Over $2 billion raised, total FDV exceeding $63 billion, a chart to give you a quick overview of 178 crypto AI projects.

Author: Dima Khanarin

Translation: Deep Tide TechFlow

Over $2 billion raised, total FDV over $63 billion, a chart to give you a quick overview of 178 crypto AI projects

The combination of Crypto and AI is rapidly evolving. After the conclusion of Devcon, I compiled a map covering all known projects to help everyone better understand the current state of this field.

This map categorizes the projects into the following three types:

Applications (Apps)
Middleware
Infrastructure (Infra)

Each category includes financing data and information on tokens that have been launched.

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

1.1) DeFi Applications

6 projects, financing $1 million, currently no tokens launched.

Including @rugai, @RPSLabs, etc.

1.2) Chatbots

4 projects, 1 token launched, total FDV over $10 million.

For example, @Libertai_DAI, etc.

1.3) Payment Applications

6 projects, financing $33 million, currently no tokens launched.

Representative projects include:

@PaymanAI (financing $13.8 million);
@trySkyfire (financing $9.5 million);
@BitteProtocol (financing $7.5 million), etc.

1.4) AI Agents and Influencers

Over 10 projects, 10+ tokens launched, total FDV over $3 billion.

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

1.5) Engineering and Security

4 projects, financing $33 million, 2 tokens launched, total FDV over $20 million.

For example:

@Chain_GPT ($CGPT, FDV $120 million);
@FortaNetwork ($FORT, FDV $100 million);
@MetaTrustLabs (financing $10 million), etc.

1.6) Consumer Applications

6 projects, financing $12 million, 2 tokens launched, total FDV over $10 million.

Including:

@aiarena_ ($NRN, FDV $80 million);
@bottoproject ($BOTTO, FDV $60 million), etc.

1.7) Smart Tools

4 projects, financing $163 million, 2 tokens launched, total FDV over $2 billion.

For example, Arkham Intel ($ARKM, FDV $2 billion), Kaito, Dune, and Messari.

2. Middleware (106 projects, total financing over $800 million, 25 tokens launched, total FDV over $18 billion):

2.1) Training and Collaboration

16 projects, financing $120 million, 4 tokens launched, total FDV over $10 billion.

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

Tradeable tokens include:

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

2.2) Inference Services

17 projects, financing $57 million, 2 tokens launched, total FDV over $5 million.

For example:

Allora Network (financing $35 million);
@OpenGradient (financing $8.5 million);
@hyperbolic_labs (financing $7 million);
and smaller teams like @openex_network ($OEX, FDV $4.5 million).

2.3) Data Platforms and Monetization

23 projects, financing $240 million, 7 tokens launched, total FDV over $1 billion.

With many well-funded protocols:

Story Protocol (raised $134.3 million);
Space and Time (raised $50 million);
@SaharaLabsAI (raised $43 million);
Ocean Protocol ($OCEAN, FDV $500 million);
Vana (raised $25 million);
Hivemapper ($HONEY, FDV $500 million).

2.4) Privacy Protection

14 projects, financing $250 million, 2 tokens launched, total FDV over $80 million.

For example:

Zama (financing $82.3 million);
Oasis Protocol ($ROSE, FDV $800 million), etc.

2.5) Agent Platforms

24 projects, financing $175 million, 6 tokens launched, total FDV over $6.5 billion.

Including:

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, financing $5 million, currently no tokens launched.

These projects focus on cutting-edge research in AI and blockchain, with representative teams including @NousResearch, @physynAI, and @peri_labs.

2.7) Data Collection and Annotation

9 projects, financing $30 million, 1 token launched, total FDV over $12 million.

Representative projects include:

@getmasafi ($MASA, FDV $126 million);
@dinlol (financing $8 million);
@KivaAi (financing $7 million).

3. Infrastructure (41 projects, total financing over $1 billion, 24 tokens launched, total fully diluted valuation (FDV) over $42 billion)

3.1) Compute Resources

22 projects, financing $212 million, 14 tokens launched, total FDV over $11 billion.

Representative projects include:

Gensyn (financing $50 million);
Render ($RENDER, FDV $4 billion);
@HiveDistributed (financing $13 million);
@PhalaNetwork ($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, FDV $33 million);
@Neura_io ($ANKR, FDV $342 million);
@RunOnFlux ($FLUX, FDV $250 million), etc.

3.2) AI Chains

10 projects, financing $357 million, 4 tokens launched, total FDV over $9 billion.

Representative projects include:

@OG_network (financing $325 million);
Autonomys (financing $33 million);
io.net ($IO, FDV $1.8 billion);
@golemproject ($GLM, FDV $370 million);
Ora ($ORAI, FDV $120 million).

3.3) Data Storage

8 projects, financing $374 million, 5 tokens launched, total FDV over $1 billion.

Representative projects include:

GenesysGk (financing $43 million);
@storj ($STORJ, FDV $210 million);
Ceramic Network (financing $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, financing $115 million, token $WLD, total FDV as high as $2.2 billion.

Why did I undertake this massive analysis?

My intention is to help venture capitalists (VCs) and crypto enthusiasts discover potential hot tokens, while also hoping to deconstruct the current market frenzy:

Is there sufficient funding in this field?
Are there strong protocols supporting each category?
Besides AI concept coins, is there real market appeal?

From the current situation, the answers are generally negative:

Funding is still insufficient—$2 billion is trivial for a rapidly developing field.
Competing with centralized labs in AI stack development is very challenging.
The market appeal of most projects remains in the speculative stage, with no mature applications emerging.

Currently, funding is mainly concentrated in infrastructure and middleware—but this situation will change as the ecosystem develops.

I agree with a16z's view: in the coming years, value will gradually shift towards the application layer.

Finally, the entire Crypto x AI economy will be cross-chain and supported by @EverclearOrg.

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Over $2 billion raised, total FDV exceeding $63 billion, a chart to give you a quick overview of 178 crypto AI projects.

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

2. Middleware (106 projects, total financing over $800 million, 25 tokens launched, total FDV over $18 billion):

3. Infrastructure (41 projects, total financing over $1 billion, 24 tokens launched, total fully diluted valuation (FDV) over $42 billion)

Why did I undertake this massive analysis?

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