Why public chains might miss out
One risk: AI agents may not converge on public blockchains. Closed systems run by large tech firms and fintech platforms could absorb the activity, thanks to performance, cost, user experience, and regulatory clarity. Another: payments generate low fees and compete with established institutions, so more payment activity doesn't necessarily mean more value for native tokens. Stablecoin issuers and adjacent service providers might be the real beneficiaries.
Fidelity also notes that more software output doesn't guarantee more economic value. As AI commoditizes development, technical differentiation weakens, leaving liquidity, distribution, security, and trust as the durable advantages. Security becomes a differentiator because AI lowers the cost of finding vulnerabilities and writing code. Compliance is another risk: systems with clearer identity and permissioning frameworks may suit institutional adoption better.
Grayscale's four picks
Days earlier, Grayscale named Ethereum, Solana, Worldcoin, and Bittensor as networks that could benefit from AI adoption. Zach Pandl, Grayscale's head of research,
