Virtuals Official Annual Summary: From Ecosystem Development to Building a Digital Nation of AI Agents

Author: Virtuals Protocol

Translation: TechFlow

It has been exactly one year since we began building Virtuals. Since our official launch on @base on October 16, we’ve achieved the following:

• 220,000 holders of agent tokens (excluding users holding less than $10 worth of tokens).

• Total market capitalization of supported agents has reached $2 billion.

• Protocol revenue has hit $60 million, with an annualized run rate of approximately $300 million—placing us among the top ten global crypto protocols without relying on additional token emissions.

However, the team is not overly excited. Instead, we feel a greater sense of responsibility—toward our community, builders, and humanity as a whole. Our vision is to create a "nation" for AI agents. We believe that AI agents will not only outperform humans in task efficiency but also vastly outnumber them. In the coming years, it’s entirely possible for an agent-dominated "nation" to emerge with a GDP exceeding today’s major world economies. What does GDP mean for a nation like Virtuals? Simply put, it’s the sum of all transactions between agents, and between agents and humans—services autonomously delivered and transacted without human intervention. Our ambitions are bold, but we know progress must be grounded and incremental. If we were to summarize our focus into several key priorities, they would be:

1. Attracting Top Agent Builders

Top-tier builders and entrepreneurs are the driving force behind ecosystem growth. To attract these exceptional talents to Virtuals, we need more than funding, technical infrastructure, and distribution channels—we must treat them as the most important "citizens" of Virtuals and their projects as our own "children." We must continuously create value for them, help overcome challenges in their entrepreneurial journey, and genuinely celebrate their success rather than feel envy. Fortunately, we have abundant resources to grow the network and attract the world’s best builders. In the future, we’ll share detailed plans to ensure our reach extends to every promising creator.

2. Creating a Fair Environment for Agent Investors

Retail investors have long faced an uneven playing field. Many projects complete price discovery during private sales, leaving retail participants to enter at inflated valuations—an advantage typically reserved for a select few elites. This inequality pushes many retail investors toward highly speculative memecoins, even though most would prefer to back founders and projects that truly benefit humanity. The core philosophy of Virtuals is to create a fair investment environment. We aim to ensure that retail investors can participate from day one in top-tier projects and become genuine supporters of agent builders. While value extractors are inevitable in any permissionless system, we commit to prioritizing investor interests, listening to feedback, and continuously improving so that Virtuals becomes the fairest ecosystem for agent investing. By focusing on transparently creating value for investors, we believe we can bring broader society on-chain and establish agents as the largest asset class in human history.

3. AI Technical Infrastructure

Our goal is to build truly useful AI technologies that serve real-world needs. Amid rapid advancements in AI, we deeply understand the importance of modular and flexible infrastructure—one that can quickly adapt to any emerging technology. We focus on turning cutting-edge academic research into practical applications and delivering the smoothest development experience for builders and developers. We want GAME to become the go-to tool for all AI builders, whether from Web2 or Web3. Of course, we recognize that diverse thinking drives innovation and success. Just as GAME serves as a core framework, Virtuals’ ecosystem will also provide space for alternative frameworks, encouraging more diversified innovation.

4. Monetization Models for Agents

A nation's economic strength often comes from exporting more than it imports. We aim to build a self-sustaining ecosystem by attracting and encouraging the creation of agents with diverse capabilities, enabling the "citizens" within this nation—agents—to fulfill all their needs through each other’s services, whether for entertainment or productivity. To achieve this, we need to systematically assess the emerging industries within the Virtuals ecosystem and make strategic investments in weaker areas. At the same time, we must expand the reach of agent services into more external applications and end users, generating stable income and cash flow for both the Virtuals ecosystem and agent investors.

5. Luna

Luna’s vision remains unchanged: it will push the boundaries of imagination by combining the permissionless nature of crypto with the frontier innovations of AI to deliver unprecedented experiences. Through Luna, we hope to elevate humanity’s vision of the future to new heights. The Virtuals team sincerely thanks you for your ongoing support. We believe success requires luck—but seizing that luck demands relentless effort and wise decisions. There are no shortcuts in life; only humility and hard work can carry us forward. We will continue to focus on building the future ecosystem. Thank you all, and happy new year!