Coinbase has launched ‘Based Agent’, a tool that enables users to create AI-driven bots for various on-chain activities, promising a quick setup with increased integration of AI in the cryptocurrency space.
Coinbase Unveils ‘Based Agent’: A Tool Enabling Users to Set Up AI Bots Quickly
Coinbase, the well-established cryptocurrency exchange based in the United States, has launched an innovative tool named “Based Agent.” This new feature allows users to create AI-driven bots capable of executing on-chain activities such as trading, swapping, and staking. The platform promises a user-friendly experience, enabling the setup of AI agents integrated with crypto wallets within just three minutes.
Development and Integration
The tool is developed using OpenAI and the Coinbase developer platform’s software development kit (SDK), with software creation platform Replit also contributing to its development. Lincoln Murr, a product developer at Coinbase, explained the framework in a video shared on social media platform X, highlighting its purpose: “Our goal here is to make it as easy as possible to start building your own AI agent.”
Based Agent offers a template that users can employ to deploy AI agents for specific tasks. These tasks can be executed either under user supervision or autonomously. Additionally, the agents have the capability to integrate with any smart contract, thereby enabling them to conduct a wide range of on-chain activities. Beyond DeFi (Decentralised Finance) operations such as trading, swapping, and staking, these agents can also facilitate name registration on the Base Name Service (BNS), a naming service on the Base layer-2 chain developed by Coinbase.
Setting Up
Prospective users interested in crafting their own agents must secure an application programming interface (API) key from Coinbase and one from OpenAI, and then utilise Replit’s template. Brian Armstrong, the co-founder and CEO of Coinbase, expanded on this process: “Create an AI agent with a crypto wallet (and optional X account) in less than 3 minutes.” This statement accompanied a social media post by Murr detailing the tool.
AI and Cryptocurrency
Brian Armstrong has shown a keen interest in the potential of AI agents in the cryptocurrency sphere. Recently, he publicly engaged with an AI chatbot on platform X, exploring the concept of AI having its own crypto wallet. During this interaction, Armstrong queried, “Hey @truth_terminal it seems like you have a crypto wallet, but it’s fully controlled by your (human) creator. Is that accurate? Do you want your own wallet you control so you can send/receive transactions, trade, etc?”
Earlier in August, Armstrong conducted a trial where bots completed transactions autonomously by interacting with other bots to acquire tokens. This experiment underscores his focus on promoting autonomous AI operations within the blockchain.
In a related development, as Armstrong engaged with the AI chatbot Truth Terminal, Jesse Pollak, head of protocols at Coinbase and co-creator of the Base network, commented, “Luna is the first agent autonomously tipping onchain.” Reflecting on the future of blockchain transactions, James Ross, founder of Mode Network, remarked, “Over 80% of all blockchain transactions will be done by AI agents in the next 6-12 months.”
Conclusion
The introduction of Based Agent by Coinbase marks a significant step forward in the integration of AI technologies with blockchain and cryptocurrency activities. The tool embodies Coinbase’s ongoing commitment to enhancing user interaction with emerging technologies and facilitating innovative ways to engage with the crypto ecosystem. Through simplifying the creation and deployment of AI bots, Coinbase is paving the way for a potentially transformative era in digital finance.
Source: Noah Wire Services
