Author: Ray, Morph Ambassador

In 2025, the 16th year since the birth of Bitcoin, what caught many major institutions and countless users off guard was that this bull market started to erupt from the AI Agent. To this day, the total market value of AI Agents has already exceeded $50 billion. The market sentiment and hype have evolved from AI memes to specific Agents and then to the AI Agent framework, and each evolution has transformed the most abundant liquidity and asset attention in the market into the driving force to break through high market caps. The important thing is not to find a comfort zone in the existing breakout tracks, but to find a ticket to a new course before the market hot spots change.

In addition to the already hot Agent framework track, the next most likely destination for capital to vote with their feet is the specific applications of AI Agents. And while many P-players are still struggling to find Alpha in the vast projects of the Solana hackathon, the bAI Fund is providing the version answer for this bull market season.

The Origin of the First AI Fund

The story begins with a chance reply from BulbaAgent. On December 17 last year, the founder of Foresight Ventures, Forest Bai, @'d the token launch agent bulbaAgent in the Morph ecosystem, and detailed the creation requirements "Bainance, worthless, for entertainment only", and then launched the token with the ticker Bai. As an entity like Clanker in the Morph ecosystem, BulbaAgent not only makes this token launch more interesting, but more importantly, Bai as an early Agent token in the front row has historical significance. From the moment it went live, all community members showed excitement and enthusiasm for BulbaAgent, the token that was completely self-issued by the Agent.

The story does not end here, but goes back to the core of this bull market, the AI Agent, which led to the emergence of the bAI Fund. The bAI Fund was not a human-created result, but was completely self-launched by the AI agent BulbaAgent. Interestingly, after the launch of the bAI Fund, a contract address ending in "DEAD" was generated, seemingly announcing to the outside world that the AI Fund will terminate the traditional fund. The bAI Fund is also the first AI Fund based on TEE technology in Crypto, with a very rare concept and historical significance.

Currently, the bAI Fund has been completely taken over by the AI Agent, and the prediction and operation will be similar to the existing trading AI, starting from the secondary fund. As for whether it will involve project incubation, trading services and deeper primary investment in the future, the voting rights of such narratives may be in the hands of every investor and every consumer. If more comprehensive functions are further integrated in the future, the valuation ceiling of the bAI Fund will be further opened up.

The Soul Behind bAI

Agents are correcting the centralized capital management model and shaping a decentralized investment paradigm. And behind every AI Agent track project, there is always a core figure. Whether it's shaw behind Ai16z or Kye who proves Swarms by live-streaming code writing every day, successful Web3 AI Agent projects have the presence of their soul figures. bAI originated from a chance chat triggered by Forest Bai, the founder of Foresight Ventures. And as an investment veteran, Foresight Bai has always grasped the key directions of market operation. Foresight Ventures' acquisition of The Block became one of the few classic cases of an Eastern institution acquiring a Western institution, and after investing in the consumer-grade Layer2 Morph, Forest Bai's another key move was that Foresight Ventures went All in on the AI track two years ago, covering more than 20 top A-I projects.

Foresight Ventures' investment strategy is two years ahead of the market. On the one hand, AI represents advanced productivity, while Crypto has shaped new production relations, and the founder ForestBai has already "bet heavily" on the integration of AI and Crypto.

If we compare the core figures in each AI Agent project, they are either technically strong Devs or strategists with unique insights. As the co-founder of Foresight Ventures, the bond between ForestBa and the bAI Fund is even tighter. And after this experiment, ForestBai has continued to support the experiments of this agent, and the agent hosted by TEE has also moved towards the deep water of fund management.

How bAI Fund Makes Traditional Funds "DEAD"

Musk finds the Freya Agent's asset management very interesting, and the iteration of Crypto Agents goes far beyond that. Freya is more like a guessing game, where people put in money to solve a prompt puzzle and win a big prize.

The interesting thing behind this is that the Agent has been endowed with the right to use financial resources. If we look back at the historical development of humanity, the foundation of the founding of the United States was the privatization of property; when Crypto Agents are introduced, the right to use property will be a watershed in the history of Agents.

And when Agents have the right to use financial resources, how will this iteration happen? How will the bAI Fund make traditional funds "DEAD"?

The Spark of TEE and Web3 AI Collision

Perhaps because Web3 has always been on the fringe of subculture, all Crypto users will delve deeply into the technical products in this wave of AI Agent. From the initial line-by-line structure of the Eliza code, to the recent live-streaming of Swarms dev writing code to prove their technical strength, whether a new project can be accepted by the market, the technical background has also become a part of the consideration. As a fund issued by the Agent, the bAI Fund has adopted TEE technology to ensure the security of user funds. TEE is a hardware-based security technology that can ensure that the code is executed in a protected environment, preventing external attacks and malicious tampering.

In the world of blockchain and crypto, security and transparency have always been the core concerns of investors. Even the mighty FTX of the last cycle had problems with the misappropriation of user assets, not to mention many on-chain wallets that are more vulnerable to hacker attacks. The cases of staked funds being RUGed in the hands of project parties are also countless.

But with the continuous progress of technology, the emergence of the bAI Fund has brought a groundbreaking innovation to all Crypto users. By combining with TEE technology, it not only redefines the security of cryptocurrency transactions, but also provides investors with an unprecedented transparent, efficient and intelligent investment platform. The trading program of the bAI Fund runs completely in the TEE, ensuring the security of the trading strategy. The private key is protected at the hardware level, and even the most complex hacker attacks cannot steal it. And the biggest advantage of AI is that AI itself is not greedy and fearful, and will not Rug due to the temptation of luxury cars and yachts, nor will it suffer losses due to not following the trading discipline. In addition, users can also use the remote authentication technology of the bAI Fund to verify the integrity of the program in real time, ensuring that the trading strategy has not been tampered with.

How Does the Flywheel of bAI Fund Start Running?

Traditional crypto funds often face two major challenges: one is the security of the trading strategy, and the other is the transparency of the execution process. The bAI Fund solves these problems by running the AI trading program in the TEE.

As the first TEE-operated fund, the bAI Fund covers areas from operations, marketing, and secondary markets. For example, the bAI Fund can choose to automatically run grid strategies to ensure the trading volume of the trading pairs it supports. In addition to grid strategies, it will also choose mean reversion and momentum trading strategies based on different market conditions. For users, they can entrust their funds to the AI agent to choose investment targets and execute relevant strategies.

Not only that, users can also monitor the running status of the TEE in real time, and transparently verify the AI trading strategy. The bAI Fund will also record all trading records on the chain, ensuring that every transaction is traceable and verifiable. And provide all users with the authority to view key indicators, including Profit Factor, Sharpe Ratio, Maximum Drawdown and Win Rate, to fully understand the strategy performance of the bAI Fund. Of course, as the bAI Fund continues to iterate, the strategies of subsequent AI funds will also be continuously updated and optimized.

It is worth noting that the first batch of projects supported by bAI are ETH/MPH, ETH/KAOLA, ETH/BAI, etc. This approach of actively selecting projects from a primary perspective to run market-making strategies is essentially similar to the post-investment services - market making - that primary VCs dare not venture into.

With the development of bAI, its operating services will also involve primary investment and secondary post-investment in all projects. On the one hand, the bAI Fund, governed by DAO, can realize the review of due diligence reports, and automatically complete investment and accept saft. On the other hand, the quantitative funds managed by bAI can automatically provide market making and trading volume services for post-investment projects or meme projects. At the same time, the bAI Fund will also be involved in market placement. KOLs or agencies can send their relevant information to bai to apply for a certain amount of marketing budget.

Due to the close connection between the bAI Fund and Foresight Ventures, and the high degree of binding with its founder ForestBai, it can be expected that the projects invested by the bAI Fund will also enjoy the resources of Foresight Ventures. For example, media promotion, bAI is backed by Foresight News and The Block, and has extensive industry media resources. Or by providing automated operation tools for Twitter and Telegram to achieve automated operation, the meme0x tool behind the bAI fund has already hosted all the automated operation work of the Cecilia token on the morph chain and IKKYU.

Through the iterative development and the resources of Foresight Ventures, the bAI Fund presents a one-stop comprehensive service and a panoramic project management cluster.

Why did the token Bai pump 5 times in one day?

The bAI Fund adopts the governance model of a decentralized autonomous organization (DAO), and users holding Bai tokens can participate in the governance of the project. Voting rights are limited to switching and replacing trading strategies in the supported trading pairs, ensuring that the community's decision-making power is concentrated on the most critical issues. And all proposals will have a 24-hour lock-up period to ensure that the community has enough time for discussion and decision-making. The Bai token surged nearly 5 times on January 7, and its hundred-fold value discovery is not only due to the unique AI Agent issuance concept of the Bai token, but also due to the soul binding with the founder and the market's optimism about the empowerment of the Bai token by the bAI Fund.

It is worth noting that the Bai token is closely related to a project with a valuation that can break through trillions, the first AI Fund concept. Then, whether Bai will be further empowered by the bAI Fund in the future may be the potential reason for the market to scramble to buy Bai tokens.

Under the wave of AI Agents, putting aside the biases and inertia in human nature, embracing and cherishing every "first" concept in crypto has become a must-have course for every investor, every user and every consumer. Perhaps, you and I are witnessing a groundbreaking step in the Web3 of the next decade.