The AI agent market has experienced a sharp decline in interest after a significant drop in token prices, but technological development continues steadily. The DeFAI sector has regained attention through the launch of practical products and specialized on-chain functions, shifting towards the development of collaborative professional agents. This article is derived from a piece by Tiger Research, compiled, edited, and written by AididiaoJP and Foresight News. (Background: V God expresses disappointment in the development of 'AI Agent': emphasis should be placed on decentralized open-source and user feedback) (Additional background: MetaMask founder Dan Finley discusses 'the future of wallets': Will there be token issuance? AI agents and sustainability of earnings) AI agents will become the final interface connecting users with blockchain, simplifying the complexities of the crypto space, improving user experience, and creating new economic opportunities. Summary The AI agent market has seen a sharp decline in interest following a drop in token prices, but technological development continues steadily. The DeFAI sector has regained attention through the launch of practical products and specialized on-chain functions. Specialized agents optimized for specific functions have replaced previous general agents. Projects like Virtuals are actively building infrastructure to connect these agents and enable collaboration. AI agents will be integrated as core functionalities into crypto projects. Infrastructure enabling smooth communication and collaboration between agents will become crucial. The hype is over, but technology continues. The cryptocurrency industry has integrated AI technology in various ways, with AI agents receiving the most attention. The total market capitalization of tokens related to agents once reached approximately $16 billion. This indicates strong market interest, but this attention was short-lived. Most projects failed to meet development expectations, and token prices plummeted by over 90% from their peak. A drop in price does not indicate a regression in technology. AI agents remain an important technological field in the crypto space. Discussions about practical use cases have become more specific, and teams continue to test new methods. This report explores how AI agents function within the crypto field and investigates potential future developments. Restructuring the AI agent ecosystem after the hype Early AI agent projects are gradually fading from the market The AI agent sector within the crypto space began to gain attention in late 2024. The ElizaOS team from a16z and the G.A.M.E development stack team from Virtuals Protocol have significantly lowered the barrier to agent development. Launch platforms like DAOS.fun and Virtuals Fun provide platforms for tokenizing developed agents. The process from development to launch has become streamlined, leading to a surge in market interest and a rapid emergence of numerous agent projects. Most projects proposed ambitious roadmaps utilizing AI technology. Investors drove up token prices due to expectations of innovative services. In reality, these projects are merely wrappers around fine-tuned or prompt-engineered OpenAI or Anthropic base models. Most projects built advanced chatbots for X or Telegram rather than developing standalone services. Projects emphasized innovative visions and technological differentiation, but their actual operations were nearly indistinguishable from meme coins. Source: aixbt However, some projects are exceptions. Projects like aixbt and Soleng have partially realized their roadmaps and launched practical services. They offer token-gated exclusive access to token holders. Aixbt provides project analysis reports, while Soleng analyzes GitHub codebases to support investor decision-making. Even these relatively successful cases could not overcome structural limitations. A revenue structure that relies solely on the volatile rise of token prices hinders progress. Technological competitiveness lags behind Web2 companies. Ultimately, token prices fell, operational funds dried up, and most projects have now suspended services. DeFAI projects rekindle hope in the field AI agent technology faced excessive expectations and has now entered a correction phase. The DeFAI sector has regained attention by demonstrating its practical value. DeFAI agents execute automated investment strategies 24/7. They enable users to easily access complex DeFi services through simple natural language commands. This domain has been the core narrative of the early AI agent space. Most projects remain at the roadmap stage, struggling to implement in practice. The field temporarily lost attention. Recent product releases are rebuilding market expectations. Representative projects include Wayfinder and HeyAnon. Wayfinder executes on-chain tasks through dedicated AI agents called 'Shells.' Shells directly execute on-chain transactions through an integrated dedicated wallet. The system employs a specialized multi-agent architecture, including trading agents, perpetual agents, and contract agents. Each agent type focuses on specific roles to automate various investment strategies. Users can easily execute simple cross-chain transactions or advanced strategies such as basis trading and leveraged dollar-cost averaging. From individual agents to agent networks Early AI agent projects promoted 'general agents' that performed all functions. This approach prioritized financing over technological completeness. Projects proposed excessive roadmaps to capture a broader market. Most exposed limitations during implementation. The current agent ecosystem is evolving in a completely different direction. Builders recognize the limitations of general agents and are now developing agents focused on specific domains. These agents can collaborate with each other, similar to skilled craftsmen—carpenters, electricians, plumbers, etc.—working together to build a house. Virtuals Protocol's ACP represents this trend. It provides a standard framework for communication and task allocation between different agents. Theoriq and General Impression are also building infrastructure to enhance interoperability between agents. The market is reshaping, shifting towards maximizing the value of the entire agent ecosystem rather than the value of individual agents. Future scenarios for the AI agent market After the early hype cooled down, AI agents continue to evolve. Speculation has ended, but projects keep leveraging AI agents to build new features and services. Two changes stand out. First, AI agents have become essential infrastructure. AI agents are no longer an independent domain but are integrated as fundamental functionalities in crypto projects. Blockchain data platform Nansen develops research agents to make complex on-chain data easier to explore. DeFi projects are also adding agents to improve user access. AI agents will become the final interface connecting users with blockchain, rather than an optional feature. Second, agent business will grow. As AI agents become the standard, interactions between agents and between agents and humans will become more frequent. Secure trading protocols and trust mechanisms are becoming increasingly important. Projects like Virtuals Protocol's ACP lay the foundation for this.

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