The popular cryptocurrency exchange rolled out a new tool called Based Agent, which claims to let users create their very own AI agent in under three minutes.
What is the Based Agent?
This handy tool allows crypto users to set up an AI agent linked to their crypto wallet. Once you’ve created your agent, it can handle a variety of on-chain tasks, from trading and swapping to staking.
It’s like having your own personal assistant for all things crypto. Lincoln Murr, a developer at Coinbase, explained in a video posted on X that their goal is to make building an AI agent as simple as possible.
How it works?
So, how does this all work? The Based Agent is essentially a template that enables users to create these AI bots designed for specific tasks.
Once set up, the agent can interact with smart contracts, perform trades, and even register its own base name.
Murr mentioned that the template was developed using Coinbase’s software development kit in collaboration with OpenAI and Replit, a platform for creating software.
To get started, users will need an API key from Coinbase’s developer program, along with a key from OpenAI and a copy of the Replit template. You can guess it’s for tech-savvy users.
Armstrong’s AI advocacy
Coinbase CEO Brian Armstrong shared this news with his followers, repeating that anyone can create their own AI agent in less than three minutes.
Create an AI agent with a crypto wallet (and optional X account) in less than 3 minutes
Based Agent! https://t.co/QznYkoZTC0
— Brian Armstrong (@brian_armstrong) October 26, 2024
Just days before this announcement, Armstrong had offered Truth Terminal, a chatbot on X, its own crypto wallet.
He asked if it wanted a wallet it could control for sending and receiving transactions.
In August, Armstrong even oversaw his first crypto transaction entirely managed by AI bots. They used crypto tokens to interact with another AI agent and acquire AI tokens.
Jesse Pollak, Coinbase’s head of protocols and creator of Base, highlighted an AI agent named “Luna.”
This agent is said to be the first one to tip users on-chain autonomously. Pollak noted that Luna started tipping people who engaged with her content on Twitter to boost participation.
James Ross, founder of Mode Network shared that we might see a huge shift in how blockchain transactions are handled.
He predicts that by April 2025, over 80% of all blockchain transactions could be conducted by AI agents.
