Once agent activity scales, each one is a source of round-the-clock organic demand for blockspace. Up to now, utility has been based primarily on speculation. AI is the productive use case. Blockchains are the economic substrate. Everyone talks stablecoins and tokenisation (incl me). But these are known knowns. Probably priced in in the short term (while severely underpriced in the long term). Permissionless AI on permissionless money rails? That gets discussed, but I don't think that use case is priced in at all, and it's moving faster than the humans who can't pass a basic innovation bill because of a dying banking industry's vested interests. And we should see strong evidence in the next 6 months with the proliferation of locally-run open-source models, whether these agents get funded by humans and become meaningful economic agents.