By Dima Khanarin
Compiled by: TechFlow
The field of crypto and AI is developing rapidly. After Devcon, I put together a map of all known projects to help you better understand the current status of this field.
The map divides projects into three categories:
- Apps
- Middleware
- Infrastructure
Each category contains funding data and information on launched tokens.
1. Applications (31 projects, total financing exceeding US$240 million, 8 tokens launched, total FDV exceeding US$3 billion):
1.1) DeFi Applications
6 projects, with a total financing of US$1 million, and no tokens are currently online.
Including @rug_ai, @RPS_Labs, etc.
1.2) Chatbots
4 projects, 1 token has been launched, with a total FDV of over 10 million US dollars.
For example, @Libertai_DAI, etc.
1.3) Payment Application
6 projects, with financing of US$33 million, and no tokens are currently online.
Representative projects include:
- @PaymanAI ($13.8 million);
- @trySkyfire ($9.5 million);
- @BitteProtocol (raised $7.5 million) and others.
1.4) AI Agents and Influencers
More than 10 projects and 10+ tokens have been launched, with a total FDV of over US$3 billion.
Including TT, ai16z, Zerebro, @centienceio, etc.
1.5) Engineering and Safety
4 projects, 33 million USD in financing, 2 tokens launched, total FDV exceeds 200 million USD.
For example:
- @Chain_GPT ($CGPT, FDV $120 million);
- @FortaNetwork ($FORT, FDV $100 million);
- @MetaTrustLabs (raised $10 million) and others.
1.6) Consumer Applications
6 projects, 12 million USD in financing, 2 tokens launched, total FDV exceeds 100 million USD.
include:
- @aiarena_ ($NRN, FDV $80 million);
- @bottoproject ($BOTTO, FDV $60 million) etc.
1.7) Smart Tools
4 projects, raised $163 million, 2 tokens launched, with a total FDV of over $2 billion.
Examples include Arkham Intel ($ARKM, FDV $2 billion), Kaito, Dune, and Messari.
2. Middleware (106 projects, total financing of over $800 million, 25 tokens launched, total FDV over $18 billion):
2.1) Training and collaboration
16 projects, 120 million USD in financing, 4 tokens launched, with a total FDV exceeding 10 billion USD.
Including the well-known Bittensor and Sentient, as well as @assisterr, @Pluralis__, etc.
The tradable tokens include:
- @Dither_Solana ($DITH, $10m FDV);
- @hyper_tensor ($TENSOR, FDV $25 million);
- @communeaidotorg ($COMAI, FDV $200 million).
2.2) Inference Service
17 projects, 57 million USD in financing, 2 tokens launched, total FDV exceeds 50 million USD.
For example:
- Allora Network ($35 million);
- @OpenGradient ($8.5 million);
- @hyperbolic_labs ($7 million raised)
- And smaller teams like @openex_network ($OEX, FDV $45m).
2.3) Data Platform and Monetization
23 projects, with financing of US$240 million, 7 tokens have been launched, and the total FDV exceeds US$1 billion.
There are many well-funded protocols:
- Story Protocol (raised $134.3 million);
- Space and Time (raised $50 million);
- @SaharaLabsAI (raised $43 million);
- Ocean Protocol ($OCEAN, $500 million FDV);
- Vana (raised $25 million);
- Hivemapper ($HONEY, $500M FDV).
2.4) Privacy Protection
14 projects, with $250 million in financing, 2 tokens launched, and a total FDV of over $800 million.
For example:
- Zama ($82.3 million);
- Oasis Protocol ($ROSE, FDV $800 million) and others.
2.5) Intelligent Agent Platform
24 projects, with financing of US$175 million, 6 tokens have been launched, and the total FDV exceeds US$6.5 billion.
include:
- Fetch AI ($FET, FDV $3.5 billion);
- @Spectral_Labs ($SPEC, FDV $1 billion);
- @virtuals_io ($VIRTUAL, FDV $450 million);
- @autonolas ($OLAS, FDV $850 million);
- @MorpheusAIs ($MOR, FDV $800 million).
2.6) Research
3 projects, 5 million USD in financing, no tokens are currently online.
These projects focus on cutting-edge research in AI and blockchain, and representative teams include @NousResearch, @physynAI, and @peri_labs.
2.7) Data collection and annotation
9 projects, raised US$30 million, launched 1 token, with a total FDV of over US$120 million.
Representative projects include:
- @getmasafi ($MASA, FDV $126 million);
- @din_lol_ ($8 million in funding) ;
- @KivaAi ($7 million raised).
3. Infrastructure (41 projects, total financing exceeding $1 billion, 24 tokens launched, total fully diluted valuation (FDV) exceeding $42 billion)
3.1) Compute resources
22 projects, with financing of US$212 million, 14 tokens have been launched, and the total FDV exceeds US$11 billion.
Representative projects include:
- Gensyn ($50 million in financing);
- Render ($RENDER, FDV $4 billion);
- @HiveDistributed ($13 million);
- @PhalaNetwork ($PHA, FDV $125 million);
- Aethir ($ATH, FDV $2.6 billion);
- @fluence_project ($FLT, FDV $250 million);
- @SpheronFDN ($7 million);
- @akashnet ($AKT, FDV $1 billion);
- @nosana_ai ($NOS, $33 million FDV);
- @Neura_io ($ANKR, FDV $34.2 million);
- @RunOnFlux ($FLUX, FDV $25 million) etc.
3.2) AI Chains
10 projects, with financing of US$357 million, 4 tokens have been launched, and the total FDV exceeds US$9 billion.
Representative projects include:
- @OG_network ($325 million);
- Autonomys ($33 million);
- io.net ($IO, FDV $1.8 billion);
- @golemproject ($GLM, FDV $370 million);
- Ora ($ORAI, FDV $120 million).
3.3) Data Storage
8 projects, with financing of US$374 million, 5 tokens have been launched, and the total FDV exceeds US$10 billion.
Representative projects include:
- GenesysGk ($43 million in financing);
- @storj ($STORJ, FDV $210 million);
- Ceramic Network ($30 million);
- @Rivalz_AI ($11 million;
- @AIOZNetwork ($AIOZ, FDV $900 million);
- @ArweaveEco ($AR, FDV $1.2 billion).
3.4) Proof of Humanity
This category is represented by WorldCoin, which raised $115 million, with a token of $WLD and a total FDV of $22 billion.
Why am I undertaking this massive analysis?
My original intention was to help venture capitalists (VCs) and crypto enthusiasts discover potential hot tokens, and also to deconstruct the current market craze:
- Is there enough funding in this area?
- Is there strong protocol support for each category?
- Apart from AI concept coins, is there any real market appeal?
Judging from the current situation, the answer is basically no:
- Funding remains inadequate — $2 billion is a pittance for a rapidly growing field.
- When it comes to AI stack development, it’s very difficult to compete with centralized labs.
- The market appeal of most projects remains at the speculative stage, and mature applications have yet to emerge.
Currently, funding is focused primarily on infrastructure and middleware — but this will change as the ecosystem develops.
I agree with a16z's view: in the next few years, value will gradually shift to the application layer.
Finally, the entire Crypto x AI economy will be cross-chain and powered by @EverclearOrg.
