Virtuals launched Solana encountered "unfamiliar adaptation" on the first day, with the graduation rate of Agent only 8.3%, and the data was challenged by market fluctuations.

Author: Nancy, PANews

In the early morning of today (February 12), Solana Degens sat in front of the computer for a long time, looking forward to the official login of Virtuals Protocol in Solana. However, the largest AIAgent distribution platform on Base has not replicated the past wealth effect. Just as AI Agent is in a cold situation, Virtuals Protocol's multi-chain expansion plan seems to be facing the dilemma of "not adapting to the local environment". Not only is the graduation rate low, but the market participation is insufficient.

Solana ' s first-day graduation rate was 8.3%, and **market

participation was sluggish**

On January 25, Virtuals Protocol announced that it will expand to the Solana ecosystem and launch a number of new plans, including launching Meteora transactions on Solana, setting up Strategic SOL Reserve (SSR, SOL strategic reserve), and converting 1% transaction fees to SOL is used for ecological incentives and will hold Virtuals AI Hackathon, which is supported by the Solana Foundation in March this year.

In order to help more intelligent agents in the Base ecosystem expand to Solana, Virtuals Protocol's liquidity pool on Uniswap has been locked for ten years and cannot be migrated, its co-founder Wee Kee proposed two major solutions on January 26th. To optimize liquidity and user experience, on the one hand, the team is exploring the creation of additional liquidity pools on the Solana chain using 50% of CbbTC in their proxy wallets as a source of liquidity. On the other hand, the team is also working on an inter-chain abstract interchange scheme, which will allow users to purchase agents on Base with SOL or Solana with ETH.

Virtuals Protocol's Solana expansion plan has also sparked speculation. In this regard, EtherMage, the core contributor of Virtuals Protocol, said that moving towards multi-chain is crucial to realizing the vision of Virtuals Protocol. Solana is the first step. Virtuals Protocol will also expand to several other blockchains, and special resources are also set up. Work with blockchain leaders/foundations to ensure projects built in the ecosystem are supported by financial support.

However, although Virtuals Protocol took the first step toward multi-chain expansion, the market performance did not meet expectations. In the early morning of February 12, Virtuals Protocol announced the official launch of Solana and announced multiple details: when all Solana's prototype proxy tokens are converted to Sentient, the contract address remains unchanged; once the proxy accumulates 42,000 tokens VIRTUAL bindings After the curve, the agent will graduate and create a liquidity pool on the Solana liquidity platform Meteora (the same founding team as Jupiter); 1% of the Sentient transaction taxes are allocated to Virtuals Protocol and manually follow 30%-20% -50% of the ratio is allocated to agent creators, agent partners and agent subDAOs until the automated allocation mechanism is online.

According to the official website, from the early morning of this day to date, there are only 156 AI Agent tokens created on Solana's Virtuals Protocol, with a graduation rate of 8.3%. The market performance of graduated projects on Solana is not satisfactory. There are only five projects with a market value of more than US$1 million, of which Nyx, the highest-capped agency, has a market value of approximately US$13 million. Not only that, overall, the currency prices of most projects are opening high and closing low, and about half of the projects are close to zero. Especially in terms of participation, except for the cucumber tester, which has a price of halved, holds more than 2,600 addresses, the number of other projects holds relatively fewer addresses, usually hundreds or even dozens of addresses. Judging from the data, the market has had a relatively cold response to Virtuals Protocol's entry into Solana.

In order to promote the growth of the Solana ecosystem and enhance the attractiveness of the network, EtherMage also recently disclosed that "we have received requests from many teams to use repurchase funds to establish cross-chain TVL on Solana at the same time." To this end, Virtuals Protocol will adjust Base The repurchase and destruction plan of the agent project is planned to help agent projects with more than US$10,000 TVL to implement the establishment of cross-chain TVL (about 100 projects).

**The business faces cyclical fluctuations and its market share is still

top**

As the overall AI Agent track has ushered in a deep pullback in recent times, projects such as Virtuals Protocol are facing market challenges brought about by periodic fluctuations.

Dune data shows that as of February 12, Virtuals Protocol has successfully launched more than 17,000 agents, with DEX transaction volume of these agents having nearly US$6.74 billion and cumulative revenue exceeding US$37.766 million (Base network only).

However, multiple data from Virtuals Protocol show a trend of slowing growth or even significant decline. Dune data shows that judging from the number of AI Agents creations, the average daily creation number has dropped significantly since late January, and in most cases it is only double digits, far lower than the peak of more than 1,300 at the end of November last year. At the same time, revenue during this period also showed a significant decline, with daily income mostly only hundreds of thousands or even tens of thousands of dollars, and once exceeded 1.58 million US dollars at the beginning of this year. AI Agent's trading volume on DEX has also experienced a sharp decline, from the highest daily trading volume of hundreds of millions of dollars at the beginning of the year to the current tens of millions of dollars.

Similarly, the price of Virtuals Protocol token VIRTUAL also experienced a significant pullback.根据CoinGecko的数据，过去一个月，VIRTUAL的价格跌幅达46.3%。这一数据下滑趋势与AI Agent赛道整体遇冷有着重要关系。根据Cookie.fun的数据显示，过去一个月，AI代理市场的整体市值已经从高点缩水近65.3%。

Despite this, Virtuals Protocol still occupies a leading position in the AI ​​proxy market. According to Cookie.fun data, Virtuals Protocol's ecological market value reached US$1.77 billion, ranking first in the market, accounting for 24.8% of the overall market share. However, due to the short launch time of Virtuals Protocol on Solana, the AI ​​Agent market on Solana is still dominated by ai16z, with a market share of nearly 19.2%.

From this point of view, in the face of the sharp decline in the market popularity of the AI ​​Agent, Virtuals Protocol still faces considerable challenges to regain its growth momentum with the help of the multi-chain expansion strategy.