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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.
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.
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:
What AI Agent can bring to Web3:
Currently, the specific products in the Web3 x AI Agent track can be divided into two categories:
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:
Development History:
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.
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:
The intersection of AI and Web3: Move the Web2 AI Agent ecosystem onto the blockchain
Value:
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
Other Early Projects