Coinbase developer Lincoln Murr announced the launch of a new tool called ‘Based Agent’ in an X post on Oct. 26. According to Murr, the tool will allow users to build an artificial intelligence (AI) agent using their crypto wallet in less than three minutes. Once created, the agent can be deployed to handle on-chain tasks like trading and staking.
An AI agent is essentially a bot that is designed to carry out specific tasks.
In a video attached to the post, Murr noted:
“Our goal here is to make it as easy as possible to start building your own AI agent.”
Technically, Based Agent is an autonomous on-chain agent framework. But to simplify matters, the tool essentially acts as a template for users to create their own AI agents with access to different kinds of smart contract functionality, and that can be integrated with any smart contract.
While there are several different modes of Based Agent, one of them is a fully autonomous version, which will allow users to create an AI agent that “can just go off and do whatever it wants with different on-chain interactions,” Murr explained.
Once created, the AI agents will be capable of carrying out tasks like trades, swaps, staking, and registering their own base name. Murr added that Based Agent comes with an X application programming interface (API), which will allow users to turn their AI agents into X bots.
According to Murr, Based Agent was built using the Coinbase software development kit (SDK), with help from ChatGPT creator OpenAI and software creation platform Replit.
To start creating an AI agent, users need an API key from Coinbase’s developer program, along with “a key from OpenAI, and to fork the Replit template.” Murr added:
“It couldn’t be easier to start adding whatever functionality you want to these agents.”
The launch of Based Agent comes less than a month after the crypto exchange witnessed its first transaction between AI agents. At the time, Coinbase CEO Brian Armstrong said that AI agents were incapable of accomplishing tasks when left unsupervised due to technological constraints.
Earlier this week, Armstrong offered to help Truth Terminal—an AI agent that has gained massive popularity on X—set up its own crypto wallet. While AI agents cannot own bank accounts, they can own crypto wallets.