infrastructure networks (DePINs), data networks, and GPU networks in the development of AI. At the same time, the article proposes how to identify truly valuable "encryption x AI" projects and looks forward to the future development of decentralized AI.