178 projects, raised 2 billion USD, 54 tokens launched, total fully diluted valuation (FDV) exceeding 63 billion USD.
Author: Dima Khanarin
Compiled by: Deep Tide TechFlow
The field of combining Crypto and AI is rapidly evolving. After the end of Devcon, I organized a map covering all known projects to help everyone better understand the current state of this field.
This map categorizes projects into the following three categories:
Applications (Apps)
Middleware (Middleware)
Infrastructure (Infra)
Each category contains funding data and information on launched tokens.
1. Applications (31 projects, total funding over 240 million USD, 8 tokens launched, total FDV over 3 billion USD):
1.1) DeFi Applications
6 projects, funding of 1 million USD, currently no tokens launched.
Including @rug_ai, @RPS_Labs, etc.
1.2) Chatbots
4 projects, 1 token launched, total FDV over 10 million USD.
For example, @Libertai_DAI, etc.
1.3) Payment Applications
6 projects, funding of 33 million USD, currently no tokens launched.
Representative projects include @PaymanAI (funding of 13.8 million USD), @trySkyfire (funding of 9.5 million USD), @BitteProtocol (funding of 7.5 million USD), etc.
1.4) AI Agents and Influencers
More than 10 projects, 10+ tokens launched, total FDV over 3 billion USD.
Including TT, ai16z, Zerebro, @centienceio, etc.
1.5) Engineering and Security
4 projects, funding of 33 million USD, 2 tokens launched, total FDV over 200 million USD.
For example, @Chain_GPT ($CGPT, FDV 120 million USD), @FortaNetwork ($FORT, FDV 100 million USD), @MetaTrustLabs (funding of 10 million USD), etc.
1.6) Consumer Applications
6 projects, funding of 12 million USD, 2 tokens launched, total FDV over 100 million USD.
Including @aiarena_ ($NRN, FDV 80 million USD), @bottoproject ($BOTTO, FDV 60 million USD), etc.
1.7) Smart Tools
4 projects, funding of 163 million USD, 2 tokens launched, total FDV over 2 billion USD.
For example, Arkham Intel ($ARKM, FDV 2 billion USD), Kaito, Dune, and Messari.
2. Middleware (106 projects, total funding over 800 million USD, 25 tokens launched, total FDV over 18 billion USD):
2.1) Training and Collaboration
16 projects, funding of 120 million USD, 4 tokens launched, total FDV over 100 billion USD.
Including well-known projects Bittensor and Sentient, as well as @assisterr, @Pluralis__, etc.
Tradable tokens include @Dither_Solana ($DITH, FDV 10 million USD), @hyper_tensor ($TENSOR, FDV 25 million USD), and @communeaidotorg ($COMAI, FDV 200 million USD).
2.2) Inference Services
17 projects, funding of 57 million USD, 2 tokens launched, total FDV over 50 million USD.
For example, Allora Network (funding of 35 million USD), @OpenGradient (funding of 8.5 million USD), @hyperbolic_labs (funding of 7 million USD), and small teams like @openex_network ($OEX, FDV 4.5 million USD).
2.3) Data Platforms and Monetization
23 projects, funding of 240 million USD, 7 tokens launched, total FDV over 1 billion USD.
With many well-funded protocols: Story Protocol (raised 134.3 million USD), Space and Time (raised 50 million USD), @SaharaLabsAI (raised 43 million USD), Ocean Protocol ($OCEAN, 500 million USD FDV), Vana (raised 25 million USD), Hivemapper ($HONEY, 500 million USD FDV).
2.4) Privacy Protection
14 projects, funding of 250 million USD, 2 tokens launched, total FDV over 800 million USD.
For example, Zama (funding of 82.3 million USD), Oasis Protocol ($ROSE, FDV 800 million USD), etc.
2.5) Agent Platforms
24 projects, funding of 175 million USD, 6 tokens launched, total FDV over 6.5 billion USD.
Including Fetch AI ($FET, FDV 3.5 billion USD), @Spectral_Labs ($SPEC, FDV 1 billion USD), @virtuals_io ($VIRTUAL, FDV 450 million USD), @autonolas ($OLAS, FDV 850 million USD), and @MorpheusAIs ($MOR, FDV 800 million USD).
2.6) Research
3 projects, funding of 5 million USD, currently no tokens launched.
These projects focus on cutting-edge research in AI and blockchain, with representative teams including @NousResearch, @physynAI, and @peri_labs.
2.7) Data Collection and Annotation
9 projects, funding of 30 million USD, 1 token launched, total FDV over 120 million USD.
Representative projects include @getmasafi($MASA, FDV 126 million USD), @din_lol_ (funding of 8 million USD), and @KivaAi (funding of 7 million USD).
3. Infrastructure (41 projects in total, total funding over 1 billion USD, 24 tokens launched, total fully diluted valuation (FDV) over 4.2 billion USD)
3.1) Compute Resources
22 projects, funding of 212 million USD, 14 tokens launched, total FDV over 1.1 billion USD.
Representative projects include Gensyn (funding of 50 million USD), Render ($RENDER, FDV 4 billion USD), @HiveDistributed (funding of 13 million USD), @PhalaNetwork ($PHA, FDV 125 million USD), Aethir ($ATH, FDV 2.6 billion USD), @fluence_project ($FLT, FDV 250 million USD), @SpheronFDN (7 million USD), @akashnet ($AKT, FDV 1 billion USD), @nosana_ai ($NOS, FDV 33 million USD), @Neura_io ($ANKR, FDV 34.2 million USD), @RunOnFlux ($FLUX, FDV 25 million USD), etc.
3.2) AI-Specific Chains (AI Chains)
10 projects, funding of 357 million USD, 4 tokens launched, total FDV over 900 million USD.
Representative projects include @OG_network (funding of 325 million USD), Autonomys (funding of 33 million USD), Io.net ($IO, FDV 1.8 billion USD), @golemproject ($GLM, FDV 370 million USD), and Ora ($ORAI, FDV 120 million USD).
3.3) Data Storage
8 projects, funding of 374 million USD, 5 tokens launched, total FDV over 10 billion USD.
Representative projects include GenesysGk (funding of 43 million USD), @storj ($STORJ, FDV 21 million USD), Ceramic Network (funding of 30 million USD), @Rivalz_AI (11 million USD), @AIOZNetwork ($AIOZ, FDV 900 million USD), and @ArweaveEco ($AR, FDV 1.2 billion USD).
3.4) Proof of Humanity
This category is represented by WorldCoin, funding of 115 million USD, token $WLD, total FDV up to 2.2 billion USD.
Why am I doing 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 the funding in this field sufficient?
Are there strong protocols supporting each category?
Is there real market appeal beyond AI concept coins?
From the current situation, the answer is basically negative:
Funding is still insufficient—2 billion USD is trivial for a rapidly evolving field.
In AI stack development, competing with centralized labs is very difficult.
The market appeal of most projects still remains in the speculative stage, with no mature applications yet.
Currently, funding is mainly focused on infrastructure and middleware—but this will change as the ecosystem evolves.
I agree with a16z's view: 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.
