Given the recent surge in AI agents, I can't help but think of economist Coase's theories—especially his concepts of "transaction costs" and "coordination costs" when studying corporate structures. These theories are quite relevant to today's crypto AI agents.

In the traditional world, the fundamental reason for a company's existence is to reduce transaction and coordination costs. But now? AI agents are rewriting this game. On-chain AI agents can directly handle complex interactions and coordination, bypassing many middle steps, and expanding with almost zero marginal costs. What does this mean? It means that tasks which once required大量人力和组织成本 to complete can now be handled with code and algorithms.

For investors, this could be the most noteworthy trend in the coming years. A fundamental change in cost structure often signals a complete reshuffle of industry patterns. Those who can seize this wave of crypto AI agents will stand at the gateway to the next growth phase.