建立可持续的加密 + AI价值系统

在数字资产领域，我经历了多个市场周期，其中大多数是由“叙事”和“技术进步”驱动的。

Author: Alec Goh, Head of HTX Ventures

作者：HTX Ventures负责人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."

在数字资产领域，我目睹了多个市场周期。大多数周期都是由“叙事”和“技术进步”驱动的，但很少有人真正改变了“游戏”。

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.

在过去的六个月中，我逐渐意识到AI代理和Web3的组合有可能实现这一转变。但是前提是该行业必须超越早期炒作阶段，并为最终用户真正建立长期价值。

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.

我们已经熟悉这样的故事。 2017年，ICO繁荣远远超过了产品的交付；在2021年，NFT爆发了主流的关注，而大多数平台的基础设施仍未完全确立。这两个周期都有一个共同点 - 倒数迅速，校正也同样迅速地遵循。

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这种模式。在“ Crypto + AI”的旗帜下发起的数十个项目，很快吸引了大量资金和关注。一些项目在几周内获得了数十亿美元的估值。但是，就像过去一样，仅依靠投机资金无法建立可持续的生态系统。一旦投资热情减轻，用户参与度下降，大多数早期项目就开始失去长期相关性。

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

但是，在波动性波动中，确实发生了一些根本变化。

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取得了关键的技术突破，这在HTX Ventures中引起了我们的极大关注。该项目使用增强学习训练了大型模型，完全独立于手动标记的数据。这意味着，开发自主智能代理的成本大大下降，使得AI代理商可以大规模部署，并且Web3中的壁垒低下。

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.

这种转变很重要。如果加密货币要履行其“权力下放，可编程的金融基础设施”的承诺，具有自主决策能力的智能代理将成为必不可少的基本组成部分。但是，我们与这个愿景还有一定距离。

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.

我担心该行业可能会再次专注于追逐趋势，同时忘记保持扎根。确实，已经出现了一些有前途的框架，例如Eliza，它们正在构建与以太坊，Solana和Ton等多链生态系统兼容的可组合代理工具。像Virtual和Clanker这样的发射台正在加速令牌发行； Griffain和Neur等应用产品正在尝试资产管理和治理工具。

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

但是，这些仍然是早期的迹象，尚未形成一个明确验证的系统生态系统。

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代理项目仍然是投机性的，而不是旨在实现可持续性。如果这种情况继续下去，我们可能会再次面临资本飞行，未满足期望的旧问题，并放缓了项目的进展。

This would be a tremendous regret.

这将是一个巨大的遗憾。

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.

因为这些应用需求是真实的。对于大多数用户，可以通过智能代理来自动化过于复杂的DEFI策略；可以根据用户价值观评估建议，比较历史和投票的代理商对链治理进行分析；跨链自动化操作也可以根据用户意图直接执行。

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.

这些情况不再是假设的，它们已经在迫切需要真正的需求。该行业目前缺乏的不是想象力，而是稳定的执行能力，用户保留能力和可行的代币经济模型。

What should we do next?

下一步该怎么办？

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

首先，我们必须使用适用于DEFI协议的标准评估AI代理项目。

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

这意味着摆脱模糊的叙述并朝着严格的项目逻辑发展，提出关键问题：

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.”

协议不仅应展示技术潜力，还应展示实际用例，稳定的收入模型和可量化的影响。这是“概念证明”和“值得建立”之间的根本区别。

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，除了应用程序之外，该行业还需要建立支持AI代理（包括代理框架，数据层和计算资源）的基础架构。 HTX Ventures将继续密切监视此类基础设施的发展，因为它的一部分将成为未来的必要条件，就像L1公共连锁店的EVM兼容性一样。

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

最后，我们需要建立一种鼓励迭代和透明度的行业文化。

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.

并非每个项目都会在第一次正确地完成正确的情况，但是那些可以坚持优化和不断完善其工作的团队很可能会在Web3的下一阶段成为领先者。

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“进化”。但是，如果我们要真正抓住这个机会，则行业必须从“争取关注”转向“创造价值”。

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

这不仅是HTX Ventures的投资逻辑，而且是通过我们多年的经验和未来判断而形成的坚定信念。

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

我们有工具和建筑商。现在，我们最需要的是 - 自我读书。