The Journal · Agents
The market priced a coordination layer. It did not prove one.
September’s crypto and AI rally is a bet that blockchains might handle identity, permission and payment for software that spends. It is not evidence of AI revenue.
Grayscale’s artificial-intelligence crypto sector gained 54 per cent in September, against 24 per cent for the broader crypto market. NEAR rose 183 per cent, Venice’s VVV 70 per cent, World’s WLD 47 per cent, Bittensor’s TAO 37 per cent. Those are Grayscale’s figures. They describe a price.
The wrong sentence is that tokens went up, therefore blockchains power artificial intelligence. The right sentence is duller. Markets have started to price a possible coordination layer for an internet in which software buys things. Almost none of that commerce is visible as revenue.
In this piece
- 01Models do not need a chain to think
- 02What the rally is actually pricing
- 03The theme is verifiable action, not decentralised intelligence
- 04A procurement agent with a leash
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