Through the two waves of bull markets in the cryptocurrency circle in 2017-18 and 2020-21, the industrial chain and valuation logic of blockchain projects have gradually taken shape:

The underlying public chain; The market value ceiling is Ethereum, with a current market value of 400 billion US dollars; the second dragon Solana, the market value is about 1/4 of Ethereum, and it may reach 1/3 or even 1/2 in the future;

Middle layer: such as the oracle Chainlink, the full circulation market value is 20 billion US dollars, which is about 5% of Ethereum;

Basic protocols such as DeFi, Uniswap FDV has a market value of 13 billion US dollars; AAVE has a market value of about 5 billion US dollars; 3% and 1.25% of Ethereum respectively;

The underlying logic of DeFi is based on smart contracts (Smart Contract), and the functional limitations of smart contracts also limit the innovation of other applications in the cryptocurrency circle.

Now that AI has been incorporated into the underlying technology stack of the blockchain, the AI ​​layer has become a technical bottom layer parallel to the smart contract, the so-called full-chain Agent layer. (Fully-onchain AI Agent Layer).

Based on this logic, we can see that if Chainlink, the top middleware of DeFi, can account for 5% of the Ethereum market value, we can boldly assume that the top framework of AI Agent can also account for 5%; the current market value of ai16z is about 2.5 billion US dollars, and there is still 8-10 times of room; here we take ai16z as an example, of course, there may be other better Agent frameworks.

A launch platform similar to Virtual's built-in framework is equivalent to Chainlink + Uni. Chainlink + Uni's current market value is 33 billion US dollars, and Virtual's 5 billion US dollars still has 6 times of room.

Freysai (FAI) is a bit like AAVE, low-key but the product quality of delivery is extremely high. The verifable application of AI TEE will also become the standard of AgentApp in the future. The market value ceiling is 1.25%-3% of Ethereum, corresponding to 5 to 10 billion US dollars.

Other leading benchmarks are similar to Spore, which is equivalent to Suanwen or Launchpad in the previous cycle, and aixbt is similar to DeFi aggregator 1inch, etc. The lower limit is a valuation of 1 billion US dollars, and the upper limit depends on the market development.

For AI life forms, AGI is the brain, robots are the body, and crypto gives autonomous identity and economic system. #本轮牛市周期预期