建立可持續的加密 + AI價值系統

在數字資產領域，我經歷了多個市場週期，其中大多數是由“敘事”和“技術進步”驅動的。

Author: Alec Goh, Head of HTX Ventures

作者：HTX Ventures負責人Alec Goh

In the realm of digital assets, I have witnessed multiple market cycles. Most cycles were driven by “narratives” and “technological advancements,” but very few truly changed the "game."

在數字資產領域，我目睹了多個市場週期。大多數週期都是由“敘事”和“技術進步”驅動的，但很少有人真正改變了“遊戲”。

Over the past six months, I have gradually realized that the combination of AI Agents and Web3 has the potential to achieve this shift. But the premise is that the industry must move beyond the early hype phase and genuinely build long-term value for end users.

在過去的六個月中，我逐漸意識到AI代理和Web3的組合有可能實現這一轉變。但是前提是該行業必須超越早期炒作階段，並為最終用戶真正建立長期價值。

We are already familiar with such stories. In 2017, the ICO boom far outpaced the delivery of products; in 2021, NFTs exploded into mainstream attention, while the infrastructure of most platforms was still not fully established. Both cycles share a common point—bubbles come quickly, and corrections follow just as swiftly.

我們已經熟悉這樣的故事。 2017年，ICO繁榮遠遠超過了產品的交付；在2021年，NFT爆發了主流的關注，而大多數平台的基礎設施仍未完全確立。這兩個週期都有一個共同點 - 倒數迅速，校正也同樣迅速地遵循。

The recent explosion of AI Agent tokens mirrors this pattern. Dozens of projects launched under the banner of "Crypto + AI," quickly attracting significant funding and attention. Some projects reached valuations of billions of dollars within weeks. But as in the past, relying solely on speculative funding cannot build a sustainable ecosystem. Once the investment enthusiasm wanes, user engagement declines, and most early projects have begun to lose long-term relevance.

AI代理令牌的最近爆炸反映了這種模式。在“ Crypto + AI”的旗幟下發起的數十個項目，很快吸引了大量資金和關注。一些項目在幾週內獲得了數十億美元的估值。但是，就像過去一樣，僅依靠投機資金無法建立可持續的生態系統。一旦投資熱情減輕，用戶參與度下降，大多數早期項目就開始失去長期相關性。

However, amidst this wave of volatility, some fundamental changes have indeed occurred.

但是，在波動性波動中，確實發生了一些根本變化。

In the fourth quarter of 2024, DeepSeek achieved a critical technological breakthrough, which drew significant attention from us at HTX Ventures. The project trained large-scale models using reinforcement learning, completely independent of manually labeled data. This means that the cost of developing autonomous intelligent agents has significantly decreased, making it possible for AI Agents to be deployed at scale and with low barriers in Web3 for the first time.

在2024年第四季度，DeepSeek取得了關鍵的技術突破，這在HTX Ventures中引起了我們的極大關注。該項目使用增強學習訓練了大型模型，完全獨立於手動標記的數據。這意味著，開發自主智能代理的成本大大下降，使得AI代理商可以大規模部署，並且Web3中的壁壘低下。

This shift is significant. If crypto is to fulfill its promise of “decentralized, programmable financial infrastructure,” intelligent agents with autonomous decision-making capabilities will become an indispensable underlying component. However, we are still some distance from this vision.

這種轉變很重要。如果加密貨幣要履行其“權力下放，可編程的金融基礎設施”的承諾，具有自主決策能力的智能代理將成為必不可少的基本組成部分。但是，我們與這個願景還有一定距離。

I worry that the industry may once again focus solely on chasing trends while forgetting to stay grounded. Indeed, a few promising frameworks have emerged, such as Eliza, which is building composable Agent tools compatible with multi-chain ecosystems like Ethereum, Solana, and TON; Launchpads like Virtual and Clanker are accelerating token issuance; and application products like GRIFFAIN and NEUR are attempting asset management and governance tools.

我擔心該行業可能會再次專注於追逐趨勢，同時忘記保持紮根。確實，已經出現了一些有前途的框架，例如Eliza，它們正在構建與以太坊，Solana和Ton等多鏈生態系統兼容的可組合代理工具。像Virtual和Clanker這樣的發射台正在加速令牌發行； Griffain和Neur等應用產品正在嘗試資產管理和治理工具。

But these are still early signs and have not yet formed a clearly validated systemic ecosystem.

但是，這些仍然是早期的跡象，尚未形成一個明確驗證的系統生態系統。

Too many AI Agent projects remain speculative rather than aiming for sustainability. If this situation continues, we may once again face the old problems of capital flight, unmet expectations, and slowed project progress.

太多的AI代理項目仍然是投機性的，而不是旨在實現可持續性。如果這種情況繼續下去，我們可能會再次面臨資本飛行，未滿足期望的舊問題，並放緩了項目的進展。

This would be a tremendous regret.

這將是一個巨大的遺憾。

Because these application needs are real. For most users, overly complex DeFi strategies can be automated through intelligent agents; on-chain governance can be analyzed by Agents who assess proposals, compare history, and vote according to user values; cross-chain automated operations can also be executed directly by agents based on user intent.

因為這些應用需求是真實的。對於大多數用戶，可以通過智能代理來自動化過於復雜的DEFI策略；可以根據用戶價值觀評估建議，比較歷史和投票的代理商對鏈治理進行分析；跨鏈自動化操作也可以根據用戶意圖直接執行。

These scenarios are no longer hypothetical—they are already pressing real needs. What the industry currently lacks is not imagination, but stable execution capability, user retention ability, and feasible token economic models.

這些情況不再是假設的，它們已經在迫切需要真正的需求。該行業目前缺乏的不是想像力，而是穩定的執行能力，用戶保留能力和可行的代幣經濟模型。

What should we do next?

下一步該怎麼辦？

First, we must evaluate AI Agent projects using the standards we apply to DeFi protocols.

首先，我們必須使用適用於DEFI協議的標準評估AI代理項目。

This means stepping out of vague narratives and moving towards rigorous project logic, posing key questions:

這意味著擺脫模糊的敘述並朝著嚴格的項目邏輯發展，提出關鍵問題：

Protocols should not only demonstrate technical potential but also showcase real use cases, stable revenue models, and quantifiable impact. This is the fundamental difference between “proof of concept” and “worth building.”

協議不僅應展示技術潛力，還應展示實際用例，穩定的收入模型和可量化的影響。這是“概念證明”和“值得建立”之間的根本區別。

Second, beyond applications, the industry also needs to build the infrastructure that supports the successful deployment of AI Agents, including Agent frameworks, data layers, and computing resources. HTX Ventures will continue to closely monitor the development of such infrastructure, as part of it will become a necessary condition for the future, just like EVM compatibility for L1 public chains.

其次，除了應用程序之外，該行業還需要建立支持AI代理（包括代理框架，數據層和計算資源）的基礎架構。 HTX Ventures將繼續密切監視此類基礎設施的發展，因為它的一部分將成為未來的必要條件，就像L1公共連鎖店的EVM兼容性一樣。

Finally, we need to establish an industry culture that encourages iteration and transparency.

最後，我們需要建立一種鼓勵迭代和透明度的行業文化。

Not every project will get it right the first time, but those teams that can persist in optimizing and continuously refining their work are likely to become the frontrunners in the next phase of Web3.

並非每個項目都會在第一次正確地完成正確的情況，但是那些可以堅持優化和不斷完善其工作的團隊很可能會在Web3的下一階段成為領先者。

The integration of AI and crypto is not a "concept," but an "evolution." However, if we are to truly seize this opportunity, the industry must shift from "competing for attention" to "creating value."

AI和加密的整合不是“概念”，而是“進化”。但是，如果我們要真正抓住這個機會，則行業必須從“爭取關注”轉向“創造價值”。

This is not only the investment logic of HTX Ventures but also a firm belief formed through our years of experience and future judgments.

這不僅是HTX Ventures的投資邏輯，而且是通過我們多年的經驗和未來判斷而形成的堅定信念。

We have the tools and the Builders. Now, what we need most is—self-discipline.

我們有工具和建築商。現在，我們最需要的是 - 自我讀書。