2025 年我在看什么

随着今年AI行业的爆发，Crypto x AI迅速崛起。专注于 Crypto x AI 的研究员滕岩发布了 2025 年的 10 个预测。

Original Title: "What I'm Watching in 2025"

原标题：《2025年我在看什么》

Author: Teng Yan, Researcher (Focusing on Crypto x AI)

作者：滕岩，研究员（关注加密x人工智能）

Compilation: Felix, PANews

编译：菲利克斯，PANews

With the explosion of the AI industry this year, Crypto x AI has rapidly risen. Researcher Teng Yan, who focuses on Crypto x AI, has published 10 predictions for 2025. Here are the details of the predictions.

随着今年AI行业的爆发，Crypto x AI迅速崛起。专注于 Crypto x AI 的研究员滕岩发布了 2025 年的 10 个预测。以下是预测的详细信息。

1. The total market value of crypto AI tokens will reach $150 billion

1. 加密AI代币总市值将达1500亿美元

Currently, the market value of crypto AI tokens accounts for only 2.9% of the altcoin market, but this ratio will not last long.

目前，加密AI代币的市值仅占山寨币市场的2.9%，但这一比例不会持续太久。

AI encompasses everything from smart contract platforms to memes, DePIN, agent platforms, data networks, and intelligent coordination layers, and its market position is undoubtedly on par with DeFi and memes.

AI囊括了从智能合约平台到meme、DePIN、代理平台、数据网络、智能协调层等方方面面，其市场地位无疑与DeFi和meme不相上下。

Why am I so confident about this?

为什么我对此如此有信心？

2. Bittensor Revival

2. Bittensor 复兴

The decentralized AI infrastructure Bittensor (TAO) has been online for years and is a veteran project in the crypto AI field. Despite the AI craze, its token price has lingered at levels from a year ago.

去中心化 AI 基础设施 Bittensor（TAO）已经上线多年，是加密 AI 领域的老牌项目。尽管人工智能热潮不断，但其代币价格仍徘徊在一年前的水平。

Now, Bittensor's Digital Hivemind has quietly achieved a leap: lower registration fees for more subnets, subnets outperforming Web2 peers in practical metrics like inference speed, and EVM compatibility bringing DeFi-like functionalities to Bittensor's network.

现在，Bittensor 的 Digital Hivemind 已经悄然实现了飞跃：更多子网的注册费用更低，子网在推理速度等实用指标上优于 Web2 同行，并且 EVM 兼容性为 Bittensor 网络带来了类似 DeFi 的功能。

Why hasn't the TAO token skyrocketed? A sharp inflation plan and market focus on agent platforms have hindered its rise. However, dTAO (expected to launch in Q1 2025) could be a significant turning point. With dTAO, each subnet will have its own token, and the relative price of these tokens will determine how emissions are allocated.

为什么TAO代币没有暴涨？剧烈的通胀计划和市场对代理平台的关注阻碍了其上涨。然而，dTAO（预计于 2025 年第一季度推出）可能是一个重要的转折点。使用 dTAO，每个子网将拥有自己的代币，这些代币的相对价格将决定排放量的分配方式。

Why Bittensor can make a comeback:

为什么 Bittensor 能够东山再起：

3. The computing market is the next "L1 market"

3、计算市场是下一个“L1市场”

The obvious trend is the endless demand for computing.

明显的趋势是对计算的无尽需求。

NVIDIA CEO Jensen Huang once said that inference demand will grow "a billion times." This exponential growth will disrupt traditional infrastructure plans, and new solutions are urgently needed.

NVIDIA CEO黄仁勋曾表示，推理需求将增长“十亿倍”。这种指数级增长将扰乱传统的基础设施计划，迫切需要新的解决方案。

Decentralized computing layers provide raw computing in a verifiable and cost-effective manner (for training and inference). Startups like Spheron, Gensyn, Atoma, and Kuzco are quietly building a solid foundation, focusing on products rather than tokens (none of these companies have tokens). As decentralized training of AI models becomes practical, the entire potential market will surge.

去中心化计算层以可验证且经济高效的方式提供原始计算（用于训练和推理）。像 Spheron、Gensyn、Atoma 和 Kuzco 这样的初创公司正在悄悄地建立坚实的基础，专注于产品而不是代币（这些公司都没有代币）。随着人工智能模型的去中心化训练变得实用，整个潜在市场将会激增。

Comparison with L1:

与L1比较：

Just as Solana won in the L1 space, the winner will dominate a brand new domain. Keep a close eye on reliability (e.g., strong service level agreements or SLAs), cost-effectiveness, and developer-friendly tools.

正如 Solana 在 L1 领域获胜一样，获胜者将主宰一个全新的领域。密切关注可靠性（例如，强大的服务级别协议或 SLA）、成本效益和开发人员友好的工具。

4. AI agents will flood blockchain transactions

4.人工智能代理将淹没区块链交易

By the end of 2025, 90% of on-chain transactions will no longer be clicked "send" by real humans, but executed by a group of AI agents that continuously rebalance liquidity pools, allocate rewards, or execute small payments based on real-time data feedback.

到2025年底，90%的链上交易将不再由真人点击“发送”，而是由一组人工智能代理执行，这些代理不断地重新平衡流动性池、分配奖励或根据实际情况执行小额支付。时间数据反馈。

This doesn't sound far-fetched. Everything built over the past seven years (L1, rollup, DeFi, NFT) has quietly paved the way for a world where AI operates on-chain.

这听起来并不牵强。过去七年里建立的一切（L1、rollup、DeFi、NFT）已经悄然为人工智能在链上运行的世界铺平了道路。

Ironically, many builders may not even realize they are creating infrastructure for a machine-dominated future.

讽刺的是，许多建筑商甚至可能没有意识到他们正在为机器主导的未来创建基础设施。

Why will this shift happen?

为什么会发生这种转变？

AI agents will generate a massive amount of on-chain activity, and it's no wonder all L1/L2s are embracing agents.

AI 代理将产生大量的链上活动，难怪所有 L1/L2 都在拥抱代理。

The biggest challenge is making these agent-driven systems accountable to humans. As the ratio of agent-initiated transactions to human-initiated transactions continues to grow, new governance mechanisms, analytics platforms, and auditing tools will be needed.

最大的挑战是让这些代理驱动的系统对人类负责。随着代理发起的交易与人类发起的交易的比例持续增长，将需要新的治理机制、分析平台和审计工具。

5. Interaction between agents: The rise of clusters

5. 智能体之间的交互：集群的兴起

The concept of agent clusters—micro AI agents seamlessly collaborating to execute grand plans—sounds like the plot of the next big sci-fi/horror movie.

代理集群的概念——微型人工智能代理无缝协作执行宏伟计划——听起来就像下一部大型科幻/恐怖电影的情节。

Today's AI agents are mostly "lone wolves," operating in isolation with minimal and unpredictable interaction.

今天的人工智能代理大多是“独狼”，孤立地运行，交互很少且不可预测。

Agent clusters will change this status quo, allowing networks of AI agents to exchange information, negotiate, and make collaborative decisions. It can be seen as a decentralized collection of specialized models, each contributing unique expertise to larger, more complex tasks.

代理集群将改变这种现状，允许人工智能代理网络交换信息、协商并做出协作决策。它可以被视为专业模型的分散集合，每个模型都为更大、更复杂的任务贡献独特的专业知识。

One cluster might coordinate distributed computing resources on platforms like Bittensor. Another cluster could handle misinformation, verifying sources in real-time before content spreads to social media. Each agent in the cluster is an expert capable of executing its task precisely.

一个集群可以协调 Bittensor 等平台上的分布式计算资源。另一个集群可以处理错误信息，在内容传播到社交媒体之前实时验证来源。集群中的每个代理都是能够精确执行其任务的专家。

These cluster networks will generate intelligence more powerful than any single isolated AI.

这些集群网络将产生比任何单个孤立的人工智能更强大的智能。

To enable clusters to thrive, universal communication standards are crucial. Regardless of their underlying frameworks, agents need to be able to discover, verify, and collaborate. Teams like Story Protocol, FXN, Zerebro, and ai16z/ELIZA are laying the groundwork for the emergence of

为了使集群蓬勃发展，通用通信标准至关重要。无论其底层框架如何，代理都需要能够发现、验证和协作。 Story Protocol、FXN、Zerebro 和 ai16z/ELIZA 等团队正在为