A visual guide to quickly explore the landscape of 178 crypto AI projects

2024.11.27

A visual guide to quickly explore the landscape of 178 crypto AI projects

178 projects, raised $2 billion, 54 launched tokens, with a total fully diluted valuation (FDV) exceeding $63 billion.

2024.11.27 - 06:11:41

Navigating Web3 tides with focused insights

178 projects, raised $2 billion, 54 launched tokens, with a total fully diluted valuation (FDV) exceeding $63 billion.

Author: Dima Khanarin

Translation: TechFlow

The intersection of Crypto and AI is evolving rapidly. After Devcon, I compiled a map covering all known projects in this space to help people better understand the current landscape.

This map categorizes projects into three main groups:

Applications (Apps)
Middleware
Infrastructure (Infra)

Each category includes funding data and information on launched tokens.

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

1.1) DeFi Applications

6 projects, raised $1 million, no tokens launched yet.
Includes @rug_ai, @RPS_Labs, etc.

1.2) Chatbots

4 projects, 1 token launched, total FDV over $10 million.
Examples include @Libertai_DAI.

1.3) Payment Apps

6 projects, raised $33 million, no tokens launched yet.
Representative projects include:

@PaymanAI (raised $13.8 million);

@trySkyfire (raised $9.5 million);

@BitteProtocol (raised $7.5 million), among others.

1.4) AI Agents & Influencers

Over 10 projects, more than 10 tokens launched, total FDV over $3 billion.
Includes TT, ai16z, Zerebro, @centienceio, etc.

1.5) Engineering & Security

4 projects, raised $33 million, 2 tokens launched, total FDV over $200 million.
Examples:

@Chain_GPT ($CGPT, FDV $120 million);

@FortaNetwork ($FORT, FDV $100 million);

@MetaTrustLabs (raised $10 million), etc.

1.6) Consumer Apps

6 projects, raised $12 million, 2 tokens launched, total FDV over $100 million.
Including:

@aiarena_ ($NRN, FDV $80 million);

@bottoproject ($BOTTO, FDV $60 million), etc.

1.7) Intelligence Tools

4 projects, raised $163 million, 2 tokens launched, total FDV over $2 billion.
Examples: Arkham Intel ($ARKM, FDV $2 billion), Kaito, Dune, Messari.

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

2.1) Training & Collaboration

16 projects, raised $120 million, 4 tokens launched, total FDV over $10 billion.
Includes well-known names like 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, raised $57 million, 2 tokens launched, total FDV over $50 million.
Examples:

Allora Network (raised $35 million);

@OpenGradient (raised $8.5 million);

@hyperbolic_labs (raised $7 million);

And smaller teams like @openex_network ($OEX, FDV $45 million).

2.3) Data Platforms & Monetization

23 projects, raised $240 million, 7 tokens launched, total FDV over $1 billion.
Home to many well-funded protocols:

Story Protocol (raised $134.3 million);

Space and Time (raised $50 million);

@SaharaLabsAI (raised $43 million);

Ocean Protocol ($OCEAN, $500 million FDV);

Vana (raised $25 million);

Hivemapper ($HONEY, $500 million FDV).

2.4) Privacy Protection

14 projects, raised $250 million, 2 tokens launched, total FDV over $800 million.
Examples:

Zama (raised $82.3 million);

Oasis Protocol ($ROSE, FDV $800 million), etc.

2.5) Agent Platforms

24 projects, raised $175 million, 6 tokens launched, total FDV over $6.5 billion.
Includes:

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, raised $5 million, no tokens launched yet.
Focused on frontier research at the intersection of AI and blockchain. Representative teams include @NousResearch, @physynAI, and @peri_labs.

2.7) Data Collection & Labeling

9 projects, raised $30 million, 1 token launched, total FDV over $120 million.
Representative projects include:

@getmasafi ($MASA, FDV $126 million);

@din_lol_ (raised $8 million);

@KivaAi (raised $7 million).

3. Infrastructure (41 projects, total funding over $1 billion, 24 tokens launched, total Fully Diluted Valuation (FDV) over $42 billion)

3.1) Compute Resources

22 projects, raised $212 million, 14 tokens launched, total FDV over $11 billion.
Representative projects include:

Gensyn (raised $50 million);

Render ($RENDER, FDV $4 billion);

@HiveDistributed (raised $13 million);

@PhalaNetwork ($PHA, FDV $125 million);

Aethir ($ATH, FDV $2.6 billion);

@fluence_project ($FLT, FDV $250 million);

@SpheronFDN (raised $7 million);

@akashnet ($AKT, FDV $1 billion);

@nosana_ai ($NOS, FDV $33 million);

@Neura_io ($ANKR, FDV $34.2 million);

@RunOnFlux ($FLUX, FDV $25 million), etc.

3.2) AI-Specific Chains (AI Chains)

10 projects, raised $357 million, 4 tokens launched, total FDV over $9 billion.
Representative projects include:

@OG_network (raised $325 million);

Autonomys (raised $33 million);

io.net ($IO, FDV $1.8 billion);

@golemproject ($GLM, FDV $370 million);

Ora ($ORA, FDV $120 million).

3.3) Data Storage

8 projects, raised $374 million, 5 tokens launched, total FDV over $10 billion.
Representative projects include:

GenesysGk (raised $43 million);

@storj ($STORJ, FDV $210 million);

Ceramic Network (raised $30 million);

@Rivalz_AI (raised $11 million);

@AIOZNetwork ($AIOZ, FDV $900 million);

@ArweaveEco ($AR, FDV $1.2 billion).

3.4) Proof of Humanity

This category is represented primarily by WorldCoin, which raised $115 million, with token $WLD and a total FDV reaching $22 billion.

Why did I undertake this extensive analysis?

My goal was to help VCs and crypto enthusiasts identify potential breakout tokens, while also deconstructing the current market hype:

Is this sector sufficiently funded?
Are there strong protocols supporting each category?
Beyond speculative AI-themed tokens, is there real market appeal?

From the current picture, the answers are largely negative:

Funding remains insufficient — $2 billion is negligible for a rapidly growing field.
Competing with centralized labs in AI stack development is extremely difficult.
Most projects’ market appeal remains speculative, with no mature applications emerging yet.

Currently, capital is concentrated in infrastructure and middleware—but this will shift as the ecosystem matures.

I agree with a16z: value will gradually migrate toward the application layer over the coming years.

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

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Dima Khanarin

@dimakhanarin

A visual guide to quickly explore the landscape of 178 crypto AI projects

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