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Original author: 0xJeff Original compilation: TechFlow Since the first AI Trends in the Trenches article was published in May of this year, many things have changed: Market sentiment has declined, and the number of AI agent tokens issued fairly has decreased The narrative changed drastically New ecosystem players replace old characters The value proposition of Web 3 AI systems is clearer AI investment opportunities for institutions and whales have increased From hype to product and real impact There are many more changes...... In this article, we will review the key events that have occurred over the past few months, analyze current trends, explore who the market leaders are, where they are headed, and how to prepare for the opportunities that lie ahead. Let's dive in The trenches of the market are not easy to walk First: there are too many tokens in the market, leading to liquidity and distraction. Second: The proliferation of pointless discussions and low-quality AI content on crypto Twitter (CT) distracts from quality content. Third: The market is no longer as hot as before, and this trend will continue. Fourth: The narrative switches extremely fast - if you don't always pay attention or have reliable sources of information, it will be difficult to keep up with the pace. Looking back at the first and second quarters of this year, the Trump family's meme coins, celebrity tokens, and other eye-catching projects such as ICM (Smart Creator Coin), Creator Coin, and Pump ICO accounted for most of the active liquidity, leaving only a little residual funds in the AI trenches. AI Agent Ecosystem: From Hype to Productization Opportunities have become scarce due to changes in the market environment. As one of the largest AI agent ecosystems currently available, @virtuals_io has become a highly anticipated ecological platform with the largest number of developers. Its initial offerings (Genesis Launches) performed decently, occasionally delivering 5-20x hype gains. However, this heat lasted only 1-2 months. Ultimately, this ecosystem relies too heavily on the hype drive of new projects. When there are no more exciting new projects launched, market attention and enthusiasm quickly fade away, and the "points" in the ecosystem lose their value. This change in sentiment has prompted investors and speculators to become more selective and focus on the actual value of the project (product) rather than mere hype. Two major trends in AI agents today Investors shifted from focusing on Virtuals' initial launch to a select quality team Some of the team's early tokens experienced significant selling pressure, but are now gradually recovering with plans to launch new important products or features. At the same time, there are some new teams that have chosen to go live on the Virtuals platform in a more mature product phase. Compared to the traditional model of 2-3 months to develop a minimum viable product (MVP), these teams launch the finished product immediately after the token generation event (TGE). Here are some teams to watch (but not limited to): @ArAIstotle: Focus on AI fact-checking @PredictBase: Decentralized prediction markets @Mamo_agent: Personal Finance Assistant (by the Moonwell team) @AskBillyBets: Sports prediction agents/engines/aggregators @useBackroom: AI-powered SocialFi platform Looking ahead: Quality projects will remain scarce This trend is likely to continue – while the number of high-quality projects is limited, if you keep an eye on the dynamics of potential agency teams on the Virtuals platform, you may well seize the next 10-50x investment opportunity. Investors turn to other ecosystems: looking for more attractive opportunities As the market changes, investors are gradually shifting their focus from Virtuals to other ecosystems that offer more attractive opportunities. For example, @CreatorBid has captured the attention of investors with its highly selected project issuance strategy. At its core, it is the launch of AI products with clear utility value through Bittensor subnet inference technology. This utility-driven publishing model, coupled with the team's focus on product support, partnerships, and marketing for existing projects, positions CreatorBid as a standout in the AI agent ecosystem. Similar players have @HoloworldAI, and the platform has introduced a lottery-based issuance mechanism (HoloDraw). Users participate in the raffle by purchasing raffle tickets, each representing a purchasing power of 0.5 SOL. 35% of the token supply is reserved for HoloDraw, while non-winning users also have the opportunity to receive tokens through a consolation prize pool (5% of the supply). $HOLO successfully listed on Upbit at a fully diluted valuation (FDV) of $1.5 billion, attracting significant attention and enthusiasm from the community. Additionally, @openservai has adopted a more robust strategy, focusing on incubating teams that help them launch products, attract users, and generate revenue before issuing tokens. At the same time, OpenServ is also developing its own decentralized n 8n product for the consumer market. Looking Ahead: Key Trends and Ecological Watches CreatorBid: Its top affiliate project continues to find a product-market fit (PMF) in the PredictionAI space, and CreatorBid is working to increase the value accumulation of $BID, which is a major pain point at the moment. Other ecosystems: Continue to adopt a "product-first" strategy, and while tokens may be under pressure in the short term, token valuations are expected to recover once flagship use cases, products, or teams are launched. Ecosystems to watch: CreatorBid, OpenServ, Holoworld, Arc, Loomlay, ElizaOS. Moreover, capital is concentrating on a few narratives and verticals, beyond the scope of AI agents. Decentralized AI: From raw intelligence to intelligent productization Decentralized AI (DeAI) remains one of the most concentrated areas for whales and institutional capital. Here are the key trends and innovation directions in this field: Decentralized computing: the highest revenue segment Decentralized computing continues to dominate the revenue list. @AethirCloud reported eight-figure annual revenue, and @chutes_ai served more than 500-100 billion tokens daily through OpenRouter, demonstrating significant market potential in this area. Privacy-preserving AI: Enabled by federated learning Privacy-preserving AI emerges as an essential solution for Web 2 businesses and government agencies. @flock_io platform finds product-market fit versus token-market fit in privacy protection and domain-specific AI use cases. Its latest collaborations include the United Nations Development Programme (UNDP), the Hong Kong Government's Official AI Provider (HKGAI), and CIMG. Darwinian AI rises Bittensor expands to 128 subnets, @SentientAGI announces the launch of GRID, the world's largest intelligent orchestration network, and plans to launch a Darwinian AI ecosystem with "artifact" subnets. Other players such as @FractionAI_xyz apply Darwinian AI to the gaming field, such as Polymarket predictions, AI agent battle predictions, tic-tac-toe, football, etc. Predictive AI is nearing productization Multiple Bittensor subnets demonstrate the scale advantages of decentralized intelligent creation and contribution, and significantly improve the level of intelligence. For example, SN 18 Zeus, SN 44 Score, and SN 50 Synth outperform benchmarks and the latest model (SOTA). Among them, SN 44 has successfully turned signals into revenue through @sire_agent sports betting strategies, which top sports hedge funds have deployed $300 million. The most emerging segment in DeAI is data, which mainly includes data annotation, reinforcement learning feedback (RLHF) data services, and assessments. These tasks are costly and labor-intensive in Web 2, and Web 3 effectively reduces costs by enabling anyone around the world to participate in annotation, annotation, scoring, and feedback through token incentives. Key players Some of the leading teams in the field of data annotation and RLHF include: SapienAI, FractionAI, PerleAI, PublicAI, SN 52 Dojo, Synesis One. DeFi x AI (DeFAI): From proof-of-concept to fully autonomous financial agents The DeFAI space has grown rapidly in just a few quarters, from the initial abstraction layer and GPT-like interface (which underperformed in Q1), to the launch of a personalized agent proof-of-concept (POC) to help users manage their funds in Q2, to fully autonomous financial agents with highly scalable and verifiable infrastructure in Q3. Key Progressions and Representative Players A notable example of rapid iteration is @gizatechxyz leading the way in the field, with nearly $2 billion in cumulative agent trading volume while managing $20 million in agency assets (AuA) around the clock. The newly launched Swarm Finance and Pulse (Pendle Agents) mark the beginning of a new era that empowers users to optimize their earnings on idle capital. @Almanak__ followed suit with the introduction of a highly scalable and verifiable infrastructure, leveraging smart contracts (asynchronous tokenized vaults) and multiple agents to work together to create a system where AI does not directly manage user funds. This design completely circumvents the risk of AI hallucinations and being hacked or exploited, providing an environment for institutions and whales to safely store large amounts of capital. Additionally, Almanak's quantitative strategy creation platform allows users to design quantitative strategies in minutes instead of weeks. The evolution of DeFAI use cases DeFAI's rapid growth showcases its immense potential in the decentralized finance space, from optimizing idle capital to providing fully autonomous asset management solutions, attracting increasing capital and attention Advancements in AI x Defi Use Cases1. Borrowing and automatic compounding 2. Pendle PT (from lowest risk to high risk assets) 3. Liquidity Provision 4. Trading (spot and perpetual) 5. Leverage/Loop 6. Pendle YT and Funding Rate Trading (Boros) Key players to watch: Giza, Almanak, Cod 3 x, Theoriq Future trend prediction Predictive AI: The Most Promising Asymmetric Investment Sector Prediction Markets have a serviceable total market (TAM) that goes far beyond Web 3, with users from all walks of life participating in predictions on topics of interest through platforms like Polymarket and Kalshi. AI systems and tools built on prediction markets will capture significant value from the growth of this segment. In particular, consumer apps with user traffic on-ramps and alternative prediction markets/proxies will stand out. Challenges and Breakthroughs: Liquidity remains the biggest obstacle to predicting the market, but the emergence of AI market makers and treasury products could improve market liquidity. Data: Q 4's Next Focus Area As "useful" data becomes increasingly scarce, Web 3 data players will face higher demand from Web 2 and Web 3 AI labs. Data will become the biggest moat and bottleneck in the future. AI Agents and Ecosystems: Consistently Attracting Attention AI agents and their ecosystems continue to attract attention from on-chain players and the crypto community due to their simplicity and fair launch structure. While high-performance opportunities will be more scarce, high-performance projects that stand out could see 10-50x growth. However, it should be noted that the liquidity of these projects may still be low, and investment needs to be cautious. DeFAI: Driving TVL and Trading Volume Growth of DeFi Protocols DeFAI will enter a new phase, with top players becoming huge TVL and trading volume drivers of major DeFi protocols such as AAVE, Pendle, Fluid, Uniswap, Aerodrome, etc. In the future, it will cover more DeFi use cases, adopt more complex strategies, provide better execution capabilities, and build more secure infrastructure and protective measures. Core Perspective Competition in the crypto industry will remain extremely brutal: Many tokens will face value loss, market attention will be distracted, and people may choose to leave. However, amidst this chaos, the foundation for the rise of the next wave of Web 3 AI is quietly taking shape. The leaders of the next wave will have the following qualities: Solve Real Problems: Focus on solving user pain points rather than just chasing hot spots. Attract and retain users: Create sticky products and communities. Build products that resist narrative rotation: Products can withstand changes in market winds and maintain long-term value. Interestingly, the biggest winners tend to seem "boring" (e.g., infrastructure, privacy, data areas) in the early stages until they suddenly become the focus of the market.   disclaimer This article is for informational and entertainment purposes only. The views expressed in this article should not be considered investment advice or recommendations. Before making an investment, readers should conduct due diligence based on their own financial situation, investment objectives, and risk tolerance (not covered in this article). This article does not constitute an offer or solicitation to buy or sell the assets mentioned herein.