'Token Food' Consumed by AI Agents: Jordi Visser's Outlook on Ethereum's Future and 2026 On-chain Data Analysis

As of May 11, 2026, the convergence of artificial intelligence (AI) and blockchain has moved beyond mere speculation to become a substantial economic driver. Veteran macro investor Jordi Visser argues that the next phase of Ethereum's growth will be driven not by human users, but by AI agents that require tokens as "food" for their operations. This shift is already manifesting in record-breaking on-chain activity, signaling a fundamental change in how network infrastructure is valued.

In a recent analysis, Jordi Visser emphasized that the demand for tokenized assets will increase exponentially as AI agents emerge as autonomous economic actors. He explained that AI must be continuously supplied with liquid tokenized assets to perform functions and exchange value, using the metaphor of "food." From this perspective, tokens are redefined not just as investment vehicles, but as the essential fuel that powers AI-based economic systems.

AI agents need 'food,' and that food is not physical food, but tokens.

Visser's hypothesis heralds the beginning of an "agentic" economy where AI agents execute transactions and purchase services independently without human intervention. He believes that in an environment where code and ideas are instantly commoditized, AI agents have no choice but to utilize blockchain networks for efficient resource allocation. This ultimately leads to increased transaction density on-chain and an increase in the fundamental value of the network.

Ethereum: The Infrastructure for Programmable Ownership

Visser views Ethereum as the core infrastructure layer for implementing programmable ownership. While he holds Bitcoin as an asset, he assesses that Ethereum and Solana are better positioned to handle the massive transaction volumes generated by AI-centric tokenization. Specifically, their roles as stablecoin carriers and network infrastructure are expected to drive the performance of these assets.

• Supporting efficient on-chain activities of AI agents through gas fee optimization and transaction simulation.
• Evolution into an 'agentic' blockchain stack that prioritizes machine-to-machine interaction.
• Accelerating the obsolescence of the technology sector and reshaping capital flows through the instant commoditization of code and ideas.

On-chain data representing actual usage of the Ethereum network strongly supports Visser's hypothesis. Entering the second quarter of 2026, Ethereum surpassed 3.61 million daily transactions, reaching an all-time high. This significantly exceeds the previous peak of 2.89 million recorded on February 7, 2026, suggesting that demand for network infrastructure is accelerating.

Market prices are also responding to this network activity. As of May 11, 2026, Ethereum is trading at approximately $2,329.78, with market analysts watching the $2,400 resistance level. Visser predicted that if Ethereum stably breaks through the $2,400 line, the next stage of a full-fledged bullish rally will begin.

Macroeconomic Divergence and Changes in the Regulatory Environment

Despite this vibrancy in the crypto market, macroeconomic indicators are sending mixed signals. According to a report released on May 11, 2026, while Bitcoin and Nasdaq investors celebrated their gains, the U.S. consumer sentiment index plummeted to historic lows. This 'decoupling of Wall Street and Main Street' presents a situation where parabolic rises in asset prices coexist with economic distress for consumers.

On the regulatory front, Australia's tax reform proposal is drawing investor attention. The Australian government is considering a transition from the existing 50% Capital Gains Tax (CGT) discount to a model that taxes real profits adjusted for inflation. Such changes could directly impact investor profit structures, and Visser emphasized that tokenization will ultimately reshape global inflation dynamics.

In conclusion, Ethereum is evolving beyond a simple currency into the core operating system of the AI economy. The demand for 'token food' consumed by AI agents has caused an explosion in network transaction volume, serving as a strong fundamental for price increases. Heading into mid-2026, Ethereum is further solidifying its position as the central axis of the programmable economy.