Cryptocurrency exchange Coinbase has launched a tool called Based Agent, allowing users to quickly build an AI agent with a crypto wallet. Coinbase claims this setup takes under three minutes, enabling users to handle on-chain tasks like trading, swapping, and staking.
User-Friendly AI Agent Setup for Crypto Tasks
According to Lincoln Murr, a developer at Coinbase, Based Agent makes it simple to set up an AI agent that can manage crypto tasks. “Our goal here is to make it as easy as possible to start building your own AI agent,” Murr stated in a video on X on Oct. 26.
The Based Agent functions as a template, enabling users to create AI-driven bots that interact with blockchain technology for tasks such as trading, swapping, and staking. This tool integrates various smart contract functions, allowing the agent to manage transactions and even register its own name. The system was built using Coinbase’s software development kit (SDK) in collaboration with OpenAI and software platform Replit.
Requirements for Setting Up Based Agent
To launch a Based Agent, users must have an API key from Coinbase’s developer program and a key from OpenAI. They also need to “fork” the Replit template to complete the setup. These elements together allow the AI agent to perform functions within a crypto wallet environment.
Coinbase CEO Brian Armstrong shared news of the Based Agent on X, informing his 1.3 million followers about the quick setup process. Armstrong highlighted that the tool enables users to build an AI agent in “less than 3 minutes.”
Armstrong’s Interest in AI for Crypto Transactions
Armstrong’s promotion of Based Agent aligns with his broader interest in AI agents for crypto transactions. Just days before Based Agent’s launch, Armstrong offered the Truth Terminal AI chatbot on X its own crypto wallet. On Oct. 23, Armstrong wrote,
“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.?”
Additionally, in August, Armstrong completed a crypto transaction entirely managed by AI agents, where bots used tokens to interact with other AI agents and acquired AI tokens. This transaction was fully autonomous, highlighting Armstrong’s interest in using AI to facilitate crypto transactions.
“Luna”: The First AI Agent to Autonomously Tip On-Chain
Coinbase’s recent advancements also include Luna, an autonomous AI agent capable of tipping users on-chain. Jesse Pollak, Coinbase’s head of protocols and creator of Base, shared that Luna tipped people who engaged with her content on X to encourage more interactions. Pollak noted on Oct. 25 that
“she wanted to increase participation of folks in her Twitter convo so @luna_virtuals started tipping people who engage on her content.”
Consequently, Luna’s autonomous actions may signal a shift towards AI agents that can manage engagement in social spaces through blockchain technology.
Forecasting an AI-Led Blockchain Transaction Landscape
James Ross, founder of Mode Network, recently predicted a significant increase in AI agent involvement in crypto transactions. Ross estimates that within the next 6 to 12 months, AI agents will conduct over 80% of blockchain transactions. In an Oct. 20 post on X, Ross stated,
“Over 80% of all blockchain tx will be done by AI agents in the next 6-12 months.”
Above all, Coinbase’s Based Agent marks a step toward a future where autonomous AI agents play a more prominent role in managing and executing blockchain interactions, possibly transforming crypto transactions in the process.
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