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In the ever-evolving world of finance and technology, the debate between trading and holding assets—whether digital, analog, or otherwise—remains a hot topic. When it comes to analog, the conversation takes on a unique flavor, as analog technologies and assets often represent a bridge between the old and the new. But should you trade or hold analog? And is the outlook bearish or bullish? Let’s dive in. What is Analog in Today’s Context? Before we discuss trading or holding, it’s important to define what we mean by "$ANLOG ." In a financial context, analog could refer to: 1.Analog Technologies Companies or stocks involved in analog hardware, such as semiconductors, audio equipment, or legacy systems. 2. Analog Currencies: Physical assets like gold, silver, or even cash, which are often contrasted with digital currencies like Bitcoin. 3. Analog Investments: Traditional investments like real estate or commodities, which are tangible and often less volatile than digital assets. For the sake of this article, we’ll focus on analog technologies and traditional analog assets, as they are most commonly discussed in trading and investment circles. Trading vs. Holding Analog The decision to trade or hold analog assets depends on your investment strategy, risk tolerance, and market outlook. Trading Analog Trading analog assets involves buying and selling them frequently to capitalize on short-term price movements. This approach is often favored by those who believe in market volatility and have the skills to time the market. Pros - Potential for quick profits in volatile markets. - Flexibility to adapt to changing market conditions. - Opportunity to diversify across multiple analog assets. Cons: - Requires constant monitoring and analysis. - Higher transaction costs and tax implications. - Risk of missing long-term growth by focusing on short-term gains. Holding Analog Holding analog assets is a long-term strategy, often favored by investors who believe in the enduring value of tangible or traditional technologies. Pros - Lower transaction costs and fewer tax events. - Potential for steady, long-term appreciation. - Less stress compared to active trading. Cons - Requires patience and a strong conviction in the asset’s future. - Less flexibility to react to short-term market changes. - Risk of holding depreciating assets if the market turns bearish. Bearish or Bullish on Analog The outlook for analog assets depends on the specific sector and broader market trends. Here’s a breakdown:

When it comes to analog, the conversation takes on a unique flavor, as $ANLOG technologies and assets often represent a bridge between the old and the new. But should you trade or hold analog? And is the outlook bearish or bullish? Let’s dive in. What is Analog in Today’s Context? Before we discuss trading or holding, it’s important to define what we mean by "$ANLOG ." In a financial context, analog could refer to: 1.Analog Technologies Companies or stocks involved in analog hardware, such as semiconductors, audio equipment, or legacy systems. 2. Analog Currencies: Physical assets like gold, silver, or even cash, which are often contrasted with digital currencies like Bitcoin. 3. Analog Investments: Traditional investments like real estate or commodities, which are tangible and often less volatile than digital assets. For the sake of this article, we’ll focus on analog technologies and traditional analog assets, as they are most commonly discussed in trading and investment circles. Trading vs. Holding Analog The decision to trade or hold analog assets depends on your investment strategy, risk tolerance, and market outlook. Trading Analog Trading analog assets involves buying and selling them frequently to capitalize on short-term price movements. This approach is often favored by those who believe in market volatility and have the skills to time the market. Pros - Potential for quick profits in volatile markets. - Flexibility to adapt to changing market conditions. - Opportunity to diversify across multiple analog assets. Cons: - Requires constant monitoring and analysis. - Higher transaction costs and tax implications. - Risk of missing long-term growth by focusing on short-term gains. Holding Analog Holding analog assets is a long-term strategy, often favored by investors who believe in the enduring value of tangible or traditional technologies. Pros - Lower transaction costs and fewer tax events. - Potential for steady, long-term appreciation. - Less stress compared to active trading. Cons - Requires patience and a strong conviction in the asset’s future. - Less flexibility to react to short-term market changes. - Risk of holding depreciating assets if the market turns bearish. Bearish or Bullish on Analog The outlook for analog assets depends on the specific sector and broader market trends. Here’s a breakdown:

In the ever-evolving world of finance and technology, the debate between trading and holding assets—whether digital, analog, or otherwise—remains a hot topic. When it comes to analog, the conversation takes on a unique flavor, as analog technologies and assets often represent a bridge between the old and the new. But should you trade or hold analog? And is the outlook bearish or bullish? Let’s dive in. What is Analog in Today’s Context? Before we discuss trading or holding, it’s important to define what we mean by "$ANLOG ." In a financial context, analog could refer to: 1.Analog Technologies Companies or stocks involved in analog hardware, such as semiconductors, audio equipment, or legacy systems. 2. Analog Currencies: Physical assets like gold, silver, or even cash, which are often contrasted with digital currencies like Bitcoin. 3. Analog Investments: Traditional investments like real estate or commodities, which are tangible and often less volatile than digital assets. For the sake of this article, we’ll focus on analog technologies and traditional analog assets, as they are most commonly discussed in trading and investment circles. Trading vs. Holding Analog The decision to trade or hold analog assets depends on your investment strategy, risk tolerance, and market outlook. Trading Analog Trading analog assets involves buying and selling them frequently to capitalize on short-term price movements. This approach is often favored by those who believe in market volatility and have the skills to time the market. Pros - Potential for quick profits in volatile markets. - Flexibility to adapt to changing market conditions. - Opportunity to diversify across multiple analog assets. Cons: - Requires constant monitoring and analysis. - Higher transaction costs and tax implications. - Risk of missing long-term growth by focusing on short-term gains. Holding Analog Holding analog assets is a long-term strategy, often favored by investors who believe in the enduring value of tangible or traditional technologies. Pros - Lower transaction costs and fewer tax events. - Potential for steady, long-term appreciation. - Less stress compared to active trading. Cons - Requires patience and a strong conviction in the asset’s future. - Less flexibility to react to short-term market changes. - Risk of holding depreciating assets if the market turns bearish. Bearish or Bullish on Analog The outlook for analog assets depends on the specific sector and broader market trends. Here’s a breakdown:

Chinese venture giant Gaorong Ventures invests $30 million in HashKey Group, boosting new crypto listings. Major Chinese investors are increasingly entering the crypto space despite Beijing’s 2021 ban. Venture capital’s growing confidence in digital assets signals a shift toward institutional acceptance. HashKey Group’s valuation remains stable at $1.5 billion, demonstrating resilience in the crypto investment market. Global crypto startups maintain steady funding levels, with $10 billion raised in recent quarters. Institutional investors carefully evaluate opportunities while Bitcoin’s value continues to demonstrate strong market performance. DEV AI streamlines blockchain development with AI-driven smart contract generation, security enhancements, and seamless deployment. Analog introduces a Proof-of-Time consensus, enabling secure, high-speed cross-chain communication through its Timechain. Deep AI merges meme culture with AI by providing token-gated access to robust neural networks. The future of blockchain development is evolving with DEV AI, an innovative AI-powered solution. Initially, the project aims to revolutionise how developers create and deploy smart contracts. Subsequently, developers can generate optimised code through advanced AI suggestions tailored to specific needs. Additionally, the seamless deployment system allows direct integration with multiple blockchain networks without complex setups. Furthermore, the AI-powered system automatically handles security optimisations and code improvements. Finally, developers can focus on creativity while DEV AI handles technical complexities. Among the new crypto listings, DEV AI ppstands out with its groundbreaking on-chain AI computing capabilities. The project eliminates traditional central server dependencies by leveraging blockchain-backed GPU computing power. Moreover, specialised language models provide instant smart contract suggestions and optimisation recommendations. Developers can access high-performance AI computing without experiencing slowdowns or bottlenecks. Furthermore, the system scales automatically based on project requirements and network demands. Lastly, the AI models continuously learn and improve through decentralised computing networks. Recent developments have brought exciting changes to the DEV AI community. The project welcomed MRRydon, co-founder of Aethir, as an advisor, strengthening its position in the AI blockchain space. DEV AI has established strategic partnerships to enhance its capabilities and reach. Through collaboration with Chainbase, the project now offers unified blockchain data access. Additionally, a partnership with Assisterr brings specialised AI creation and monetisation features. The system enables seamless integration between different blockchain networks and AI models. Analog is revolutionising blockchain connectivity through innovative technology. Initially, the project introduces its groundbreaking L0 Timechain with a Proof-of-Time consensus mechanism. Furthermore, this sovereign blockchain establishes seamless connections with multiple networks through built-in features. Meanwhile, the system maintains security through its battle-tested Nominated Proof-of-Stake protocol. Additionally, the decentralised nature ensures fair and permissionless access for all users. Consequently, Timechain acts as a robust accountability layer for network activities. The project’s messaging protocol, Analog GMP, enables seamless cross-chain communication and development. First, users can freely transmit data across different blockchain networks without restrictions. Second, the protocol facilitates token transfers between various chains with remarkable efficiency. Third, developers can create sophisticated cross-chain applications using this innovative solution. Fourth, the system maintains high-security standards throughout all operations. Fifth, integration with multiple chains happens smoothly through the protocol. Lastly, Analog GMP provides a foundation for future cross-chain innovations. Exciting news has emerged about Analog’s partnership with Bitget Exchange. Currently, users can participate in a special promotion to earn $5,000 in ANLOG tokens. This collaboration marks a significant milestone in Analog’s growth journey. The project has garnered support from prestigious investment firms in the crypto space. Initially, Tribe Capital, managing $1.8B in assets, recognised Analog’s potential. Subsequently, Orange DAO joined as an early-stage investor in this promising venture. Meanwhile, Wintermute provides algorithmic trading expertise to ensure market efficiency. Additionally, XFund offers strategic guidance for lateral thinking and experimentation. Moreover, these partnerships demonstrate strong institutional confidence in Analog’s vision. Finally, the collective expertise strengthens Analog’s position in the blockchain industry. Deep AI emerges as a groundbreaking fusion of meme culture and artificial intelligence technology. Furthermore, the project transforms $DEEP tokens into keys that unlock free AI model access. This innovative approach helps users transition smoothly into the Web 3.0 environment. Additionally, the project brings together popular neural networks under one unified service structure. Meanwhile, blockchain integration ensures complete transparency for all service operations. Subsequently, this combination creates a unique value proposition in the rapidly evolving crypto space. The project addresses a crucial gap in the current AI development landscape. Many talented developers struggle to gain visibility for their valuable creations. Therefore, Deep AI provides a collaborative environment where developers can showcase their innovations. Meanwhile, users gain access to seven powerful AI tools through token ownership. Furthermore, these tools include sophisticated text-to-image and animation generation capabilities. Consequently, the project creates a win-win situation for both creators and users. Recent developments have sparked excitement within the Deep AI community. Notably, the developer wallet purchased 4.4M $DEEP at market price, establishing a new all-time high. Subsequently, the team distributed generous airdrops of 333 $DEEP each to 13,000 active traders. The service offers comprehensive AI functionalities that cater to diverse creative needs. First, users can transform written descriptions into stunning visual artwork and animations. Then, they can process videos and generate audio content with advanced AI algorithms. Additionally, the system includes powerful language models for enhanced communication capabilities. Subsequently, image processing tools enable sophisticated visual data manipulation and analysis. Consequently, these features make Deep AI stand out among new crypto listings. The crypto world welcomes an extraordinary innovation with MIND of Pepe’s self-evolving AI agent. Through social media engagement, this AI creates its own unique presence and thought-provoking opinions. Additionally, MIND of Pepe interacts naturally with influencers, sparking meaningful discussions about various tokens. Furthermore, the project’s autonomous growth attracts attention from crypto enthusiasts worldwide. Meanwhile, the AI generates exclusive insights for $MIND token holders. Consequently, early supporters gain significant advantages from AI’s expanding influence. Today’s cryptocurrency market faces challenges with overwhelming information and limited access to opportunities. Therefore, MIND of Pepe steps in to transform complex data into actionable intelligence. Moreover, the project delivers real-time insights through advanced hive-mind analysis techniques. Subsequently, $MIND holders receive early access to emerging market trends. The AI continuously adapts to market changes, driving discussions forward. Thus, the community stays ahead while navigating through market complexities. $MIND stands out with its innovative presale structure. Currently trading at $0.0033188, the presale has already raised over $6 million. Furthermore, buyers can participate using ETH, BNB, or USDT through their preferred wallets. Through its staking program, the project offers unique benefits to presale participants. Token holders can stake their $MIND for impressive dynamic APY rates. Additionally, stakers receive priority access to the AI’s future token creations. Furthermore, the community gains exclusive strategic insights about market movements. Visit MIND of Pepe Presale

Original Title: Advancing Agentic AI Original Authors: David Han, David Duong, Coinbase Original Compiler: Deng Tong, Jinse Finance · AI agents have become one of the most promising narratives in the AI x crypto space, but the field remains in its infancy and difficult to navigate due to rapid technological advancements and the proliferation of agents. · Investor interest in AI agents is primarily reflected in two areas—core infrastructure for launching and hosting agents, as well as the individual agents themselves. · We believe that, due to the continually enriching functionalities of AI agents in the crypto space, there is significant growth potential in the future. However, at least for now, expectations for AI agents may exceed the actual development of the technology itself. AI agents have become a revolutionary topic not only in the crypto space but also in the broader tech landscape. The concept of autonomous entities capable of analyzing market news sources or other external data and making real-time decisions has captured the imagination of many institutional investors. Elsewhere, some leaders in the tech industry believe that AI agents may ultimately replace the massive software as a service (SaaS) industry. In other words, well-trained AI agents could, in principle, accomplish any task involving digital interfaces. We believe that the crypto space could play a central role in the future, becoming the primary value transfer mechanism for AI agents. The inherent programmability and permissionless design of crypto support the scaling and deployment of virtually unlimited numbers of such agents, enabling a broader range of use cases from managing portfolios on-chain to paying for offline services. Given this potential opportunity, the market capitalization of agent AI crypto assets peaked at over $20 billion in early January, before nearing $8 billion by the end of the month. The recent decline may indicate that expectations for AI agents have begun to outpace the actual development of the technology itself. While we expect this theme to reshape the crypto x AI landscape in the long term, its short-term applications are constrained by integration and agent differentiation challenges, as well as the unclear long-term utility of agent tokens. In other words, realizing the full potential of AI agents may take longer than many anticipate. Many popular AI tools, including chat interfaces like ChatGPT or image generators like Stable Diffusion, are wrappers around generative AI models. They are defined by a bounded set of inputs and outputs, typically in the form of text, audio, and images. AI agents extend the direct functionalities of these models by introducing a new class of applications that represent a "combination of reasoning, logic, and access to external information" (according to Google’s definition). Specifically, AI agents can access and interact with a broader range of data and tools, enabling them to drive more complex behaviors, from searching multiple databases to planning trips and booking flights. With on-chain wallet integration, the scope of AI agent activities is significantly expanded by incorporating payment services into their toolkit. Crucially, AI agents can also leverage their reasoning capabilities to act autonomously in dynamic environments. The triggers for AI agents are not limited to manual user prompts—they can be based on various data streams concurrently, including posts from X (formerly known as Twitter) or Twitch chats. Similarly, their responses can include multi-step outputs, such as placing orders, making payments, and sending confirmations to relevant parties. Agents typically consist of (1) a core LLM model as their reasoning engine, (2) short-term and long-term memory components, (3) potential role or personality frameworks, and (4) most importantly, the ability to access a broader internet and other tools via application programming interfaces (APIs). Thus, decisions made by agents can directly impact the real world. The infrastructure and tools surrounding AI agents are rapidly evolving, becoming one of the most talked-about tech trends over the past year. Multiple developer frameworks for building AI agents (including but not limited to CrewAI, LangGraph, AutoGen, phidata, Atomic Agents, AgentGPT, and AutoGPT) are vying for market adoption, with the top 15 code repositories on Github in January 2025 all related to AI. The attention and excitement around AI and its agent applications have also extended to AI-related tokens in cryptocurrency. Since the fourth quarter of 2024, the recent growth in token values has largely been associated with the theme of agent AI, which currently accounts for 29% of the total value of all AI-related crypto tokens. Within the agent AI ecosystem, agent tokens represent the majority of the valuation, with a market cap of $4.5 billion, while tokens related to launch pads and frameworks are valued at $2.9 billion according to data from cookie.fun, a platform tracking AI agents in the crypto space. We believe that the excessive focus on agents relative to their underlying infrastructure is partly driven by the meme nature of many "agents," which aligns with the increased meme coin activity observed for much of 2024. In fact, one of the earliest viral AI-related tokens gained notoriety due to its endorsement by the AI agent operating the well-known X account truth_terminal (now with over 250,000 followers), rather than having an underlying project or governance structure associated with it. That said, some AI agent tokens offer more utility by granting access to token-gated chat terminals or services, where agents can provide differentiated insights on various topics (e.g., the state of the crypto market). Meanwhile, in our view, AI infrastructure tokens tend to be more based on the revenues of specific projects, often used for fee payments and governance. So far, most AI agents, launch pads, and other infrastructures have found their home on high-throughput, low-cost blockchains—especially on Solana and Base. Solana accounts for $4.2 billion of the agent AI token market cap, Base accounts for $3 billion, and the remaining chains collectively account for $1.5 billion in market cap. We believe this is partly because low-cost architectures are necessary to support the widespread adoption of AI agents. Additionally, we think that the strong developer ecosystem formed on leading chains fosters a virtuous cycle of idea sharing and adoption. The current AI agent landscape features several leading agents that have begun to dominate the space. The most prominent AI agent to date, aixbt, has gained attention by operating an X account (now with over 465K followers) dedicated to engaging with the crypto audience on the platform. It has a token-gated terminal where users holding sufficient project tokens can access a dedicated chat space with the agent, allowing private access to its real-time "thoughts." Other leading agents, such as zerebro (with 119K followers), also follow a similar model, gaining attention in the space through prominent social media profiles. Zerebro particularly focuses on on-chain art generation. Its native token can be used to pay for the creation of images, while its chat terminal is controlled by NFTs. However, not all AI agent tokens appear to have utility. One of the most followed AI tokens (tracked by cookie.fun) is Fartcoin, which was conceived through conversations with the aforementioned truth_terminal AI agent. That said, the origin of the token itself is related to the AI agent, although the long-term utility of the token remains unclear beyond its meme significance. We believe that the interaction between memes and the utility of AI agent tokens attracts traders from various fields, from speculators to value investors. That said, given the rapid evolution of the space, we believe the ultimate scope and capacity of any single token remain largely unknown. In other words, whether meme coins associated with AI agents will evolve beyond pure speculation to demonstrate community governance or any utility beyond access gating remains an open question. We will discuss this further in the risks and future sections below. After becoming one of the best-performing areas of cryptocurrency in November and December 2024, AI agent tokens suffered a significant blow in January 2025, partly due to the market becoming severely saturated in such a short time. This led to some market consolidation. Since many of these tokens compete directly with memecoins in the attention economy of cryptocurrency, it remains challenging to plan for value accumulation in this space. In the short term, we find that direct protocol revenues tend to be concentrated on the trading interfaces and launch pads deploying AI agent tokens rather than the tokens themselves, despite their relatively small total market cap. On Base, Virtuals Protocol has been the leading AI launch pad, facilitating the streamlined launch of AI agents and tokens in gaming and various application domains. (Note: Virtuals announced its expansion to Solana on January 25.) Virtuals agents can be created without any coding. Users simply fill out a simple form and spend the required amount of Virtuals platform tokens. Upon submission, baseline agents are initialized on the Virtuals infrastructure while the related tokens are minted on-chain. Initially, tokens are deployed in a bonding curve, and once a certain liquidity threshold is reached, they are moved to a Uniswap pool. (Note: This bears some resemblance to token launches on pump.fun and their transition to Raydium pools.) So far, nearly 16,000 agent tokens have been launched on Virtuals, generating over 20 million Virtuals tokens for fees. That said, the number of agents launched has decreased in recent weeks, dropping from a peak of 1,181 in a single day to an average of 31 in the last week of January. Additionally, the number of tokens with sufficient liquidity has fallen to an average of one to two per day. Overall, of the 15,985 tokens launched, only 334 (2%) reached sufficient liquidity to transition to Uniswap pools, indicating fierce competition for attention and capital. We believe this decline is primarily due to the difficulty of creating new agents that are sufficiently distinct from existing ones. While Virtuals agents can be customized in their cognition, voice, and visual core, parsing the variations among agents launched on Virtuals has become an increasingly daunting task—similar to the competition for idea sharing seen with memecoins. Nevertheless, we believe that as AI agent integration expands and use cases are further explored, launch pads like Virtuals will play a key role in the diffusion of agents within the ecosystem. In fact, the aforementioned aixbt was launched on Virtuals. The main alternative to the Virtuals launch pad is the ElizaOS agent framework. Unlike mature launch pads that offer streamlined deployment, developer frameworks like ElizaOS provide only the technical scaffolding needed to build agents. In other words, more technically inclined agent creators can use ElizaOS to launch highly customized agents across different blockchain networks, as model hosting, validation, and other engineering tasks are left to the creators. That said, AI agent hosting companies like Fleek also support no-code deployments of models based on ElizaOS. As a pure AI agent development framework, ElizaOS does not have a native token. However, the ai16z governance token on Solana (now renamed ElizaOS token) is often seen as a proxy for the adoption of this technology, as the creator of the ai16z decentralized autonomous organization (DAO), Shaw Walters, is the founder of Eliza Labs, which oversees the development of ElizaOS. The ai16z DAO itself manages on-chain and off-chain investments, with AI fund managers (built using the ElizaOS framework) handling trades and positioning. The ElizaOS framework is particularly noteworthy as its codebase has garnered significant attention since its release—at one point becoming the most popular repository on Github. If developers find a project particularly impactful, they can choose to "star" the repository, similar to liking a photo or post on social media. The stars received by ElizaOS make it quite competitive among many other leading AI agent frameworks, including those launched by tech giants like Microsoft. (See Figure 3.) We believe this indicates a genuine interest from the broader software engineering community in the intersection of AI agents and on-chain activities, which is a core differentiating feature of ElizaOS as an AI agent framework. In addition to Virtuals and Eliza, many other AI agent frameworks and launch pads are emerging, finding their niche markets. For example, Griffain aims to create a network of agents tailored for DeFi activities. Meanwhile, the Arc agent framework stands out by being built using Rust and designed to be more lightweight and modular. We expect this space to evolve rapidly as these frameworks develop and new frameworks are adopted. Furthermore, we believe that as more capital flows begin to shift towards DeFAI (Decentralized Finance + AI) and/or other infrastructures, the decline in AI agent performance in January may signal that the industry is maturing ahead of schedule. DeFAI represents the convergence of AI and crypto technologies to enhance various DeFi functionalities. Its benefits include the ability to run automated yield farming strategies and use predictive algorithms for better risk management and fraud prevention. As many DeFi protocols begin to stagnate, the integration of AI capabilities with existing ecosystems could drive new innovations. Over time, the industry is expected to nurture new financial products and scale many DeFi platforms through the computational power of AI. However, at present, the long-term utility of AI agent tokens remains unclear beyond gatekeeping access and facilitating governance. The reality is that while AI agents have made significant progress very rapidly, we have not yet reached a point where fully autonomous AI agents can handle complex real-world tasks without any supervision. Their current reliability remains limited, and costs are still prohibitively high. Many AI agents also struggle to consistently handle data validation issues, which could raise legal concerns or impact user confidence. Nonetheless, ongoing breakthroughs like the emergence of the DeepSeek R1 model, which focuses on advanced "reasoning" tasks, may disrupt concerns about the speed-cost ratio. In fact, these models are evolving rapidly, and Deloitte predicts that within two years, half of all companies currently using generative AI may launch AI agents. Ultimately, the transformative vision is that we may have a multi-agent system where autonomous AI agents strategically collaborate and/or compete to optimize outcomes that may be more complex than currently possible. However, the nascent nature of the field makes predictions challenging. Additionally, large tech companies like OpenAI have only recently begun releasing their early AI agents, and we expect more companies to follow suit soon. The development of centrally hosted AI agents—potentially integrated into traditional payment rails—could also have disruptive implications for the adoption of on-chain AI agents. We believe that the evolution of this space will heavily depend on the flywheel of pioneers and early adopters. Over the past few months, AI agents have been one of the most discussed topics in liquidity tokens, with the most attention and trading opportunities. Although the valuations of many major tokens have significantly declined from their historical peaks (witnessed in early January), we believe that, in the long run, developer interest and capital inflow into this space could provide significant momentum for the entire industry. At the same time, we believe that predicting the long-term value capture of AI tokens may be premature, as both cryptocurrency and the broader tech landscape could disrupt this space. Additionally, we believe that the current on-chain utility of agents may not be sufficient to justify having thousands of high-usage agents in the short term. Nevertheless, we believe that due to the rapid pace of innovation and significant long-term potential, this space remains an important topic worth watching.