Letter 99: AI Season, Take Two?

AI in the crypto space is experiencing a resurgence, with the OpenClaw ecosystem leading the charge on the Base chain. Following a previous wave of AI tokens, characterized by a mix of innovative and low-quality projects, the current landscape shows promise for higher-quality offerings. The author suggests that while the second wave of AI-related tokens may still contain some subpar options, many projects are beginning to demonstrate genuine utility and potential for revenue generation. A key focus is on the OpenClaw framework, which has rapidly developed an economy around itself, prompting a closer look at several tokens that are gaining traction. The article categorizes these tokens into infrastructure and ecosystem types. Infrastructure tokens like BNKR, a financial layer for the OpenClaw ecosystem, and CLANKER, a token deployment engine, are highlighted for their foundational roles and innovative features. BNKR, particularly, has established itself as a significant player with a strong product-market fit. Meanwhile, ecosystem tokens such as MOLT, linked to an AI-only social network, and DRB, a meme token born from an interaction between AI systems, illustrate the speculative nature of this market segment. While some tokens seem to lack substantial utility, they can still attract attention due to their narratives and potential for future developments. The author also shares personal insights into their own experimentation with the OpenClaw framework, reflecting on the implications of having a personal AI agent with its own token. There’s a cautious optimism within the piece about the evolving intersection of AI and crypto, suggesting that the landscape could shift toward more legitimate projects that leverage AI's capabilities effectively, offering a glimpse into a potentially transformative future for both industries.