Author: Dima Khanarin
Compiled by: Shenchao TechFlow
The field of integration between Crypto and AI is rapidly developing. After Devcon, I compiled a map covering all known projects, aiming to help everyone better understand the current state of this field.
This map categorizes projects into the following three categories:
Applications (Apps)
Middleware
Infrastructure (Infra)
Each category contains funding data and information on launched tokens.
1. Applications (31 projects, total funding over $240 million, 8 tokens launched, total FDV over $3 billion):
1.1) DeFi Applications
6 projects, raised $1 million, currently no tokens launched.
Including @rug_ai, @RPS_Labs, etc.
1.2) Chatbots
4 projects, 1 token launched, total FDV over $10 million.
For example, @Libertai_DAI, etc.
1.3) Payment Applications
6 projects, raised $33 million, currently no tokens launched.
Representative projects include @PaymanAI (raised $13.8 million), @trySkyfire (raised $9.5 million), @BitteProtocol (raised $7.5 million), etc.
1.4) AI Agents and Influencers
More than 10 projects, 10+ tokens launched, total FDV over $3 billion.
Including TT, ai16z, Zerebro, @centienceio, etc.
1.5) Engineering and Security
4 projects, raised $33 million, 2 tokens launched, total FDV over $200 million.
For example, @Chain_GPT ($CGPT, FDV $12 million), @FortaNetwork ($FORT, FDV $10 million), @MetaTrustLabs (raised $10 million), etc.
1.6) Consumer Applications
6 projects, raised $12 million, 2 tokens launched, total FDV over $10 million.
Including @aiarena_ ($NRN, FDV $8 million), @bottoproject ($BOTTO, FDV $6 million), etc.
1.7) Intelligent Tools
4 projects, raised $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, raised $120 million, 4 tokens launched, total FDV over $10 billion.
Including well-known Bittensor and Sentient, as well as @assisterr, @Pluralis__, etc.
Tradable tokens include @Dither_Solana ($DITH, FDV $10 million), @hyper_tensor ($TENSOR, FDV $25 million), and @communeaidotorg ($COMAI, FDV $200 million).
2.2) Inference Services
17 projects, raised $57 million, 2 tokens launched, total FDV over $5 million.
For example, Allora Network (raised $35 million), @OpenGradient (raised $8.5 million), @hyperbolic_labs (raised $7 million), and small teams like @openex_network ($OEX, FDV $4.5 million).
2.3) Data Platforms and Monetization
23 projects, raised $240 million, 7 tokens launched, total FDV over $1 billion.
Having many well-funded protocols: Story Protocol (raised $134.3 million), Space and Time (raised $50 million), @SaharaLabsAI (raised $43 million), Ocean Protocol ($OCEAN, FDV $500 million), Vana (raised $25 million), Hivemapper ($HONEY, FDV $500 million).
2.4) Privacy Protection
14 projects, raised $250 million, 2 tokens launched, total FDV over $80 million.
For example, Zama (raised $82.3 million), Oasis Protocol ($ROSE, FDV $800 million), etc.
2.5) Agent Platforms
24 projects, raised $175 million, 6 tokens launched, total FDV over $6.5 billion.
Including Fetch AI ($FET, FDV $3.5 billion), @Spectral_Labs ($SPEC, FDV $1 billion), @virtuals_io ($VIRTUAL, FDV $450 million), @autonolas ($OLAS, FDV $850 million), and @MorpheusAIs ($MOR, FDV $800 million).
2.6) Research
3 projects, raised $5 million, currently no tokens launched.
These projects focus on cutting-edge research in the fields of AI and blockchain, with representative teams including @NousResearch, @physynAI, and @peri_labs.
2.7) Data Collection and Annotation
9 projects, raised $30 million, 1 token launched, total FDV over $12 million.
Representative projects include @getmasafi($MASA, FDV $126 million), @din_lol_ (raised $8 million), and @KivaAi (raised $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) Computing Resources
22 projects, raised $212 million, 14 tokens launched, total FDV over $11 billion.
Representative projects include Gensyn (raised $50 million), Render ($RENDER, FDV $4 billion), @HiveDistributed (raised $13 million), @PhalaNetwork ($PHA, FDV $125 million), Aethir ($ATH, FDV $2.6 billion), @fluence_project ($FLT, FDV $250 million), @SpheronFDN ($7 million), @akashnet ($AKT, FDV $1 billion), @nosana_ai ($NOS, FDV $33 million), @Neura_io ($ANKR, FDV $34.2 million), @RunOnFlux ($FLUX, FDV $25 million), etc.
3.2) AI-Specific Chains (AI Chains)
10 projects, raised $357 million, 4 tokens launched, total FDV over $9 billion.
Representative projects include @OG_network (raised $325 million), Autonomys (raised $33 million), Io.net ($IO, FDV $1.8 billion), @golemproject ($GLM, FDV $370 million), and Ora ($ORAI, FDV $120 million).
3.3) Data Storage
8 projects, raised $374 million, 5 tokens launched, total FDV over $10 billion.
Representative projects include GenesysGk (raised $43 million), @storj ($STORJ, FDV $21 million), Ceramic Network (raised $30 million), @Rivalz_AI ($11 million), @AIOZNetwork ($AIOZ, FDV $900 million), and @ArweaveEco ($AR, FDV $1.2 billion).
3.4) Proof of Humanity
This category is represented by WorldCoin, raised $115 million, token $WLD, total FDV up to $2.2 billion.
Why am I undertaking this massive analysis?
My intention is to help venture capitalists (VC) and crypto enthusiasts discover potential hot tokens, while also hoping to deconstruct the current market frenzy:
Is funding in this field sufficient?
Are there strong protocols supporting each category?
Apart from AI concept coins, is there real market appeal?
From the current situation, the answer is basically negative:
Funding is still insufficient—$2 billion is trivial for a rapidly developing field.
In AI stack development, it is very difficult to compete with centralized labs.
The market appeal of most projects is still at the speculative stage, with no mature applications emerging 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 to the application layer.
Ultimately, the entire Crypto x AI economy will be cross-chain and supported by @EverclearOrg.
