Coinbase, a leading player in the cryptocurrency exchange arena, has introduced an innovative AI tool named “Based Agent,” aimed at simplifying the process for developers to create AI agents. This launch comes in response to the increasing demand for AI functionalities in the crypto space.
On October 26, Lincoln Murr, a developer at Coinbase, showcased the “Based Agent,” which allows users to set up AI agents in less than three minutes, including the integration of a crypto wallet. CEO Brian Armstrong highlighted the tool’s efficiency, emphasizing its user-friendly design.
With the Based Agent, developers can create AI agents equipped with wallets and full on-chain capabilities on Base, Coinbase’s Layer-2 network. These agents are capable of performing a variety of blockchain tasks such as trading, swapping, and staking.
Murr pointed out that Coinbase’s goal is to democratize AI agent creation. The tool is built using Coinbase’s software development kit (SDK) and incorporates technologies from OpenAI and Replit.
To utilize the Based Agent, developers need to obtain API keys from Coinbase and OpenAI, along with a tailored Replit template. The agents can be customized to perform specific functions, such as interacting with smart contracts or managing staking processes.
Moreover, the Based Agent is not limited to Coinbase’s Base network; it is compatible with various blockchain platforms, including Ethereum, Polygon, and Arbitrum. Developers also have the option to enhance their agents with an X-bot feature for additional customization.
In terms of security, Murr reassured users that the Based Agent employs Multi-Party Computation (MPC) wallet technology, which divides the private key between Coinbase and the developer, thereby bolstering wallet security.
