- With the help of AI agents, the new platform will be able to carry out trades on users’ behalf, ensuring the best possible trade outcomes and minimizing the need for manual interaction.
- A USD 40 million fundraising round led by DWF Labs was recently completed by the business in order to accelerate the creation of AI and autonomous agents.
Fetch.ai Ltd., an artificial intelligence laboratory based in Cambridge that develops AI-powered agents for peer-to-peer applications, has announced the development of new trading tools for decentralized cryptocurrency exchanges.
With the help of AI agents, the new platform will be able to carry out trades on users’ behalf, ensuring the best possible trade outcomes and minimizing the need for manual interaction. At the same time, autonomous agents may be programmed with user preferences and fine-tune tactics based on market circumstances, allowing users to communicate in a peer-to-peer fashion across marketplaces.
Decentralized exchanges are components of the more extensive decentralized finance (DeFi) economy, a token economy based on blockchain technology that enables direct peer-to-peer transactions between users. The business claims that this creates the potential for Fetch.ai’s machine learning algorithms to track market circumstances and link customers and sellers for optimum impact.
It follows that transactions occur with one-to-one smart contracts on the blockchain instead of big liquidity pools involving several trades and users because each seller and buyer is directly connected. Hackers and insider exit schemes known as “rugpulls,” in which the owner of the crypto wallet just takes all the tokens, are clearly after large pools of cryptocurrency tokens.
Humayun Sheikh, Chief Executive of Fetch.ai, said, “As we stand at the forefront of a new era in the DeFi sector, with rapidly evolving technologies and innovations, we recognize the need to go deeper into decentralization. AI agent-based trading has enormous potential to remove central points of failure and solve some of DeFi’s biggest problems such as liquidity contract hacks and rugpulls, which cost the industry billions of dollars a year.”
According to research by De.Fi Security, which monitors these trends, crypto protocols, and marketplaces, lost more than USD 452 million to scams and hacks during the first quarter of 2023. Despite the size of these figures, they are far less than the USD 1.3 billion in losses experienced during the same time period in 2022. Many of these crimes and losses result from vulnerabilities in cryptographic protocols and blockchain smart contracts.
The business recently completed a USD 40 million fundraising round led by DWF Labs to accelerate the development of AI and autonomous agents. Through the Amadeus global distribution system, Fetch.ai has already created autonomous AI travel agents that can link customers to more than 770,00 hotels globally and make reservations on their behalf. It also tested a smart parking space management program in Germany to balance the supply and demand for parking spaces.
The new tools from Fetch.ai will go on general sale in the second quarter of this year. According to the business, these products will be the first of their type to be sold.