AI Agent Sparks New Opportunities in Web3: Spectral and GaiaNet Lead the Layout

The New Focus of the Web3 World: AI Agents and Analysis of Potential Projects

Looking back at January this year, the approval of Bitcoin spot ETFs triggered bullish sentiment and capital inflows from investors. The crypto market continued to grow in the first half of 2024, with a total market capitalization increase of 37.3%. Among them, Memecoins, AI, and RWAs performed the strongest. Judging from last week’s price performance, AI remains strong, second only to Memecoins.

Web3 x AI is a key focus area for major venture capitalists this year, even purchasing older projects like Bittensor on the public market. This narrative is likely to continue evolving with the development of traditional AI sectors.

New Focus for VC and Developers: Analysis of New Narrative Web3 x AI Agent and Potential Projects

For example, the latest trend in the traditional AI field, AI Agent, has also been introduced into the Web3 world. In the first half of the year, a large number of Web3 x AI Agent projects emerged, such as Spectral, Olas Network, etc., while some older projects like Fetch.AI and Phala are also keeping up with this trend. At the recently concluded ETHCC, many Web3 developers and top venture capitalists began to focus on the AI Agent narrative.

This article will start with two representative new projects to quickly understand this new narrative and the opportunities within it.

What is an AI Agent?

An AI Agent is a type of "agent" based on large language models that can perceive the environment and engage in autonomous understanding, independent thinking, decision-making, and action execution. Similar to the human process of "doing things," the core functions of the Agent can be summarized into three steps: perception, planning, and action.

The difference between AI Agents and AI chatbots like ChatGPT is that chatbots are designed to interact with humans and do not take autonomous actions; whereas Agents are designed to complete autonomous tasks and have the ability to take autonomous actions. Just give it a goal, and it can figure out how to achieve it automatically.

New Focus for VCs and Developers: Analysis of New Narrative Web3 x AI Agent and Potential Projects

For example, an AI Agent is like a smarter voice assistant. When you are feeling unwell and say to it, "I don't feel well," it will monitor your vital signs and analyze internet data to conclude, "You have COVID," and then proactively generate a leave request for you, which you only need to confirm with a nod to send to your boss. It can also sense that there are not enough fever-reducing medications at home and automatically help you place an order to purchase them.

The New Transformation of Web3 x AI Agent

Web3 can bring to AI Agent:

  • Anti-censorship: Using decentralized LLM to build AI Agent can avoid the censorship issues of centralized LLM.
  • Decentralization/Ownership: Users can own the core data of the AI Agent.
  • Monetization: Providing alternative monetization avenues for AI Agent developers and investors.
  • Composability: Interoperability between AI Agents, similar to the composability of DeFi.

What AI Agent can bring to Web3:

  1. Conversational AI Agent on chain, simplifying the Web3 user chain research process.
  2. Liberate on-chain user operations, change the way users interact with Web3, and achieve mass adoption.

The New Focus for VCs and Developers: Analysis of New Narrative Web3 x AI Agent and Potential Projects

Currently, the specific products in the Web3 x AI Agent track can be divided into two categories:

  • Web2 Style On-Chain Dialogue AI Agent: Suitable for learning professional knowledge and on-chain research, does not include on-chain operations.
  • Web3 Native AI Agent: Logic on-chain, helping users achieve specific on-chain interactions, including on-chain operations.

The representative projects Spectral and GaiaNet are introduced below.

Spectral Research

Spectral was originally an Ethereum credit scoring protocol, and in Q4 2023, it transformed into a machine intelligence network, allowing users to build on-chain AI Agents.

Main products:

  • Spectral Syntax: A collection of Agents developed by the official team that can convert natural language intents into executable code.
  • Spectral Nova: A decentralized machine learning inference platform where model creators can build AI models to earn revenue.
  • Agent Wallets: Integrate AI Agent into wallets to simplify on-chain operations.
  • Inferchain: Layer 1 powered by AI Agent

Development History:

  • Financing completed in 2021-2022
  • Syntax will be launched in March 2024, officially transforming.
  • 2024.05 TGE, Launch of the first season airdrop
  • Collaborating with Turnkey in June 2024, launching Agent Wallet in Q3

The intersection of AI and Web3: Inferchain enables easy development of on-chain AI Agents that can communicate and interconnect.

Tokenomics: $SPEC is used for payment, utilizing AI Agents, governance, and staking. Listed, circulating market cap of 85 million USD, FDV of 800 million USD. Unlocking starts on 2025.05, please be aware of the selling risks.

Team Background: The founder has experience with AlphaChain, Loopring, Coinbase, etc.

Financing situation: Investors include well-known institutions such as Galaxy, ParaFi Capital, General Catalyst, Samsung, and Google.

Usage: As of Q2 2024, registered users: 65,362, generated contracts: over 1 million.

The New Focus of VC and Developers: Analysis of New Narrative Web3 x AI Agent and Potential Projects

The New Focus of VC and Developers: Analysis of the New Narrative Web3 x AI Agent and Potential Projects

The New Focus for VC and Developers: Analysis of New Narrative Web3 x AI Agent and Potential Projects

The New Focus of VCs and Developers: Analyzing the New Narrative Web3 x AI Agent and Potential Projects

GaiaNet Research

GaiaNet is a distributed AI infrastructure that will become a decentralized AI Agent ecosystem.

Business Model: Node means Agent. Build an AI Agent network based on Ethereum to allow individuals and enterprises to create professional AI Agents.

Core Components:

  • GaiaNet Node: Software stack for quick deployment of AI Agents
  • GaiaNet Domain: A collection of nodes in a specific domain
  • GaiaNet DAO: Staking tokens to earn revenue sharing

The intersection of AI and Web3: Move the Web2 AI Agent ecosystem onto the blockchain

Value:

  • Developers can deploy Agents more easily.
  • Generate a collection of professional AI agents in various fields

Tokenomics: No token issued, using Agent requires payment in tokens

Team Background: The founder has a background in Consensys, EVM Capital, venture capital, etc.

Financing situation: In May 2024, completed a $10 million seed round, with investors including Mantle Network, ByteTrade, and others.

Usage: 35 available AI Agents, total nodes 18,594

The New Focus for VC and Developers: Analysis of New Narrative Web3 x AI Agent and Potential Projects

VC and Developers' New Focus: Analyzing the New Narrative Web3 x AI Agent and Potential Projects

New Focus for VC and Developers: Analysis of New Narrative Web3 x AI Agent and Potential Projects

Other Early Projects

  • Zotto: Users can create AI Agents to realize trading intentions.
  • AgentLayer: AI Agent Layer2 based on OP Stack
  • Olas Network: Off-chain AI Agent Ecosystem
  • Theoriq: Modular and Composable AI Agent Foundation Layer
  • AgentCoin: Universal Web3 AI Agent
  • Giza: Web3 AI Agent framework, ZKML off-chain inference on-chain execution

The New Focus of VC and Developers: Analysis of the New Narrative Web3 x AI Agent and Potential Projects

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OvertimeSquidvip
· 07-25 12:41
Market capitalization is about to enter a bull run.
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LayerZeroHerovip
· 07-25 09:26
The bull run is about to start.
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