This cycle actually feels pretty simple vs the last one Capital is concentrated like a barbell > Memes & Speculation on the left > Onchain AI, DeFi, RWA, Payments on the right 2 things happen 1. Launchpads & DEXs capture value from trenching activity 2. AI, DeFi, RWA, Payments/Neobanks extend crypto moat outside of CT And you know what the best thing is? 10/10 literally cleansed most teams out of the industry The only ones left are teams that either > they have found PMF + whose tokens haven't really re-rated > OR they're on the verge of PMF + tokens at rock bottom price It's a good time to be investing

Onchain Inference is BACK ​ > @AskVenice moving to ATH > @AskSurplus hitting new ATH in usage > @dphnAI on the verge of public launch > @orbiodotso new player on RHC, tax-to-inference credits' getting adoption > and more (e.g. @engyai, @wardenprotocol, @AntSeed, etc) ​ Congrats to all the 5+ players (covering them in today's article + update on the landscape + where the opps are)

Onchain Inference is BACK ​ > @AskVenice moving to ATH > @AskSurplus hitting new ATH in usage > @dphnAI on the verge of public launch > @orbiodotso new player on RHC, tax-to-inference credits' getting adoption > and more (e.g. @engyai, @wardenprotocol, @AntSeed, etc) ​ Congrats to all the 5+ players (covering them in today's article + update on the landscape + where the opps are)

State of Onchain Inference ​ > Chutes dominates most of the requests (70-90%+) > Surplus' requests growing fast - They went from 200k early Aug to 1.6M requests/day > I don't have the requests & tokens stats here but BlockRun is also growing really fast ($15-20k/day in x402 vol) > Dolphin has yet to launch the Public API - will be interesting to revisit the stats again once they're live ​ Seems like more and more flows are going to where the inference are the cheapest

Interesting to see Altcoin/Altcoin LP model being popular again this szn The infras to create a memecoin that can be paired with anything while customizing how the tax, fee, and revenue gets distributed, and how value accrue — feels like a breakthrough Any narrative can become the beneficiary of this TAO gets paired with memes and fee in TAO accrue to memes' holders → positive buy pressure on TAO + more TAO holders → more people get onboarded to the DeAI thesis The same loop is happening with - Privacy (ZCash) - Perps (HYPE) - PreStocks (Anthropic) and more Can't wait to see which narratives get boosted next

Robinhood Chain in a Nutshell - Haven't seen this DeFi + speculative energy since forever Lots of Uniswap v4 hooks experiments which kinda remind me of Arbitrum DeFi season back in 2023 - Games of musical chairs (get in early for upside & tokenized stock distributions) + heavily memes focused with tokenized stocks pairing + trust in Vlad & Robinhood distribution - DeFi (launchpads, DEXs) greatly benefit from all of this trading activity. High % fee capture (1-3%+) on venues, many either route fees back to token holders or use it to buyback & burn - Cool projects tend to implement Univ4 hooks in a novel way→ Dynamic fee, swap fee asset to tokenized stocks & distribute to holders - HUGE gap remains for AI → haven't seen much quality AI projects here at all. If/When they come over we might see Robinhood AI szn in a scale bigger than Base AI szn - P/S and P/F of most projects starting to look crazy. Feels like valuations are starting to price in lots and lots of future growth

Seems like this article ages really well > The shift from Base to Solana is now structural as the top x402 team pivots to Solana > The #1# Solana facilitator greatly benefit from the flow > # of x402 txns is now back at ATH Are we about to see more teams moving to Solana?

Onchain activity is back and Robinhood Chain (RHC) is at the front of it TVL, DEX volume, Launchpad, key metrics are hitting ATH day after day Most tokens have already re-rated, reflecting the growth of RHC, a few still hasn't (I'm surprised) We dive into the State of RHC and where opportunities are today ↓

> OpenRouter testing MPP pay-as-you-go, session-based inference > x402 crown flips from Base to Solana for the first time in 6 months > PayAI (#1# Solana facilitator) hits largest single x402 txns (~1.5M) Never a dull week in the Agentic Economy

x402 usage has gone up by 2x in August vs. 60+ days ago But the question is.... - How to get exposure into x402? - What are the segments w/ early signs of users & rev? - Who are the teams that are investable? Fret not, We're diving into 3 ways to get exposure into x402 ↓

gm AI is back ​ Vibe was immaculate last year, the event was full of Onchain AI builders actively building during the bear ​ We're running it back with a BIGGER Onchain / Decentralized AI event at TOKEN2049 SG ​ - Agentic Economy Outlook 2026 Briefing by Jeff, 0xJeff - 5 AI Product Showcases > Open Source Agent Router & Pay as you go AI gateway by BlockRun AI, @bc1beat, Founder > ​Scaling Robotics Training Through Simulation & Data by CodecFlow, @unmoyai, Founder & CEO > Decentralized Inference & Agent Harness by Dolphin, @gatheringgwei, Core Contributor > Verifiable Agent Identity & Adaptive Inference for Agents by Kite, @ChiZhangData, Co-Founder & CEO > Open Reinforcement Learning via Prediction Markets by Reppo, RG @reppo, Core Contributor ​ - 1-Minute Open Mic (onsite signup) - Networking with us AND..... *drum roll* ​ I'm launching a pocketbook “The Agents Are Buying” - Field Notes from the Onchain Agentic Economy ​ > Perfect for builders accelerating GTM, AI users who want to save AI spending, & investors looking to grasp each part of the key infra + where opps might be ​ Hope to see you at gm AI v2 ​ Luma link below ↓

As we slowly move into Q4, I'm becoming more bullish on 2 particular AI sectors - Onchain & Decentralized Inference → you access AI at 50-95% discount - Agentic Economy (x402 & MPP) → you give your agent an ability to do more at fraction of the usual cost Cost efficiency will be the BIGGEST growth driver for Onchain AI this year

One of the Undertapped Markets = Inference Capital Markets > Primary market well covered on compute, inference as emerging market > GPU financing as rapidly growing market > Standardization & settlement remains the biggest gap > Reference pricing emerges as #1# value accrual machine > Derivatives venues starting to come out with compute futures/forward contracts ​ More gaps remain across every single layer for builders to capture ​ Breakdown in the article

20+ Onchain AI projects across 10+ sectors BUT there are 2 sectors that remain undertapped by both builders & investors > People built framework back in 2024, not many is building agent harness > Key players (i.e. Venice, Chutes, Dolphin) are forming primary inference markets YET other 4 layers of inference infra remain undertapped Breaking them down + value prop + opps in today's article ↓

Prediction markets about go to through an EVOLUTION ​ > PMs continue to achieve ATH after ATH in vol > Arb & bonding opps continue to get more crowded > Near-certainty 5-10% ROI only exist in long-dated markets now > The launch of DeFi on PMs like Gondor and Forecast is gonna make this attractive++ e.g. Bet NO at $0.91 on Putin out by Dec 31, 2026 market => ~21.2% APR 1) with 2x leverage on Gondor, that's ~37.5% APR [assuming 5% interest] 2) with unlimited leverage on Forecast, the APR could be higher depending on slippage, pool depth, utilization, and funding rate ​ Real prediction market leverage is indeed coming

Save 3 hrs/day with these 2 research driven workflows > Replace mindless scroll on X with personalized Hermes briefs > Equip anyone with the ability to do onchain analysis (I now know who's dumping on me) The requirement/my setup below ↓

Exciting stuff happening on both eco Bittensor > Conviction is fully live — subnet owners/holders can lock alpha & build conviction score over time > Higher conviction can challenge & potentially take over subnet ownership > Stillcore Cap released State of Subnets July 26 > SN44 Score founder projected $40M in annualized rev selling vision product to PwC enterprise clients > SN50 Synth & SN93 Bitcast have achieved subnet-profitable status (rev offset emissions) Base > Dolphin AI decentralized network v2 hit 127B inference tokens per day & 1.2T in cumulative tokens > BlockRun continues to drive 80%+ of x402 txns (with rapid vol growth) > Gitlawb hit #2# in Cloud Agents and #15# in Coding Agents on OpenRouter > Reppo reports $70k of off-chain revenue from spatial intelligence client w/ 50% of that to buyback US restricting frontier intelligence + China considering curbing the Chinese open-source movement. DeAI is getting stronger every single week