Share this article
Crypto Protocol Fetch.ai Offering AI Trading Tools for Decentralized Exchanges
Fetch.ai aims to facilitate peer-to-peer trading between DeFi users using AI-powered software "agents."
Updated May 9, 2023, 4:12 a.m. Published Apr 19, 2023, 12:00 p.m.
Make us preferred on Google
Fetch.ai, which develops artificial intelligence (AI) tools for crypto, is rolling out a set of enhanced trading products for decentralized exchanges (DEX).
The Cambridge, U.K.-based firm wants to facilitate peer-to-peer transactions between decentralized finance (DeFi) users using AI-powered "agents" to execute trades based on user-defined parameters, it said Wednesday. It will roll out the suite of trading tools later this quarter.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Users submit their orders to an agent, which then puts it in escrow or an atomic transaction while it works out where it can do the order matching," CEO Humayun Sheikh said in an interview. "The ability of the platform to find and create liquidity is where the platform comes into itself, whereby agents work together to create those decentralized order books."
The absence of a liquidity pool, the mechanism usually employed by DEXs to facilitate quick and efficient trading, means there is no trove of coins for hackers to target.
By focusing on individual agents, Fetch.ai is attempting to overcome the risk that the smart contract at the heart of a DEX is exploited, or that the developer promoting a new project disappears with users' money in what's known as a rug pull. The agents employ their own smart contracts to carry out users' instructions.
"A hacker would have to hack every single agent. They couldn't just hack the central smart contract because there isn't one," Sheikh said.
As of last month, nearly $120 million in crypto had been stolen in 2023 across 19 different breaches, according to analytics firm Crystal Blockchain, with most involving attacks on vulnerabilities in the code and design of decentralized protocols.
Not only is this directly damaging to the victims of these thefts, but it is detrimental to the confidence and the potential for further adoption of DeFi, something Fetch.ai is aiming to tackle with its alternative paradigm for how the ecosystem can operate.
Read More: How CoinDesk Will Use Generative AI Tools
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Mesh becomes unicorn, raises $75 million for crypto payments infrastructure
The investment round was led by Dragonfly Capital and included participation from Paradigm, Moderne Ventures, Coinbase Ventures and SBI Investment.
What to know:
- Cryptocurrency payments network Mesh acquired unicorn status with a $75 million Series C funding round that valued the company at $1 billion.
- The fund raise, coupled with the ceremonial significance of Mesh acquiring unicorn status, may demonstrate confidence in crypto infrastructure projects despite a relatively depressed market.
- Mesh said part of the $75 million raise was settled using stablecoins to demonstrate that is infrastructure is "ready for high stakes, real-world use."
Top Stories
