Every cycle has one narrative that turns out to be more than a narrative. We think this one is autonomous, on-chain AI agents — software that doesn't just analyze the market, but holds keys, signs transactions, and acts.
The hype is loud, so most of what gets funded is a chatbot with a token attached. That's not what we back. The interesting line is where an agent has real authority over capital or infrastructure, and the chain is what makes that authority safe, auditable, and composable.
Where the value actually sits
- Execution, not opinions. Agents that move funds, rebalance, or operate protocols — not ones that produce a paragraph of analysis.
- Verifiable behavior. On-chain is the only place an agent's track record can't be quietly edited after the fact.
- Infrastructure underneath. Wallets, intent layers, permissioning, and the zero-knowledge tooling that lets agents prove what they did without leaking how.
Our filter is simple: would this still matter if the token didn't exist? If the agent does real work for a real user, the answer is yes. If it only exists to be traded, we pass.
That's why a large share of the 37 projects in our portfolio touch this thesis from some angle — agents, DeFAI, or the rails they run on. We've been making these bets since before the category had a name, and we're still early.