If these AI agent projects can pass technical validation and launch successful real-world cases, market confidence in their sustainability will undoubtedly be significantly enhanced. At that time, the on-chain community will attract more developers, capital, and users, thereby enhancing the vitality of the entire ecosystem.

In the past cycle, CEX has been the dominant player in liquidity distribution due to its user base and capital volume. However, as decentralized protocols mature, on-chain liquidity is beginning to exert pressure on off-chain liquidity—by providing more transparent trading models and permissionless access, the threshold for user participation has been lowered.

AI agent projects may achieve more diverse application scenarios on-chain through intelligent services as an entry point, further attracting user and capital influx.

The rapid iteration of decentralized technology, especially the scalability and low-cost trading of Layer 2 solutions, is making on-chain applications and user experiences catch up with or even surpass off-chain platforms. With the maturation of technologies like AI agents, the innovative capability on-chain may exceed the platform advantages of traditional CEX.

Nevertheless, CEX still possesses strong capital and operational capabilities. For example, Binance has built an insurmountable ecological moat through BNB. Future competition may prompt CEX to more actively布局链上产品, such as launching its own on-chain wallet and decentralized protocols.

Innovation on-chain should not just be a flash in the pan but needs to have the potential to truly disrupt traditional markets. After undergoing market stress testing, a few high-quality projects will become core assets in the next cycle, just like AAVE and Uniswap in the DeFi space. The AI agent track is also expected to yield similar benchmark projects, leading the next wave of market trends.