178 projects have raised $2 billion, with 54 tokens launched, and a total fully diluted valuation (FDV) exceeding $63 billion.

Author: Dima Khanarin

Translation: Deep Tide TechFlow

The field of combining Crypto and AI is rapidly developing. After the conclusion of Devcon, I compiled a map covering all known projects to help everyone better understand the current state of this field.

This map categorizes the projects into the following three types:

• Apps

• Middleware

• Infra

Each category includes financing data and information on launched tokens.

1. Apps (31 projects, total funding over $240 million, 8 tokens launched, total FDV over $3 billion):

1.1) DeFi Apps

• 6 projects, funding $1 million, currently no tokens launched.

• Includes @rugai, @RPSLabs, etc.

1.2) Chatbots

• 4 projects, 1 token launched, total FDV over $10 million.

• For example, @Libertai_DAI, etc.

1.3) Payment Apps

• 6 projects, funding $33 million, currently no tokens launched.

• Representative projects include @PaymanAI (funding $13.8 million), @trySkyfire (funding $9.5 million), @BitteProtocol (funding $7.5 million), etc.

1.4) AI Agents and Influencers

• Over 10 projects, 10+ tokens launched, total FDV over $3 billion.

• Includes TT, ai16z, Zerebro, @centienceio, etc.

1.5) Engineering and Security

• 4 projects, funding $33 million, 2 tokens launched, total FDV over $20 million.

• For example, @Chain_GPT ($CGPT, FDV $120 million), @FortaNetwork ($FORT, FDV $100 million), @MetaTrustLabs (funding $10 million), etc.

1.6) Consumer Apps

• 6 projects, funding $12 million, 2 tokens launched, total FDV over $10 million.

• Includes @aiarena_ ($NRN, FDV $8 million), @bottoproject ($BOTTO, FDV $6 million), etc.

1.7) Smart Tools

• 4 projects, funding $163 million, 2 tokens launched, total FDV over $2 billion.

• For example, Arkham Intel ($ARKM, FDV $2 billion), Kaito, Dune, and Messari.

2. Middleware (106 projects, total funding over $800 million, 25 tokens launched, total FDV over $18 billion):

2.1) Training and Collaboration

• 16 projects, funding $120 million, 4 tokens launched, total FDV over $10 billion.

• Includes well-known Bittensor and Sentient, as well as @assisterr, @Pluralis__ etc.

• Tradeable tokens include @DitherSolana ($DITH, FDV $10 million), @hypertensor ($TENSOR, FDV $25 million), and @communeaidotorg ($COMAI, FDV $200 million).

2.2) Inference Services

• 17 projects, funding $57 million, 2 tokens launched, total FDV over $5 million.

• For example, Allora Network (funding $35 million), @OpenGradient (funding $8.5 million), @hyperboliclabs (funding $7 million), and small teams like @openexnetwork ($OEX, FDV $45 million).

2.3) Data Platforms and Monetization

• 23 projects, funding $240 million, 7 tokens launched, total FDV over $1 billion.

• Featuring many well-funded protocols: Story Protocol (raised $134.3 million), Space and Time (raised $50 million), @SaharaLabsAI (raised $43 million), Ocean Protocol ($OCEAN, $500 million FDV), Vana (raised $25 million), Hivemapper ($HONEY, $500 million FDV).

2.4) Privacy Protection

• 14 projects, funding $250 million, 2 tokens launched, total FDV over $80 million.

• For example, Zama (funding $82.3 million), Oasis Protocol ($ROSE, FDV $800 million), etc.

2.5) Agent Platforms

• 24 projects, funding $175 million, 6 tokens launched, total FDV over $6.5 billion.

• Includes Fetch AI ($FET, FDV $3.5 billion), @SpectralLabs ($SPEC, FDV $1 billion), @virtualsio ($VIRTUAL, FDV $450 million), @autonolas ($OLAS, FDV $850 million), and @MorpheusAIs ($MOR, FDV $800 million).

2.6) Research

• 3 projects, funding $5 million, currently no tokens launched.

• These projects focus on cutting-edge research in AI and blockchain, with representative teams including @NousResearch, @physynAI, and @peri_labs.

2.7) Data Collection and Annotation

• 9 projects, funding $30 million, 1 token launched, total FDV over $12 million.

• Representative projects include @getmasafi ($MASA, FDV $12.6 million), @dinlol (funding $8 million), and @KivaAi (funding $7 million).

3. Infrastructure (41 projects in total, total funding over $1 billion, 24 tokens launched, total fully diluted valuation (FDV) over $42 billion)

3.1) Compute

• 22 projects, funding $212 million, 14 tokens launched, total FDV over $11 billion.

• Representative projects include Gensyn (funding $50 million), Render ($RENDER, FDV $4 billion), @HiveDistributed (funding $13 million), @PhalaNetwork ($PHA, FDV $125 million), Aethir ($ATH, FDV $2.6 billion), @fluenceproject ($FLT, FDV $250 million), @SpheronFDN ($7 million), @akashnet ($AKT, FDV $1 billion), @nosanaai ($NOS, FDV $33 million), @Neura_io ($ANKR, FDV $34.2 million), @RunOnFlux ($FLUX, FDV $25 million), etc.

3.2) AI Chains

• 10 projects, funding $357 million, 4 tokens launched, total FDV over $9 billion.

• Representative projects include @OG_network (funding $325 million), Autonomys (funding $33 million), Io.net ($IO, FDV $1.8 billion), @golemproject ($GLM, FDV $370 million), and Ora ($ORAI, FDV $120 million).

3.3) Data Storage

• 8 projects, funding $374 million, 5 tokens launched, total FDV over $1 billion.

• Representative projects include GenesysGk (funding $43 million), @storj ($STORJ, FDV $210 million), Ceramic Network (funding $30 million), @Rivalz_AI (funding $11 million), @AIOZNetwork ($AIOZ, FDV $900 million), and @ArweaveEco ($AR, FDV $1.2 billion).

3.4) Proof of Humanity

• This category is represented by WorldCoin, which has raised $115 million, with the token $WLD, and a total FDV of up to $2.2 billion.

Why am I undertaking this massive analysis?

My intention is to help venture capitalists (VCs) and crypto enthusiasts discover potential hot tokens, while also hoping to deconstruct the current market frenzy:

• Is there sufficient funding in this field?

• Are there strong protocols supporting each category?

• Besides AI concept coins, is there real market appeal?

From the current situation, the answer is largely negative:

• Funding is still insufficient—$2 billion is trivial for a rapidly developing field.

• Competing with centralized labs in AI stack development is very challenging.

• The market appeal of most projects remains in the speculative stage, with no mature applications yet.

Currently, funding is mainly concentrated in infrastructure and middleware—but this will change as the ecosystem develops.

I agree with a16z's viewpoint: in the coming years, value will gradually shift towards the application layer.

Finally, the entire Crypto x AI economy will be cross-chain and supported by @EverclearOrg.

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