The rise of AI-driven crypto agents is following a familiar trajectory that mirrors the initial boom, bust and resurgence of ICO-era projects. Just as early blockchain ventures thrived on hype before maturing into sustainable ecosystems, the current wave of AI agent projects is undergoing rapid market shifts.
A new report by HTX Ventures and HTX Research says that investors are growing cautious as competition in the sector intensifies, liquidity disperses and many projects struggle to define clear use cases. Still, as the sector moves beyond its speculative phase, AI-driven crypto agents are expected to evolve sustainable business models underpinned by genuine utility.
To dive deeper into the evolution of crypto agents and the future of AI-driven blockchain innovation, download the full report by HTX here.
From meme hype to reality: The evolution of crypto agents
The initial wave of crypto agent projects in 2024 was driven by indiscriminate enthusiasm for AI projects. Following the impact of a $50,000 Bitcoin donation from Marc Andreessen in October 2024 and the success of token launchpads earlier in the year, many AI agent projects entered the space in Q1 of 2024 and rapidly diluted liquidity by Q1 of 2025. As with any emerging sector, early-stage hype did not always translate into long-term viability, and a cooling-off period in the crypto AI agent sector followed.
The market segment is now entering a more mature phase, and the focus is shifting from speculative excitement to revenue generation and product performance. The winners in this evolving landscape will be those that can generate stable revenue, cover the costs of running AI models and provide tangible value to users and investors alike.
AI agent applications emphasize real-world implementation and commercialization of this technology, particularly in areas like automated trading, asset management, market analysis and crosschain interaction. This approach aligns with multi-agent systems and DeFAI (decentralized finance + AI) initiatives like Hey Anon,…
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