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On-Chain AI Agents Are Here
AI agents, AI search engines, Polymarket ATH, and more this week
Dave Wang
November 03, 2024
The Frontier Investor newsletter is a weekly publication with deep dives into building & investing into frontier tech - AI , crypto, exotic markets, and more
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The Coinbase team recently released Based Agent, allowing anyone to create AI agents with full on-chain functionality in less than 3 minutes.
Introducing Based Agent: create AI agents with full onchain functionality on @base in less than 3 minutes.
The era of Autonomous Onchain Agents is here
Built with @CoinbaseDev SDK, @OpenAI , and @Replit
oh, and you can make it an @X bot too 😉
— lincoln.base.eth (@MurrLincoln)
5:21 PM • Oct 26, 2024
We’ve talked many times about how payments will be huge for AI agents. Today, most of the gen-AI / reasoning use cases are quite vanilla. For example, ChatGPT can recommend you a vacation and spit out a big paragraph. But with payments we can actually go to the end of the process and book the flight, hotels, restaurants, etc.
A few other use cases I expect to come from this:
On-chain trading & arbitrage bots
One click complex DeFi actions (eg evaluate best yield opps, bridge over, stake in one command)
Real world payments (eg ticketing)
Expansion of global P2P economy
DAO investments
Incentivized shilling
Subscription business models in crypto
Actions based on dynamic pricing
I think this is a direction many crypto x AI teams will take their product in the next 6 months. It’s quite impressive how fast the Coinbase team was able to ship this!
🗞️News I’m Reading🗞️
Crypto
Trump vs Harris betting pool on Polymarket reaches $2.7B.
AI
Meta & OpenAI are both releasing web search AI engines …. is Google cooked?
Perplexity, the current leader for AI search engines, is also rumored to be raising at $9B valuation.
Emerging Markets
Brazil’s crypto market is now the 10th largest in the world. Yet on the ground it’s clear the foreign players have not fully cracked the market yet. Brazil is not for beginners but those who figure it out will be rewarded massively.
A few reasons why you should care about Brazil:
Clear regulatory framework
Sophisticated payments infrastructure (arguably even more so than the US with PIX etc.)
Large mobile access
Demand for stables given BRL inflation
Savvy digital population
Growing merchant acceptance
Pro-crypto Central Bank sandbox
200m+ population size
11th largest GDP in the world
JUST IN: 🇧🇷 Brazil's crypto imports rose 60.7% in the first nine months of 2024, surpassing the total for all of 2023.
— Watcher.Guru (@WatcherGuru)
4:14 PM • Oct 29, 2024
💰Market Updates💰
Data as of November 3rd, 2024
We saw general market pullback with markets anticipating chop heading towards the election. Last week was also a major earnings week for tech / AI stocks. Below is a summary of earnings:
Meta: Reported a 19% year-over-year revenue increase to $40.59 billion, driven by advancements in AI across its platforms. Investor Relations
Google (Alphabet): Achieved a 15% revenue growth to $88.3 billion, with a significant 35% increase in Google Cloud revenue, reflecting strong demand for AI-driven services. Financial Times
Nvidia: Recorded a 206% year-over-year revenue surge to $18.12 billion, propelled by high demand for AI chips and accelerated computing solutions. NVIDIA News
Microsoft: Reported $65.59 billion in revenue, a 16% increase from the previous year, bolstered by AI progress across its applications and business segments. Semafor
Coinbase: Posted a net income of $75.5 million, or 28 cents per share, with total revenue increasing to $1.205 billion from $674.1 million a year prior, though earnings fell short of market expectations. MarketWatch
📊Charts for Data Nerds📊
Crypto
How likely are you to profit from memecoins? Chart below analyzing 4.2m pump.fun wallets shows 3% made >$1K, 0.3% made >$10K, 0.03% made >$100K
Emerging Markets
Mexico is now a top US real estate buyer. More proof that Mexico’s economy is booming!
🐦Stuff from Twitter…🐦
Stablecoin adoption has 100x’d in the last 5 years
People say crypto’s just about hunting speculative 100x’s — well how bout stablecoin adoption growing 100x in the last 5 years?
h/t @RWA_xyz@ournetwork__
— Chris Burniske (@cburniske)
12:00 AM • Oct 28, 2024
xAI Colossus supercluster with over 100,000+ Nvidia GPUs is almost here
Inside xAI's Colossus supercluster, the largest AI supercomputer in the world, with over 100,000 GPUs, exabytes of storage and liquid cooling
— Tsarathustra (@tsarnick)
9:08 PM • Oct 28, 2024
The autonomous crypto AI agent thesis
The more non-deterministic and autonomous crypto AI agents get, the more exciting the use cases become.
— Mason Nystrom (@masonnystrom)
4:22 PM • Oct 29, 2024
Stripe is going after B2B payments
If Stripe mainstreams stablecoins for online payments, the company's economics would be transformed. But the real prize for Stripe — uniquely enabled by Bridge — could be something orders of magnitude larger: winning the B2B payments market currently controlled by banks.… x.com/i/web/status/1…
— Pirate Wires (@PirateWires)
2:55 PM • Oct 26, 2024
Emory University buys $15M of Bitcoin
In an SEC filing today, Emory University reported owning $15,082,241 of Grayscale Bitcoin Mini Trust (2,678,906 shares) as of September 30.
As far as I know, this is the first U.S. university to report owning BTC.
Filing:
sec.gov/edgar/search/#…
— MacroScope (@MacroScope17)
8:55 PM • Oct 25, 2024
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The information provided in this newsletter is for informational purposes only and should not be construed as financial advice. We do not make any guarantees regarding the accuracy, completeness, or reliability of this information. Please consult with a qualified financial advisor or professional before making any financial decisions. We are not responsible for any actions taken based on the contents of this newsletter.