AI Agent：現在是否正處於 DeFi 夏季的「2020-2021」繁榮週期？

農民弗蘭克

The cryptocurrency market has experienced several booms and busts over the years, with each cycle being driven by different narratives and technologies. In 2020 and 2021, the DeFi (decentralized finance) sector enjoyed a period of rapid growth, attracting a large amount of capital and attention. Now, as we enter 2025, the question arises: Is the AI Agent field currently experiencing a boom cycle similar to DeFi Summer in 2020-2021?

多年來，加密貨幣市場經歷了幾次繁榮和蕭條，每個週期都是由不同的敘事和技術驅動的。 2020年和2021年，DeFi（去中心化金融）領域經歷了快速增長期，吸引了大量資本和關注。現在，當我們進入2025年時，問題出現了：AI Agent領域目前是否正在經歷類似於2020-2021年的DeFi Summer的繁榮週期？

To answer this question, we need to examine the key characteristics of DeFi Summer and compare them to the current state of the AI Agent landscape.

為了回答這個問題，我們需要研究 DeFi Summer 的關鍵特徵，並將它們與 AI Agent 領域的現狀進行比較。

DeFi Summer was sparked by the emergence of protocols like Compound and Uniswap, which offered users new and innovative ways to interact with cryptocurrencies. These protocols allowed users to borrow, lend, trade, and earn yield on their digital assets, opening up possibilities that were previously unavailable in the traditional financial system.

DeFi Summer 是由Compound 和Uniswap 等協議的出現引發的，這些協議為用戶提供了與加密貨幣互動的新的創新方式。這些協議允許用戶借用、借貸、交易其數位資產並賺取收益，從而開闢了傳統金融體係以前無法實現的可能性。

The narrative around DeFi quickly gained traction, attracting both retail and institutional investors. This led to a surge in the total locked value (TVL) in DeFi protocols, which increased from around $600 million in January 2020 to over $26 billion by December 2020.

圍繞 DeFi 的話題迅速引起關注，吸引了散戶和機構投資者。這導致 DeFi 協議的總鎖定價值 (TVL) 激增，從 2020 年 1 月的約 6 億美元增加到 2020 年 12 月的超過 260 億美元。

As the capital flowed into the DeFi sector, it also fueled the growth of related projects, such as decentralized exchanges (DEXs) and NFT marketplaces. This created a virtuous cycle, where the increasing activity on DEXs and NFT platforms further attracted users and capital to the DeFi ecosystem.

隨著資本流入 DeFi 領域，也推動了去中心化交易所（DEX）和 NFT 市場等相關項目的成長。這就形成了一個良性循環，DEX 和 NFT 平台上日益活躍的活動進一步吸引了用戶和資本進入 DeFi 生態系統。

Eventually, the DeFi boom reached its peak in early 2021, before a market downturn led to a decline in TVL and prices. However, the DeFi narrative had already left an indelible mark on the cryptocurrency landscape, paving the way for new innovations and applications.

最終，DeFi 熱潮在 2021 年初達到頂峰，隨後市場低迷導致 TVL 和價格下降。然而，DeFi 的故事已經在加密貨幣領域留下了不可磨滅的印記，為新的創新和應用鋪平了道路。

Now, let's turn our attention to the AI Agent field and see how it compares to DeFi Summer.

現在，讓我們把目光轉向 AI Agent 領域，看看它與 DeFi Summer 相比如何。

Over the past year, AI Agent projects have emerged as one of the hottest trends in the crypto market. These projects, which typically operate on Bittensor or other data networks, combine elements of artificial intelligence (AI), decentralized autonomous organizations (DAOs), and non-fungible tokens (NFTs).

在過去的一年裡，AI Agent 專案已成為加密貨幣市場最熱門的趨勢之一。這些項目通常在 Bittensor 或其他資料網路上運行，結合了人工智慧 (AI)、去中心化自治組織 (DAO) 和不可替代代幣 (NFT) 的元素。

One of the defining characteristics of AI Agent projects is their ability to generate and sell tokens, often using innovative mechanisms. This has attracted a large number of users and speculators, who are hoping to participate in the token sales and potentially reap the rewards.

AI 代理專案的定義特徵之一是它們通常使用創新機制來產生和銷售代幣的能力。這吸引了大量用戶和投機者，他們希望參與代幣銷售並可能獲得回報。

The market value of the AI Agent sector has experienced a significant increase in recent months. According to statistics from Cookie.fun, the total market value of the sector exceeded $16.6 billion as of January 1, 2025, representing an increase of 53.79% over the past 7 days.

近幾個月來，人工智慧代理產業的市場價值大幅成長。根據Cookie.fun統計，截至2025年1月1日，該板塊總市值超過166億美元，近7天成長53.79%。

This growth has been driven in part by the popularity of AI Memecoins, which have quickly become new centers of traffic and attention. By lowering the participation threshold through humorous expressions, interactive community culture, and user-centric communication strategies, these projects have managed to attract a large following among non-professional users.

這種增長的部分原因是 AI Memecoin 的流行，它已迅速成為新的流量和關注中心。這些項目透過幽默的表達、互動的社區文化和以用戶為中心的溝通策略，降低了參與門檻，吸引了大量非專業用戶的注意。

To put it simply, this phenomenon can be seen as a cultural rebellion against "VC coins" and a continuation of the Meme narrative. However, when combined with AI Agents, it not only lowers the barrier to participation and expands the potential size of the market, but also injects more inclusiveness and sustainability into the AI × Crypto narrative.

簡單來說，這種現象可以看作是對「VC幣」的文化反叛，也是Meme敘事的延續。然而，當與AI Agent結合時，它不僅降低了參與門檻，擴大了市場的潛在規模，而且還為AI×Crypto敘事注入了更多的包容性和永續性。

Among the AI Agent projects that have enjoyed strong growth recently is TAO CAT. Created by the Masa team through the integration of Virtuals and Bittensor technologies, TAO CAT showcases the advantages of self-evolution in AI Agents compared to traditional AI Bots. At its core, the project still adheres to the economic narrative of fair issuance and community-driven development.

TAO CAT 是最近成長強勁的 AI Agent 專案之一。 TAO CAT 由 Masa 團隊融合 Virtuals 和 Bittensor 技術打造，展示了 AI Agent 相對於傳統 AI Bot 自我進化的優勢。該項目的核心仍然堅持公平發行和社區驅動發展的經濟敘事。

Interestingly, during the writing of this analysis, TAOCAT was selected as one of Binance Alpha's new projects, which was followed by a substantial increase in its price. MASA also benefited from this news and experienced an upward trend.

有趣的是，在撰寫本文期間，TAOCAT被選為Binance Alpha的新項目之一，隨後其價格大幅上漲。 MASA也受惠於此消息，出現上漲趨勢。

This development easily brings to mind the prosperous scene of DeFi Summer, where early projects like Compound, Uniswap, and Aave enjoyed strong price performance and attracted a large amount of attention. As more users flocked to these protocols, their tokens also appreciated in value, creating a positive feedback loop that ultimately fueled the entire DeFi narrative.

這樣的發展很容易讓人想起 DeFi Summer 的繁榮景象，Compound、Uniswap、Aave 等早期專案價格表現強勁，吸引了大量關注。隨著越來越多的用戶湧入這些協議，他們的代幣也升值，創造了一個積極的反饋循環，最終推動了整個 DeFi 的發展。

From the initial basic applications of Compound and Uniswap to the subsequent large-scale influx of users and the derivation of more complex on-chain trading strategies, the technical narrative and capital-driven interweaving and resonance eventually formed a cyclical prosperity.

從Compound、Uniswap最初的基礎應用，到後續的大規模用戶湧入以及衍生出更複雜的鏈上交易策略，技術敘事與資本驅動的交織共振，最終形成了周期性繁榮。

Therefore, at least for now, the popularity and market value growth of AI Agent based on AI Memecoin have indeed brought a new round of narrative and imagination space to the crypto industry.

因此，至少目前來看，基於AI Memecoin的AI Agent的火爆和市值成長確實為加密產業帶來了新一輪的敘事和想像空間。

However, it's important to note that AI Memecoins are just the beginning. For the AI Agent field to achieve sustained growth and impact, it needs to go beyond token issuance and simple narratives

然而，值得注意的是，AI Memecoins 只是一個開始。 AI Agent領域要持續成長和影響，需要超越代幣發行和簡單敘述