AI Agent：现在是否正处于 DeFi 夏季的“2020-2021”繁荣周期？

农民弗兰克

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?

多年来，加密货币市场经历了几次繁荣和萧条，每个周期都是由不同的叙述和技术驱动的。 2020年和2021年，DeFi（去中心化金融）领域经历了快速增长期，吸引了大量资本和关注。现在，当我们进入2025年时，问题出现了：AI Agent领域目前是否正在经历类似于2020-2021年的DeFi Summer的繁荣周期？

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.

为了回答这个问题，我们需要研究 DeFi Summer 的关键特征，并将它们与 AI Agent 领域的现状进行比较。

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 等协议的出现引发的，这些协议为用户提供了与加密货币交互的新的创新方式。这些协议允许用户借用、借贷、交易其数字资产并赚取收益，从而开辟了传统金融体系以前无法实现的可能性。

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.

围绕 DeFi 的话题迅速引起关注，吸引了散户和机构投资者。这导致 DeFi 协议的总锁定价值 (TVL) 激增，从 2020 年 1 月的约 6 亿美元增加到 2020 年 12 月的超过 260 亿美元。

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.

随着资本流入 DeFi 领域，也带动了去中心化交易所（DEX）和 NFT 市场等相关项目的增长。这就形成了一个良性循环，DEX 和 NFT 平台上日益活跃的活动进一步吸引了用户和资本进入 DeFi 生态系统。

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.

最终，DeFi 热潮在 2021 年初达到顶峰，随后市场低迷导致 TVL 和价格下降。然而，DeFi 的故事已经在加密货币领域留下了不可磨灭的印记，为新的创新和应用铺平了道路。

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

现在，让我们把目光转向 AI Agent 领域，看看它与 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).

在过去的一年里，AI Agent 项目已成为加密货币市场最热门的趋势之一。这些项目通常在 Bittensor 或其他数据网络上运行，结合了人工智能 (AI)、去中心化自治组织 (DAO) 和不可替代代币 (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 代理项目的定义特征之一是它们通常使用创新机制生成和销售代币的能力。这吸引了大量用户和投机者，他们希望参与代币销售并可能获得回报。

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.

近几个月来，人工智能代理行业的市场价值大幅增长。据Cookie.fun统计，截至2025年1月1日，该板块总市值超过166亿美元，近7天增长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.

这种增长的部分原因是 AI Memecoin 的流行，它已迅速成为新的流量和关注中心。这些项目通过幽默的表达、互动的社区文化和以用户为中心的沟通策略，降低了参与门槛，吸引了大量非专业用户的关注。

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.

简单来说，这种现象可以看作是对“VC币”的文化反叛，也是Meme叙事的延续。然而，当与AI Agent结合时，它不仅降低了参与门槛，扩大了市场的潜在规模，而且还为AI×Crypto叙事注入了更多的包容性和可持续性。

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 是最近增长强劲的 AI Agent 项目之一。 TAO CAT 由 Masa 团队融合 Virtuals 和 Bittensor 技术打造，展示了 AI Agent 相对于传统 AI Bot 自我进化的优势。该项目的核心仍然坚持公平发行和社区驱动发展的经济叙事。

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，在撰写本文期间，TAOCAT被选为Binance Alpha的新项目之一，随后其价格大幅上涨。 MASA也受益于此消息，出现上涨趋势。

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.

这样的发展很容易让人想起 DeFi Summer 的繁荣景象，Compound、Uniswap、Aave 等早期项目价格表现强劲，吸引了大量关注。随着越来越多的用户涌入这些协议，他们的代币也升值，创造了一个积极的反馈循环，最终推动了整个 DeFi 的发展。

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.

从Compound和Uniswap最初的基础应用，到随后的大规模用户涌入以及衍生出更复杂的链上交易策略，技术叙事与资本驱动的交织共振最终形成了周期性繁荣。

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，至少目前来看，基于AI Memecoin的AI Agent的火爆和市值增长确实给加密行业带来了新一轮的叙事和想象空间。

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 只是一个开始。 AI Agent领域要实现持续增长和影响，需要超越代币发行和简单叙述