On February 12, 2025, Virtuals Protocol officially launched on the Solana blockchain, marking a significant milestone in its multi-chain expansion plan. As a popular AI Agent issuance platform within the Base ecosystem, Virtuals Protocol was highly anticipated to replicate its success on Solana. However, the reality fell short of expectations, with the Solana launch day seeing lackluster trading activity and market engagement. Even the native AI Agent tokens failed to ignite market enthusiasm.

Virtuals Protocol launched on Solana as planned, introducing expansion initiatives such as the Meteora trading platform and SOL strategic reserves. Despite the team's efforts to enhance user experience and market participation through liquidity pools and cross-chain solutions, the results were disappointing. Only 8.3% of AI Agents (13 out of 156) successfully "graduated," and trading volume and market activity were far below expectations.

The Solana launch failed to replicate Virtuals Protocol's success on Base, instead revealing a cold market reception. Data shows that most listed tokens experienced significant price drops, with low holder counts and some projects even seeing their token prices halved.

Key Reasons:

1. AI Agent Market Downturn: The AI Agent market is currently in a downturn, with investor enthusiasm waning as market bubbles burst.

2. Low Market Participation: Initial poor performance on Solana led to a loss of user and investor confidence, with most projects having only a few hundred holder addresses.

3. Competitive Pressure: Competing AI Agent projects like ai16z on Solana have captured significant market share, intensifying the competition for Virtuals Protocol.

Industry Status:
The AI Agent sector, once booming from late 2023 to early 2024, has entered a deep correction phase since mid-2024. Platforms like Virtuals Protocol face challenges such as weak market demand and declining activity. According to Dune Analytics, AI Agent creation numbers, trading volume, and revenue have significantly dropped since late January.

• Decline in Creation Numbers: Daily AI Agent creations on Virtuals Protocol have plummeted from a peak of 1,300+ in November 2024 to just a few dozen.

• Shrinking Trading Volume: Daily trading volume on decentralized exchanges (DEXs) has fallen from billions to millions of dollars.

Impact on Virtuals Protocol:
Despite its leadership in the Base ecosystem, with over 17,000 Agents and $6.74 billion in DEX trading volume, Virtuals Protocol faces severe challenges. The VIRTUAL token price has dropped by 46.3%, reflecting the sector's overall decline. The AI Agent market's total capitalization has shrunk from tens of billions to $1.77 billion, posing a significant challenge for Virtuals Protocol to maintain its market share and leadership.

Solana Ecosystem Fit:
While Solana offers high-speed transactions and low costs, its ecosystem is less aligned with AI Agent needs, which rely on robust smart contracts and decentralized autonomous organizations (DAOs). Additionally, competitors like ai16z have already captured significant market share on Solana, increasing the competitive pressure on Virtuals Protocol.

Risks of Multi-Chain Strategy:
Expanding across multiple blockchains presents challenges, as each ecosystem has unique market demands and technical characteristics. Solana's efficiency, while attractive, may fall short in handling complex smart contracts and tasks required by AI Agents. Virtuals Protocol's success on Solana remains uncertain.

Potential:
Despite current challenges, AI Agents remain a promising intersection of blockchain and AI. Potential applications include:

• Smart Contract Automation: Automating complex contract execution and management.

• Decentralized AI Markets: Serving as new market participants on blockchain platforms.

• Cross-Chain Collaboration: Enhancing liquidity across multiple chains.

Pitfalls and Challenges:
The AI Agent market faces risks such as overhyped projects, lack of technological breakthroughs, and market volatility. Investors must navigate these challenges carefully.

Virtuals Protocol and its competitors must balance technological innovation with market adjustments. Multi-chain expansion holds potential, but optimizing user experience and driving market participation are crucial. For investors and developers, rational evaluation of opportunities and challenges in the AI Agent space is key to future success.

As AI and blockchain technologies continue to converge, the AI Agent sector remains a field full of challenges and opportunities. The future will depend on innovation, market adaptation, and finding a new direction that can lead the industry forward.

On February 12, 2025, Virtuals Protocol officially launched on the Solana blockchain, marking a significant milestone in its multi-chain expansion plan. As a popular AI Agent issuance platform within the Base ecosystem, Virtuals Protocol was highly anticipated to replicate its success on Solana. However, the reality fell short of expectations, with the Solana launch day seeing lackluster trading activity and market engagement. Even the native AI Agent tokens failed to ignite market enthusiasm.

Virtuals Protocol launched on Solana as planned, introducing expansion initiatives such as the Meteora trading platform and SOL strategic reserves. Despite the team's efforts to enhance user experience and market participation through liquidity pools and cross-chain solutions, the results were disappointing. Only 8.3% of AI Agents (13 out of 156) successfully "graduated," and trading volume and market activity were far below expectations.

The Solana launch failed to replicate Virtuals Protocol's success on Base, instead revealing a cold market reception. Data shows that most listed tokens experienced significant price drops, with low holder counts and some projects even seeing their token prices halved.

Key Reasons:

1. AI Agent Market Downturn: The AI Agent market is currently in a downturn, with investor enthusiasm waning as market bubbles burst.

2. Low Market Participation: Initial poor performance on Solana led to a loss of user and investor confidence, with most projects having only a few hundred holder addresses.

3. Competitive Pressure: Competing AI Agent projects like ai16z on Solana have captured significant market share, intensifying the competition for Virtuals Protocol.

Industry Status:
The AI Agent sector, once booming from late 2023 to early 2024, has entered a deep correction phase since mid-2024. Platforms like Virtuals Protocol face challenges such as weak market demand and declining activity. According to Dune Analytics, AI Agent creation numbers, trading volume, and revenue have significantly dropped since late January.

• Decline in Creation Numbers: Daily AI Agent creations on Virtuals Protocol have plummeted from a peak of 1,300+ in November 2024 to just a few dozen.

• Shrinking Trading Volume: Daily trading volume on decentralized exchanges (DEXs) has fallen from billions to millions of dollars.

Impact on Virtuals Protocol:
Despite its leadership in the Base ecosystem, with over 17,000 Agents and $6.74 billion in DEX trading volume, Virtuals Protocol faces severe challenges. The VIRTUAL token price has dropped by 46.3%, reflecting the sector's overall decline. The AI Agent market's total capitalization has shrunk from tens of billions to $1.77 billion, posing a significant challenge for Virtuals Protocol to maintain its market share and leadership.

Solana Ecosystem Fit:
While Solana offers high-speed transactions and low costs, its ecosystem is less aligned with AI Agent needs, which rely on robust smart contracts and decentralized autonomous organizations (DAOs). Additionally, competitors like ai16z have already captured significant market share on Solana, increasing the competitive pressure on Virtuals Protocol.

Risks of Multi-Chain Strategy:
Expanding across multiple blockchains presents challenges, as each ecosystem has unique market demands and technical characteristics. Solana's efficiency, while attractive, may fall short in handling complex smart contracts and tasks required by AI Agents. Virtuals Protocol's success on Solana remains uncertain.

Potential:
Despite current challenges, AI Agents remain a promising intersection of blockchain and AI. Potential applications include:

• Smart Contract Automation: Automating complex contract execution and management.

• Decentralized AI Markets: Serving as new market participants on blockchain platforms.

• Cross-Chain Collaboration: Enhancing liquidity across multiple chains.

Pitfalls and Challenges:
The AI Agent market faces risks such as overhyped projects, lack of technological breakthroughs, and market volatility. Investors must navigate these challenges carefully.

Virtuals Protocol and its competitors must balance technological innovation with market adjustments. Multi-chain expansion holds potential, but optimizing user experience and driving market participation are crucial. For investors and developers, rational evaluation of opportunities and challenges in the AI Agent space is key to future success.

As AI and blockchain technologies continue to converge, the AI Agent sector remains a field full of challenges and opportunities. The future will depend on innovation, market adaptation, and finding a new direction that can lead the industry forward.