A picture takes you on a quick tour of the panorama of 178 encryption AI projects

178 projects, raising $2 billion, 54 Tokens already online, total Fully Diluted Valuation (FDV) exceeding $630 billion.

Written by: Dima Khanarin

Compiled by TechFlow of Gate.io

The field of combining Crypto and AI is developing rapidly. After Devcon, I compiled a map covering all known projects, aiming to help everyone better understand the current situation in this field.

This map divides the project into the following three categories:

• Application (Apps)
• Middleware
• Infrastructure (Infra)

Each category contains financing data and information on Tokens that have been listed.

1. Applications (31 projects, total financing over $240 million, 8 tokens have been listed, total FDV exceeds $3 billion):

1.1) Decentralized Finance Applications

6 projects, raising $1 million, currently no tokens listed.

Including @rug_ai, @RPS_Labs, etc.

1.2) Chatbot

4 projects, 1 Token has been launched, with a total FDV exceeding $10 million.

For example @Libertai_DAI, etc.

1.3） Payment Application

6 projects, raised $33 million, currently no tokens listed.

Representative projects include:

• @PaymanAI (Financing $13.8 million);
• @trySkyfire (financing $9.5 million);
• @BitteProtocol (raised $7.5 million in funding), etc.

1.4) AI Intelligent Agents and Influencers

Over 10 projects, 10+ Tokens have been listed, with a total FDV exceeding 30 billion US dollars.

Including TT, ai16z, Zerebro, @centienceio, etc.

1.5) Engineering and Safety

4 projects, raising $33 million, have launched 2 tokens, with a total FDV of over $200 million.

For example:

• @Chain_GPT ($CGPT, FDV 120 million US dollars);
• @FortaNetwork ($FORT, FDV $100 million);
• @MetaTrustLabs (raising 10 million US dollars) and so on.

1.6) Consumer Applications

6 projects, raising $12 million, 2 Tokens have been launched, with a total FDV exceeding $100 million.

Including:

• @aiarena_ ($NRN, FDV $80 million);
• @bottoproject ($BOTTO, FDV $60 million) and so on.

1.7) Smart Tools

4 projects, raised $163 million, 2 Tokens have been launched, with a total FDV of over $2 billion.

For example, Arkham Intel ($ARKM, FDV 20 billion), Kaito, Dune and Messari.

2. Middleware (106 projects, total financing exceeds 8 billion US dollars, 25 Tokens have been launched, total FDV exceeds 180 billion US dollars):

2.1) Training and Collaboration

16 projects, raised 1.2 billion dollars, launched 4 Tokens, total FDV exceeds 100 billion dollars.

Including well-known Bittensor and Sentient, as well as @assisterr, @Pluralis__ and others.

Tradable Token includes:

• @Dither_Solana ($DITH, FDV $10 million);
• @hyper_tensor ($TENSOR, FDV $25 million) ;
• @communeaidotorg ($COMAI, FDV $200 million).

2.2） Inference Service

17 projects, raised $57 million, launched 2 Tokens, with a total FDV of over $50 million.

For example:

• Allora Network (raised $35 million);
• @OpenGradient (financing $8.5 million);
• @hyperbolic_labs (funding $7 million);
• And small teams like @openex_network ($OEX, FDV 45 million).

2.3) Data Platform and Monetization

23 projects, raised 240 million US dollars, 7 Tokens have been launched, with a total FDV of over 1 billion US dollars.

Many well-funded protocols:

• Story Protocol (raised $134.3 million);
• Space and Time (raised 50 million dollars);
• @SaharaLabsAI (raised $43 million);
• Ocean Protocol（$OCEAN, 5 billion USD FDV）;
• Vana (raised $25 million);
• Hivemapper（$HONEY, 5 billion USD FDV）.

2.4) Privacy Protection

14 projects, raised 2.5 billion US dollars, launched 2 Tokens, total FDV exceeds 8 billion US dollars.

For example:

• Zama (Financing $82.30 million);
• Oasis Protocol ($ROSE, FDV $800 million) and others.

2.5) Intelligent Agent Platform

24 projects, with a total funding of $175 million, have launched 6 Tokens, with a total FDV exceeding $6.5 billion.

Including:

• Fetch AI ($FET, FDV 35 billion US dollars);
• @Spectral_Labs ($SPEC, FDV 10 billion dollars);
• @virtuals_io ($VIRTUAL, FDV 4.5 billion USD) ;
• @autonolas ($OLAS, FDV $8.5 billion) ;
• @MorpheusAIs （$MOR, FDV 8 billion dollars).

2.6) Research

3 projects, raising 5 million US dollars, currently no tokens online.

These projects focus on cutting-edge research in the fields of AI and blockchain, representing teams including @NousResearch, @physynAI, and @peri_labs.

2.7) Data Collection and Annotation

9 projects, raised $30 million, launched 1 Token, with a total FDV of over $120 million.

Representative projects include:

• @getmasafi（$MASA, FDV 1.26 billion US dollars）;
• @din_lol_ (raised $8 million);
• @KivaAi (financing $7 million).

3. Infrastructure (41 projects in total, with a total financing of over 1 billion US dollars, 24 tokens have been listed, with a total Fully Diluted Valuation (FDV) of over 42 billion US dollars)

3.1) Compute

22 projects, raising $2.12 billion, with 14 Tokens already online, total FDV exceeding $11 billion.

Representative projects include:

• Gensyn (financing 50 million USD);
• Render ($RENDER, FDV 40 billion dollars);
• @HiveDistributed (financed $13 million);
• @PhalaNetwork ($PHA, FDV 125 million USD);
• Aethir （$ATH, FDV 26 billion US dollars）;
• @fluence_project ($FLT, FDV 250 million dollars);
• @SpheronFDN (7 million US dollars);
• @akashnet ($AKT, FDV $1 billion);
• @nosana_ai ($NOS, 33 million USD FDV);
• @Neura_io ($ANKR, FDV $34.2 million);
• @RunOnFlux ($FLUX, FDV 25 million) and so on.

3.2) AI Dedicated Chain (AI Chains)

10 projects, raised 357 million US dollars, launched 4 Tokens, with a total FDV exceeding 9 billion US dollars.

Representative projects include:

• @OG_network (Funding of $325 million);
• Autonomys (financing 33 million dollars);
• io.net ($IO, FDV $1.8 billion);
• @golemproject ($GLM, FDV 3.7 billion US dollars);
• Ora ($ORAI, FDV 1.2 billion).

3.3) Data Storage

8 projects, raising 3.74 billion dollars, have launched 5 Tokens, with a total FDV exceeding 100 billion dollars.

Representative projects include:

• GenesysGk (raised $43 million);
• @storj ($STORJ, FDV 2.1 billion dollars);
• Ceramic Network (raising $30 million);
• @Rivalz_AI (11 million US dollars;
• @AIOZNetwork ($AIOZ, FDV 9 billion)；
• @ArweaveEco ($AR, FDV 12 billion).

3.4) Proof of Humanity

This category, represented by WorldCoin, raised $115 million in funding with Token $WLD, with a total FDV of up to $22 billion.

Why do I need to do this extensive analysis work?

My original intention was to help venture capital (VC) and encryption enthusiasts discover potential hot Tokens, and also to deconstruct the current market trend:

• Is there enough funding in this field?
• Does each category have strong protocol support?
• Apart from AI concept coins, is there any real market appeal?

From the current situation, the answer is basically negative:

• Funding is still insufficient - 20 billion dollars is insignificant for a rapidly developing field.
• It is very difficult to compete with centralized labs in AI stack development.
• Most projects’ market appeal still remains in the speculative stage, and mature applications have not yet emerged.

Currently, funds are mainly concentrated on infrastructure and middleware, but this situation will change with the development of the ecosystem.

I agree with a16z’s point of 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 Interaction, supported by @EverclearOrg.