Compiled by: Block unicorn

Remember the L2 hype cycle of 2022-2023?

The best strategy then is to accumulate leading decentralized exchanges (DEX), top currency markets, Solidly forks, LST, revenue optimizers, and more . Everyone is chasing token issuance, mining airdrops, or investing total value locked (TVL) into L2 projects like Blast to earn points.

It was chaotic, but effective (at least for a few months). Now, a similar energy is back - but this time, the rules have completely changed.

The agency ecosystem is reshaping everything we thought we knew about the market, with a completely different structure than we have seen before.

1. No VC dominates

In the L2 era, token distribution always has the same formula:

;">15-30% allocated to the team.

10-30% allocation to risk capital (VC) and KOL.

The rest is used for token issuance or incentives.

Not so here. In the proxy ecosystem, tokens are 100% owned by the community. The team launches proxy tokens, perhaps retaining 5% for incentives, and then the rest is handled by the market.

What does this mean?

Everyone has an equal opportunity to participate in the purchase. No worries of VC unlocks or insider selling. If you want exposure, you take the same market risks as everyone else.

So, what about KOL’s OTC transactions?

Some programs do offer discounted OTC deals, but they are usually:

Strictly Limited scale.

Limited to partners who are aligned with the ecosystem, such as DAOs or opinion leaders who actively support the ecosystem.

This is not a "VC pumps up, retail investors are sold off" model. It’s a fairer, more streamlined system that keeps power in the hands of the community.

2. No forks

At least not in Defi, there are dozens of forks for everything from Uniswap to Liquity, and there is hardly any innovation.

Here, everything revolves around new innovations. Rather than cloning existing projects, developers are launching entirely new agents and use cases at a pace that is difficult to keep up with.

Why? Because AI applications develop faster:

No need for months of review.

Most agents take weeks, not months, to launch.

This field is full of energy, experimentation and creativity.

There's something new and exciting every week. As AI technology evolves, so does Web3 AI agent storytelling.

3. New user acquisition channels

In traditional DeFi, users must:

Find the project's website.

Take the time to learn about the product.

May interact with it.

Agency flips the script. They put the product directly in front of users.

Take @aixbt_agent as an example.

It provides alpha directly on the CT in real time.

Users see value immediately, generate curiosity, and gain deeper understanding.

Eventually, they earn tokens to fully unlock the product.

This channel (participate first, trade later) is more efficient. This model will become mainstream in 2025 as on-chain trading agents and DeFi agents gain traction.

4. Well-curated ecosystem

Unlike thousands of fragmented L2s and dApps, we now have a tightly connected ecosystem such as:

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@virtuals_io (Base)

@ai16zdao (Solana)

@daosdotworld (Base)

@daosdotfun (Solana)

This is the same as What’s different in the past is this: developers are not attracted by grants or token issuances, but join naturally because of:

Fair launch tokens Monetary economics.

Passionate community.

Opportunities to experiment and innovate in exciting fields.

This is what happens when you combine fair launch with constant innovation. Developers, investors and communities work together to drive growth.

How to position yourself in this agency cycle

This feels like the early days of L1 – only it’s moving at a much faster pace. Back in 2020-2021, many L1 valuations peaked at over $100 billion. The same potential exists here.

If you want to find your place among them, you can pay attention to the following agents L1:

$VIRTUAL

$AI16Z

$ZEREBRO

$GRIFFAIN

$BULLY

$ARC

And don’t just chase the current hot projects. Look for:

Those projects that are underrated, projects that go beyond the scope of the current narrative

Those projects that deliver quickly, tell great stories. A team that knows how to build user mindshare

Welcome to the new era

The agency ecosystem is not just a new L1, it is a completely different market structure— — Faster, leaner, and more community-driven than anything we’ve seen before.

We are entering a cycle that may reshape the way Web3 innovation works, and the journey to a valuation of over $100 billion has only just begun.

Welcome aboard, my friends, we are going to enjoy a wonderful journey!