Coinbase has launched a new framework called “Based Agent” that enables users to create their own AI-powered crypto agent, complete with a wallet on the Base blockchain, in just under three minutes. Coinbase product manager Lincoln Murr, who made this announcement, says this framework is designed to simplify the process of setting up AI agents capable of executing various on-chain operations, including trading, swapping, and staking.

Murr provided a demo of this tool in a video posted on X on October 26, saying that Based Agent provides a straightforward template for users to develop AI-driven bots—automated programs tailored to execute specific tasks—with access to a range of smart contract features. Once the agent is established, it can engage with smart contracts, manage trades, execute swaps, and even register its own Base domain name.

Based Agent was built using Coinbase’s developer platform software development kit (SDK), the SDK from OpenAI (the company behind ChatGPT), and AI-powered software development & deployment platform Replit. Murr said that to get started, users would only need to get an API key from Coinbase, get an API key from OpenAI, and fork the Replit template, after which they could start adding whatever functionality they want to these agents.

As Ciaran Lyons pointed out in his report for Cointelegraph, according to James Ross, founder of Mode Network, AI-driven agents could soon dominate blockchain transactions. In a post on X on October 20, Ross predicted that within six to twelve months, over 80% of blockchain transactions could be managed by AI agents.

Updating my AI x Crypto thesis

Original thesis:

Over 80% of all blockchain tx will be done by AI agents in next 24 months

New thesis:

Over 80% of all blockchain tx will be done by AI agents in next 6-12 months

AIFi/acc pic.twitter.com/JLoHmLtbnt — James Ross 🟡 (@JRossTreacher) October 20, 2024