Author: Dima Khanarin
Compiled by: Deep Tide TechFlow
The field of combining Crypto and AI is rapidly evolving. 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 financing data and information about launched tokens.
1. Applications (31 projects, total financing exceeds $240 million, 8 tokens launched, total FDV exceeds $3 billion):
1.1) DeFi Applications
6 projects, financing $1 million, currently no tokens launched.
Including @rug_ai, @RPS_Labs, etc.
1.2) Chatbots
4 projects, 1 token launched, total FDV exceeds $10 million.
For example, @Libertai_DAI, etc.
1.3) Payment Applications
6 projects, financing $33 million, currently no tokens launched.
Representative projects include:
@PaymanAI (financing $13.8 million);
@trySkyfire (financing $9.5 million);
@BitteProtocol (financing $7.5 million) etc.
1.4) AI Agents and Influencers
Over 10 projects, 10+ tokens have been launched, total FDV exceeds $3 billion.
Including TT, ai16z, Zerebro, @centienceio, etc.
1.5) Engineering and Security
4 projects, financing $33 million, 2 tokens launched, total FDV exceeds $200 million.
For example:
@Chain_GPT ($CGPT, FDV $12 million);
@FortaNetwork ($FORT, FDV $10 million);
@MetaTrustLabs (financing $10 million) etc.
1.6) Consumer Applications
6 projects, financing $12 million, 2 tokens launched, total FDV exceeds $10 million.
Including:
@aiarena_ ($NRN, FDV $80 million);
@bottoproject ($BOTTO, FDV $60 million) etc.
1.7) Smart Tools
4 projects, financing $163 million, 2 tokens launched, total FDV exceeds $2 billion.
For example, Arkham Intel ($ARKM, FDV $2 billion), Kaito, Dune, and Messari.
2. Middleware (106 projects, total financing exceeds $800 million, 25 tokens launched, total FDV exceeds $18 billion):
2.1) Training and Collaboration
16 projects, financing $120 million, 4 tokens launched, total FDV exceeds $10 billion.
Including well-known Bittensor and Sentient, as well as @assisterr, @Pluralis__, etc.
Tradeable tokens include:
@Dither_Solana ($DITH, FDV $10 million);
@hyper_tensor ($TENSOR, FDV $25 million);
@communeaidotorg ($COMAI, FDV $200 million).
2.2) Inference Services
17 projects, financing $57 million, 2 tokens launched, total FDV exceeds $50 million.
For example:
Allora Network (financing $35 million);
@OpenGradient (financing $8.5 million);
@hyperbolic_labs (financing $7 million);
and small teams like @openex_network ($OEX, FDV $45 million).
2.3) Data Platforms and Monetization
23 projects, financing $240 million, 7 tokens launched, total FDV exceeds $1 billion.
With 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, financing $250 million, 2 tokens launched, total FDV exceeds $800 million.
For example:
Zama (financing $82.3 million);
Oasis Protocol ($ROSE, FDV $800 million) etc.
2.5) Agent Platforms
24 projects, financing $175 million, 6 tokens launched, total FDV exceeds $6.5 billion.
Including:
Fetch AI ($FET, FDV $3.5 billion);
@Spectral_Labs ($SPEC, FDV $1 billion);
@virtuals_io ($VIRTUAL, FDV $450 million);
@autonolas ($OLAS, FDV $850 million);
@MorpheusAIs ($MOR, FDV $800 million).
2.6) Research
3 projects, financing $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, financing $30 million, 1 token launched, total FDV exceeds $12 million.
Representative projects include:
@getmasafi ($MASA, FDV $126 million);
@din_lol_ (financing $8 million);
@KivaAi (financing $7 million).
3. Infrastructure (41 projects in total, total financing exceeds $1 billion, 24 tokens have been launched, total fully diluted valuation (FDV) exceeds $42 billion)
3.1) Computing Resources (Compute)
22 projects, financing $212 million, 14 tokens launched, total FDV exceeds $11 billion.
Representative projects include:
Gensyn (financing $50 million);
Render ($RENDER, FDV $4 billion);
@HiveDistributed (financing $13 million);
@PhalaNetwork ($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, financing $357 million, 4 tokens launched, total FDV exceeds $9 billion.
Representative projects include:
@OG_network (financing $325 million);
Autonomys (financing $33 million);
io.net ($IO, FDV $1.8 billion);
@golemproject ($GLM, FDV $370 million);
Ora ($ORAI, FDV $12 million).
3.3) Data Storage
8 projects, financing $374 million, 5 tokens launched, total FDV exceeds $10 billion.
Representative projects include:
GenesysGk (financing $43 million);
@storj ($STORJ, FDV $210 million);
Ceramic Network (financing $30 million);
@Rivalz_AI (financing $11 million;
@AIOZNetwork ($AIOZ, FDV $900 million);
@ArweaveEco ($AR, FDV $1.2 billion).
3.4) Proof of Humanity
This category is represented by WorldCoin, with financing of $115 million, token $WLD, total FDV up to $2.2 billion.
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 funding in this field sufficient?
Are there strong protocols supporting each category?
Is there real market appeal beyond AI conceptual coins?
From the current situation, the answer is basically negative:
Funding is still insufficient—$2 billion is trivial for a rapidly advancing field.
Competing with centralized labs on AI stack development is very difficult.
The market appeal of most projects is still in the speculative phase, and mature applications have yet to appear.
Currently, funding is mainly concentrated in infrastructure and middleware—but this will change as the ecosystem develops.
I agree with a16z's view: in the coming years, value will gradually shift to the application layer.
Finally, the entire Crypto x AI economy will be cross-chain and supported by @EverclearOrg.
