Bitcoin, as the beginning of the cryptocurrency realm, achieves decentralized value distribution through the proof-of-work (PoW) mechanism, allowing everyone the opportunity to earn Bitcoin by contributing computing power.

After Ethereum introduced smart contracts, project teams quickly raised funds using the ICO mechanism, paving the way for decentralized crowdfunding.

DeFi, by incentivizing users to provide liquidity, has built the infrastructure for decentralized finance while also driving new fundraising models.

Today's AI Agent narrative combines blockchain technology with AI capabilities, enabling the autonomy and operation of agents through a distributed network.

Periodic narratives have driven waves of innovation in the industry, promoting technological advancements and diversification of business models. The rise of DeFi has laid the foundation for on-chain finance, while the current AI Agent may promote the popularization of on-chain intelligence.

A large number of AI Agent projects will emerge, but most will gradually fade away due to technical bottlenecks, insufficient market demand, or unsustainable economic models.

A few projects will stand out through technological breakthroughs, alignment with user needs, and community consensus, becoming the core achievements of this cycle. For example, projects that can genuinely integrate on-chain AI capabilities with decentralized ecosystems may have long-term potential.

The AI Agent era also needs to focus on technological capabilities, ecological compatibility, and user value.