The combined market capitalization of all crypto tokens tracked by financial data aggregators is roughly $14.8 billion as of the time of writing. With a hefty $2.8 billion daily trading volume and over 200 different projects, it seems like an emerging fintech sector with a huge potential for explosive growth. While many hurdles on the way to success remain unsolved, the progress is already noticeable.
In many senses, blockchain AI integration is not the biggest of ideas floating around in the larger ecosystem. However, many companies are more than just interested in bringing the concept of autonomous systems operating independently on blockchain to life. The range of potential applications is quite impressive. From analyzing social media sentiment like AIXBT to producing market insights to auditing and deploying smart contracts with Solidity using ChainGPT — a lot can be done with these powerful tools.
While some may say that any autonomous application running on the blockchain without human supervision is an intelligent agent, only a handful of projects are relying on something resembling AI when interacting with the blockchain. Smart contracts are already mostly autonomous instances of code that do not need humans to operate normally. However, these are static programs that do not change, evolve, or alter behavior depending on external factors.
Genuinely independent autonomous crypto decision-making and advisors that are deployed on blockchain and analyze it to produce actionable outputs live only in our imagination, at least, for now. Nevertheless, some interesting solutions are already changing the way we interact with the DeFi ecosystem, make decisions about future investments, and conduct financial analysis.
The aforementioned ChainGPT has several interesting features:
The effectiveness and reliability of these instruments require further testing. However, these are impressive feats for a project that has been around for just a couple of years. Experimenting with it now is a good idea for many aspiring crypto investors. Other developers are also working hard on producing useful AI agents for the DeFi sector.
With its strong focus on simplifying the world of DeFi for regular users without much technical knowledge and experience, Rivo is devoted to delivering a practical AI tool named DeFi Alpha. It is built upon the idea of providing the necessary assistance and consultations to newcomers to the DeFi industry. Here are some of its features:
Rivo is a good example of a project strongly focused on the practicality of instruments. DeFi Alpha is focused on providing actionable analytics, easier onboarding, and better investment experience. These are concerns for the vast majority of newcomers. For instance, over 24% of all active users of DeFi apps cite difficult onboarding as the second biggest issue for users eclipsed only by the inconvenience of using crypto wallets in day-to-day operations.
Many solutions related to artificial intelligence in the world of crypto are focused on developing, adjusting, deploying, and managing various agents, models, and applications. There is a myth that blockchain can be used to train AI. While it is technically possible, it is also tremendously inefficient and expensive. You don’t have to go the extra mile if you can simply train certain behaviors using traditional methods.
At the same time, we don’t need fully autonomous adaptive blockchain algorithms since the foundation of trust and reliability of decentralized ledgers sits upon the promise of the immutability of the data and core operational principles.
Instead, the industry is trying to solve two distinct problems for end users:
Several companies are working on solving these problems. Let’s talk about them and their promising products.
Multiple companies are trying to deliver new exciting instruments that can make the process of AI agent creation simpler and more efficient. The strongest and most recognized efforts are dedicated to building advanced frameworks and tooling. Below are some of the companies that focus on producing them.
The open-source framework for AI development and a powerful operating system for artificial intelligence applications is used by over 370 contributors operating 3.2 thousand independent forks. Here, you can use the character generator to create bots with adjustable personalities and immediately launch them using the Mee.Fun platform. Eliza has a solid $92 million market cap and over $29 million in daily trading volume.
Many projects are trying to create an autonomous advisor that produces reliable prognoses. However, the vast majority of them use either basic technical analysis or other established tools to arrive at conclusions that can be achieved by any decently trained analyst. It means that we are still leagues away from building a truly independent, consistent AI expert system for automation crypto trading.
Nevertheless, ChainGPT is close to cracking the code. Its system is capable of analyzing social media sentiment and combining it with different forms of on-chain and financial analysis to produce actionable outputs. Just like in the case of other generative AI systems, it is prone to hallucinating and making mistakes. However, its ability to use different sources of data to generate advice is incredible!
The Artificial Superintelligence Alliance is formed by Fetch, SingularityNet, and Ocean Protocol. These projects are focused on building an efficient space for building autonomous agents that can operate on the chain. The alliance has the biggest coin in this sector of the crypto market. FET has a $3.3 billion market cap and close to $200 million in daily trading volume indicating a strong interest from investors in blockchain AI integration.
AI agents in DeFi and the world of crypto have a strong potential to change the way we approach investments and digital assets. We strongly believe that new products in this category will produce intriguing tools that will help newcomers build better portfolios and make good investment decisions. If neural network crypto prediction systems will reach a fraction of the promised success, we will have outstandingly powerful tools at our disposal!
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