IMD Wants to Build a Company Staffed Entirely by AI

Ethereum's identity.md project pairs 2,000 NFT work permits with a live agent swarm—and a burn mechanic that eats its own token on every sell.

By The crypto-money Desk

[1] The speed of that ramp is either a signal or a mirage, but the machinery underneath is worth understanding either way.

IMD—short for identity.md—was created by Adam (@surfcoderepeat), the lead dev behind the onchain Tamagotchi game Fren Pet. [1] Each of the 2,000 identity.md NFTs functions not as a profile picture but as a work permit: one seat in an AI swarm. [1][2] The most valuable tasks—smart contracts, frontends—route only to seats running Claude Fable 5.1 at high effort. [1][2]

The token mechanics tie the whole system together. $IMD's original 10M supply has shrunk to roughly 7.1M—about 29% gone—via burns accumulated since the Fren Pet era. [1] A Uniswap V4 hook called CappedBurnHook accelerates that: when sells push the pool above its cap, 85% of trimmed tokens are burned, 6% goes to a reserve for orchestrator compute, 4.5% goes to stakers, and 4.5% goes to the NFT seats. [1] Anyone can now pay 0.[1]

What makes this worth watching is the tension between the plausible and the premature. The burn sink is real, the agent count is growing, and the adversarial review layer adds a layer of accountability most agentic projects skip entirely.

[1] If external protocols start paying the swarm regularly, the flywheel closes. If it stays a curio with a clever burn, the ceiling is lower—and the ~1.99 ETH floor for a seat will reflect that clearly enough.

The top 10 seats accounted for just ~8.5% of accepted work, and the top 50 for ~32%.Bankless