- Coinbase launched a tool, called Based Agent, that allows people to create AI agents that can automate tasks like swaps and staking.
- The tool uses technology from Coinbase SDK, OpenAI, and Replit to allow anyone to create an AI agent in under three minutes.
Coinbase announced Based Agent, a tool for creating AI agents that can perform a myriad of tasks, from swapping to staking, bridging, and even registering crypto domain names by interacting with various smart contracts and other AI agents where necessary.
Coinbase pushes for AI agents
Based Agent isn’t Coinbase’s first foray into AI agents. Members of the company have, in the past, used AI for various purposes or to prove its viability. Brian Armstrong, CEO of Coinbase, in August, oversaw transactions between two AI agents where one agent paid the other using tokens.
More recently, Head of Protocols at Coinbase, Jesse Pollak, highlighted an AI bot on Twitter, called Luna, that autonomously tipped users to engage with its content.
Truth Terminal, the Twitter AI chatbot that was instrumental in creating the Goatseus Maximus memecoin that currently trades at a $700 million market cap, also exemplifies the progress AI agents have made in recent months.
AI Agents still face development hurdles
The growth of AI agents is not without its drawbacks. A major one is the inability of AI agents to figure out bank accounts, and hence, automate off-chain payments. AI agents cannot book hotels, buy plane tickets, or manage recurring subscriptions.
However, efforts are being made to bridge that gap by developing onchain payment methods that integrate with the real-world. In August, a blockchain development firm called Skyfire created a platform that allows AI agents spend money autonomously.
Biconomy, a Web3 infrastructure company launched a Delegated Authorization Network to serve as an authorization layer for AI agents to trade tokens on behalf of users.
Meanwhile, the Base network allows AI agents to use USDC to transact with people and other AI agents in real-time. However, this feature has not penetrated real-world payments.
Despite the gap, the development of AI agents continues to grow and may account for 80% of all blockchain transactions in 6-12 months, according to Mode Network founder James Ross.