On Monday, the inaugural Solana AI Hackathon ended.
Over 400 projects threw their respective hats in the ring for a contest offering cash prizes but more importantly the prospect of potentially-lucrative attention to so-called AI agents, which are currently flooding crypto social feeds.
The market capitalization of tokens traded by multiple entrants is already in the millions. Agents copilots as well as AI agents for crypto trading are also available. “swarms” were buzzy categories.
Yash Yash told me that the winners of this hackathon organized by SendAI will be announced on or around January 10. The list of participants and other relevant information is likely to be published later today.
Solanaland hosts many hackathons, but the fact that tokens of participants are already traded makes this one special. Agarwal informed me that the total market cap of Solana AI hackathon tokens had exceeded $200 million. It’s about the same size as Orca, Solana’s native token.
FXN, an AI Swarm project with a native token that briefly reached $70,000,000 in market cap following its launch around Dec. 11, is one example. The market cap is currently around $44m, according to DEX Screener.
FXN, a protocol, allows multiple AI agents to work together in order to achieve more than a single AI agent can do. This is according to a 2024 white paper. A sample case study is given in the whitepaper, where agents work together to produce and promote social content.
The popularity of AI agents that are tied to cryptocurrency tokens has exploded since a social media bot with a token became viral in October. Two weeks prior to the hackathon, the number of participants was announced. This shows how fiercely crypto AI projects compete for attention.
Many projects have a commonality. “similar focus” If you want to create an “intelligent interface for the Solana ecosystem,” Potatoe told me that he was the anonymous developer who led a project for a hackathon, called Project Plutus.
Project Plutus said that the users do not need AI bots to execute actions which they themselves could perform, and that’s why it built an AI assistant that can watch charts while they are away.
The organizers of the hackathon shared a list with me that included a number of agents who are focused on trading.
“The Solana AI Hackathon underscores how on-chain trading and DeFi are emerging as key verticals for AI agents. These use cases will likely drive innovation in Q1 and Q2 2025,” The X threader 0xJeff has written.
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