Independent · AI × Crypto
Intel before the deal.
Independent intelligence on the AI × Crypto frontier. Where deals get connected, not just tracked.
- 15
- Projects
- 06
- Conviction
- 08
- VCs
- 06
- Sectors
Pulse
Latest moves.
- Market SignalMay 28io.net
io.net crosses milestone GPU count on network
Network capacity continues to absorb spillover demand from constrained hyperscaler supply. Utilization the metric to watch.
- ProductMay 27Skyfire
Skyfire ships KYAPay identity update
Identity-attached payment layer for agents adds new operator integrations. Issuance-layer thesis intact.
- FundingMay 26a16z Crypto
a16z Crypto signals continued agent-infra appetite
Public posture suggests further deployment into the agent identity + payments layer through 2026.
- Market SignalMay 25Virtuals Protocol
Virtuals agent count grows, signal quality mixed
Top decile of agents carries volume; long tail remains meme-driven. Watching 90-day cohort retention.
- LaunchMay 24Bittensor
Bittensor subnet ecosystem expands
New subnets specializing in inference verticals. Real demand for decentralized inference still the open question.
Coverage
Six sub-sectors. One operator.
06 / 06
Sector
AI Agents
Autonomous on-chain agents and agent frameworks.
Open thesis →
Sector
DePIN / Compute
Decentralized GPU and physical infrastructure networks.
Open thesis →
Sector
Inference Networks
Decentralized model inference and routing.
Open thesis →
Sector
Data Layer
Open datasets, oracles, and verifiable data pipelines.
Open thesis →
Sector
Embodied AI
Robotics and physical-world AI systems.
Open thesis →
Sector
Agent Payment Rails
Payments, settlement and identity for autonomous agents.
Open thesis →
Tracked projects
15 projects on the radar.
Showing highlights below — full sortable + filterable list at /projects.
Bittensor
Inference Networks
Decentralized machine learning network — subnet model — TAO token
Grass
Data Layer
Bandwidth/data layer cho AI training — large airdrop hype — Solana
io.net
DePIN / Compute
Decentralized GPU network — aggregator model — institutional traction
Render Network
DePIN / Compute
Veteran decentralized rendering — pivoted to AI compute — Solana migration done
Skyfire
Agent Payment Rails
Agent-to-agent payment network — a16z + Coinbase backed — production
Virtuals Protocol
AI Agents
Launchpad cho on-chain AI agents — biggest agent ecosystem hiện tại trên Base
ai16z / ElizaOS
AI Agents
AI agent framework open-source — Marc Andreessen's DAO experiment scaling
FrodoBots
Embodied AI
DePIN cho mini-robots — telerobotic + AI — physical AI play
AIxBT
AI Agents
Single-agent crypto Twitter intelligence — first viral 'AI alpha agent'
Akash Network
DePIN / Compute
Cosmos-based decentralized cloud — earliest DePIN cloud — slower growth
Allora Network
Inference Networks
Self-improving inference network — collective intelligence — newer than Bittensor
Masa Network
Data Layer
AI training data marketplace — privacy-preserving — earlier stage
POV
Latest insights.
Agent Payment Rails: Skyfire vs Nava and the Fork Ahead
Two payment infrastructures for autonomous agents. One has a16z and Coinbase. The other has Polychain. Both are betting on different layers — and only one of those layers is going to matter when the agent economy hits scale.
Read piece →
Virtuals' Tokenization Loop: Does the Math Work in 2027?
Virtuals Protocol proved agent tokenization at scale on Base. The token model gives holders revenue share. The question I cannot answer yet is whether that loop survives when the long tail of launches goes to zero — and whether the curated head is big enough to carry the rest.
Read piece →
DePIN Compute: io.net, Render, and the Structural Question
Both networks have real GPU supply and real customers. The structural question — whether decentralized compute is a meaningful price-improvement over hyperscaler rentals at scale — has not been answered. Until it is, neither network has an unassailable moat.
Read piece →
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