Author: 0xJeff, Steak Studio; Translation: Golden Finance xiaozou

Last year, when the L1/L2 public chain There are more times than we can count on two hands, and liquidity fragmentation has become a major challenge. Subsequently, Bitcoin L2 entered the market, causing the number of L2 to surge.

This results in fragmented mobility, attention, and experience across countless ecosystems. Many L2s and dApps in these ecosystems struggle to gain any practical meaningful traction. Capital is only flowing into a handful of top ecosystems—those with outstanding communities, great products, high-quality teams, and enough capital to attract builders.

Now, the field of AI agents is beginning to face the same challenges. While it’s still early days, the sheer number of individual agents, tokens, and new agent tokens makes it difficult to differentiate between them.

The industry is facing an increasingly serious problem of agent fragmentation. Mobility and focus are too spread out and thin.

1. Two common tracks of AI agents

Most AI agents advance along two tracks:

(1) Convert from agent to framework

Some agents continue to attract users, allowing users to communicate on Crypto Twitter (or other channels) Interact with products in real time on other platforms to demonstrate your value. Once these agencies achieve product market fit (PMF) and gain enough traction, other teams will often want to copy what they have built.

What is the logical next step? Open source proxy. In this way, the agent evolves into a framework—making it easier for others to experiment, integrate, and build on top of it. This move could break the valuation ceiling that limits agents and position them to be more similar to L1 blockchains.

We see this trend with the following agencies:

Zerebro

Dolos

AVA

Freysa

Rei

This approach allows these agents to scale by reducing barriers to others joining their ecosystem.

(2) Continue to improve the product as an independent agent

Not all agents can immediately Discover PMF. Some agents must evolve iteratively until the right use case is discovered. Even so, some teams prefer to keep their own technology rather than making it available to others.

For those agents that discover PMF and perform well, there is no need to convert to a framework - they can still continue to be independent agents.

An example of this method is as follows:

Aixbt

Griffain

So, what should we do?

For builders: focus on understanding the gaps in the market and building products that provide real value to users. Remember, agents should act as a conduit to bring users into the ecosystem. In such a saturated market, standing out is only getting harder and harder.

For investors: Pay attention to the leaders or top projects in each category. Doubling down on dips may be the best way to solidify your focus in this fragmented space.

2. Current categories and narratives and projects worthy of attention

(1) Alpha-centered KOL agent

These agents dominate output alpha (insights, data synthesis and analysis). Aixbt leads in mindshare. While this is not a winner-takes-all market, the front-runners will receive disproportionate attention.

Tokens worthy of attention include: AIXBT, REI, TRISIG, TRUST, AGENCY, KWANT

(2) InvestmentDAO

< p style="text-align: left;">These DAOs focus on strategic investments. The winners in this field are usually those that can effectively execute strategies and provide strong PnL.

Examples are as follows:

VADER, AIXCB , AIMONICA, SEKOIA, WAI, AROK

Other platforms in this field include Virtuals, ai16z, daos.world and daos.fun, etc.

< p style="text-align: left;">(3) Agent virtual world/game x AI

This is a young field with huge potential. Realis started this trend, but Hyperfy Now a leader in world-building infrastructure, Smol and Arc Agent are exploring AI-based games and gamification mechanics with reinforcement learning.

< p style="text-align: left;">The main tokens are as follows:

HYPER, REALIS, SMOL, NRN

(4) DeFAI/Abstraction Layer

This is a highly competitive space with multiple players vying for dominance. It is expected that Wayfinder’s token issuance may change the game. Rules.

Tokens that need attention are as follows:

GRIFFAIN, ANON, GRIFT, NEUR

(5) Autonomous Trading Agents

This narrative is still in its early stages, but has huge potential. Several competitors have emerged in the space, with agents working hard to generate huge returns.

Tokens that need attention are as follows:

ASYM, PPCOIN, GEKKO, TONY

(6) Framework

Popular framework tokens enhance agency by providing open source solutions. AI16Z/Eliza is the largest open source framework, but there are other models.

The main tokens are as follows:

AI16Z / ELIZA, GAME (Virtuals), ARC (Rig)

(7) Music

AI agents are entering the music field by releasing albums or supporting music creation. Zerebro is well ahead of the game with a stellar album, and now more and more agents are tapping into this niche with cross-disciplinary collaborations with world-class DJs.

The main tokens are:

ZEREBRO, MUSIC, BEATS

(8) 3D model

Ava It is undoubtedly the leader in the field of 3D modeling. Holoworld AI has been working with teams to develop and deploy 3D models across different frameworks and ecosystems.

AVA is a token that needs attention.

(9) AIDOL

This trend started when Luna became an AI idol on Douyin and Twitter. Although the initial wave of hype has subsided, This segment sets the stage for an agent that offers more practical services. Luna is still the most relevant AIDOL, she now has more personality and can do more.

The main tokens are as follows:

LUNA, ELIZA, MOE

(10 ) AI Meme Coins

These meme coins are either issued by AI agents or related to AI.

Mainstream tokens include:

GOAT, FARTCOIN, ACT

(11 )Video/Film Photography

This is an emerging industry, and Kween is leading the way when it comes to producing high-quality movies, although it's unclear if they are agent-driven. Sandy is launching the first artificial intelligence video agent framework, and its potential is not yet Fully displayed.

Tokens worthy of attention are:

KWEEN, SANDY

(12) Data

In the field of artificial intelligence, data is the digital golden key for agent development and performance. Cookies provide data to humans and AI agents

The main tokens are:

COOKIE, NOMAI

(13) AI application store

This category focuses on For an ecosystem of useful AI applications, including GenAI tools, games, and productivity enhancement tools, Alchemist is currently the top ecosystem, while Myshell focuses on image generation and waifu emulator games, although its token has not yet been released.

The main token in this field is ALCH

(14) NSFW proxy

This is an emerging market segment where agencies play the role of spicy influencers, attracting users around the clock. Lush, Nectar and Oh are the biggest competitors, but currently there is only one Lush. Tokens.

Tokens to watch: LUSH

(15) TEE/DeAI Infrastructure

This narrative enables fully autonomous agents to be resistant to human interference, such as hacking or rug pulling.

The main tokens are:

FAI, PHALA, SPORE

(16) Development-centered tools

Key tools for AI security, code analysis, and utility that are critical to the growth of the industry. Soleng is my personal favorite because it helps my non-technical friends on Crypto Twitter analyze code /github directory.

Tokens that need attention are:

SOLENG, H4CK, CERTAI, JAIL

(17) Robot/Embedded AI

This is an exciting field that is still developing. OpenAI's work in embedded AI may attract more attention this year.

Main token: SAM

(18) Other projects

There are also There are more categories than I have covered. The agency fragmentation trend is out of control. My personal view on investing is to focus on the narratives that attract the most attention and predict that the narratives in the future will attract attention.

The main narratives I’m concerned about that will continue to gain traction are:

DeFAI

Autonomous Trading Agent

InvestmentDAO

Agent Virtual World

There are also some narratives that I am very optimistic about because I expect that as the As we enter the first/second quarter of the year, they will attract more attention, they are:

NSFW proxy

TEE and other DeAI infrastructure (opML, zkML, POSP, etc.)

Robot

Development-centered tool

3. Conclusion

The issue of agency fragmentation highlights the complexity and opportunity that exists in this rapidly evolving sector. Rather than clinging to all trends, builders and investors should focus on areas with the potential for consolidation and long-term growth.< /p>

For builders, the focus should be on creating scalable, differentiated products that meet clear user needs. For investors, backing projects with strong focus and positioning on high-potential narratives will be key to combating the challenges of fragmentation.

The next wave of innovation will come from projects that simplify chaos and create ecosystems that combine mobility, attention, and value.