AI智能体轨迹：综合分析

The AI agent track has led the market in the past week, with a market capitalization exceeding $15 billion, becoming the biggest dark horse in the crypto market at the beginning of 2025. Many still regard AI agents as part of #Memecoin, but in fact, AI agents have long since detached from their initial meme attributes, combining technology and market in a positive way, and have already or will completely change some of our on-chain trading behaviors. This article will thoroughly analyze AI agents from various aspects, including their development, current track classification, future development directions, #token application scenarios, and how to better profit from AI agents.

AI代理赛道在过去一周领跑市场，市值超过150亿美元，成为2025年初加密市场最大的黑马。很多人仍然将AI代理视为#Memecoin的一部分，但事实上，AI代理早已脱离了最初的meme属性，以积极的方式将技术与市场结合起来，并且已经或将彻底改变我们的一些链上交易行为。本文将从各个方面深入分析AI代理，包括AI代理的发展、目前的赛道分类、未来的发展方向、#token应用场景以及如何更好地从AI代理中获利。

1. Concept of AI Agent

1. AI Agent的概念

The essential characteristics of AI agents: they can autonomously plan and execute tasks, working towards established goals without human intervention. The difference from traditional internet robots is that they can make dynamic multi-step decisions, adjust behaviors based on interactions, and interact with other agents, protocols, and external applications.

人工智能代理的基本特征是：它们可以自主计划和执行任务，在无需人工干预的情况下朝着既定目标努力。与传统互联网机器人的区别在于，它们可以做出动态的多步骤决策，根据交互调整行为，并与其他代理、协议和外部应用程序交互。

In simple terms, the AI we currently use only targets specific tasks, operates according to predefined rules, and provides a fixed set of responses, usually pre-programmed fixed outputs, lacking the ability to learn and improve. Typically, they can only generate text-based responses and generally cannot collaborate with external interfaces or other robots.

简单来说，我们目前使用的人工智能仅针对特定任务，根据预定义的规则进行操作，并提供一组固定的响应，通常是预先编程的固定输出，缺乏学习和改进的能力。通常，它们只能生成基于文本的响应，并且通常无法与外部接口或其他机器人协作。

In contrast, AI agents can make dynamic multi-step decisions and adjust based on feedback and interaction, enabling self-learning, thinking, and achieving independent operational goals. Correspondingly, they have numerous application scenarios and can interact with other agents, APIs, and applications.

相比之下，AI智能体可以根据反馈和交互做出动态的多步决策和调整，从而实现自我学习、思考并实现独立的运营目标。相应地，它们有众多的应用场景，可以与其他代理、API和应用程序进行交互。

2. Development History of AI Agents

2. AI智能体的发展历史

The First Generation of AI Agents (First Wave)

第一代人工智能代理（第一波）

The concept of AI agents did not emerge in 2025; it began to sprout at the end of 2023 and led to the creation of Autonolas and Bittensor in early 2024.

AI代理的概念在2025年才出现；它于 2023 年底开始萌芽，并于 2024 年初催生了 Autonolas 和 Bittensor。

Taking Autonolas (OLAS) as an example, it is a platform that supports the creation and management of autonomous agent services. These services are known as agent services, operating independently off-chain as part of a multi-agent system (MAS) to achieve common goals collaboratively. Autonolas enables developers to build and deploy autonomous agents that seamlessly collaborate off-chain while leveraging blockchain technology to enhance on-chain functionality. There are also some established agents on Autonolas, but it is evident that, in terms of market enthusiasm and capital flow, the first generation of AI agent projects did not gain anything from this wave of AI agents, and even saw a decrease in market capitalization, which is the fate of most currently popular AI agent projects.

以Autonolas（OLAS）为例，它是一个支持自主代理服务创建和管理的平台。这些服务被称为代理服务，作为多代理系统 (MAS) 的一部分在链外独立运行，以协作实现共同目标。 Autonolas 使开发人员能够构建和部署自主代理，这些代理可以在链下无缝协作，同时利用区块链技术增强链上功能。 Autonolas上也有一些老牌代理商，但很明显，从市场热情和资金流向来看，第一代AI代理商项目并没有从这波AI代理商中获得什么收获，甚至出现了市值的下降。 ，这就是目前最热门的AI代理项目的命运。

The Evolution of AI Agents (Second Wave) and the Overlay Effect of Memes, Gaining Community Attention

AI智能体的进化（第二波）与迷因的叠加效应，获得社区关注

In June 2024, Andy trained a Llama-70 B AI model based on chat records from Infinite Backrooms, his research papers, and content from 4 Chan and Reddit. This model was named Terminal of Truths (ToT). On October 10, 2024, an anonymous developer launched the $GOAT token on Solana's meme coin launchpad pump.fun.

2024 年 6 月，Andy 根据 Infinite Backrooms 的聊天记录、他的研究论文以及 4 Chan 和 Reddit 的内容训练了 Llama-70 B AI 模型。该模型被命名为真理终端（ToT）。 2024 年 10 月 10 日，一位匿名开发者在 Solana 的 meme coin launchpad Pump.fun 上推出了 $GOAT 代币。

This was the first AI-related meme coin marketed by autonomous AI agents, and within the following month, Goat, backed by capital, saw its market capitalization exceed $1 billion. Meanwhile, a platform allowing users to create, deploy, and monetize AI agents, Virtuals Protocol, launched its first entertainment-focused AI agent - Luna, marking its first step towards a market cap of $10 billion. Community attention and capital backing ignited instantly. Compared to the first generation of AI agent projects, AI agents during this period were more closely connected to the community, starting from memes and allowing users to understand AI agents at a lower threshold.

这是第一个由自主人工智能代理营销的与人工智能相关的模因币，在接下来的一个月内，Goat 在资本的支持下，其市值突破了 10 亿美元。与此同时，允许用户创建、部署人工智能代理并通过其货币化的平台 Virtuals Protocol 推出了首款专注于娱乐的人工智能代理——Luna，标志着其向 100 亿美元市值迈出了第一步。瞬间引发社会关注和资本支持。相比第一代AI代理项目，这一时期的AI代理与社区的联系更加紧密，从梗开始，让用户以更低的门槛了解AI代理。

Framework + Launchpad, Enriching the Story of AI Agents (Third Wave?) Achieving a $10 Billion Market Cap

框架 + Launchpad，丰富人工智能代理的故事（第三波？）实现 100 亿美元的市值

The success of Virtual Protocol, starting with the launch of the first agent - Luna in early October, saw the platform token Virtual's market cap rise from $50 million to nearly $5 billion, a hundredfold increase, and the continuously increasing number of agents led to an explosive growth of Launchpad and AI agent platforms, officially opening the path to a $10 billion market cap for AI agents. Although the current enthusiasm and market cap of AI agents are declining, with the robust development of applications combining AI agents with DeFi, social, and consumer sectors, there is still a significant opportunity to reach a market cap of $100 billion (not investment advice).

Virtual Protocol 的成功，从 10 月初推出第一个代理 Luna 开始，平台代币 Virtual 的市值从 5000 万美元上升到近 50 亿美元，增长了百倍，而代理数量的不断增加导致了Launchpad和AI代理平台的爆炸式增长，正式开启了AI代理市值100亿美元的道路。尽管目前AI代理的热情和市值正在下降，但随着AI代理与DeFi、社交、消费领域结合的应用的蓬勃发展，仍有很大机会达到1000亿美元的市值（非投资建议） 。

3. Classification of AI Agent Tracks

3. AI智能体轨迹分类

Overview and Development History of Leading Projects

主导项目概况及发展历程

ai16z/eliza/degenai

ai16z/伊丽莎/德格奈

https://x.com/ai16zdao

ai16z currently has a market cap of $1.7 billion

ai16z目前市值为17亿美元

eliza currently has a market cap of $70 million

伊丽莎目前的市值为 7000 万美元

degenai currently has a market cap of $50 million

Degenai 目前市值为 5000 万美元

Founder @shawmakesmagic, achievements

创始人@shawmakesmagic，成就