MagnetAI has redefined its mission, evolving from a ModelFi platform to a Programmable Action Agent Platform, to better serve the needs of the rapidly changing AI and crypto landscape. Here’s why we made this bold move and what it means for our users and the future of AI-driven blockchain.
The concept of MagnetAI was first introduced by our co-founder, Luke Fan, in August 2023. Over time, the idea evolved into a real project. After our CGO, Lude Trappe, and CTO, Yang Zhao, joined in April 2024, we swiftly secured a $2 million angel round[1] and, by August, launched the Public Testnet Phase I (T1).
As we developed the original idea, we also undertook a deep dive into the current Crypto x AI landscape[2]. Through an in-depth analysis of 67 crypto AI projects, we identified core patterns and values. Our research revealed a wide ecosystem of crypto projects aiming to leverage blockchain based principles and technologies in order to enhance and decentralize the current AI landscape. What we also identified was a lack of real use case scenarios where AI is utilized to actually enhance blockchain and its associated user experience. After further research we began to realize the huge potential of applying AI to diverse crypto scenario and what kind of transformative effect this might have on how we fundamentally interact with the blockchain in the future.
These findings not only expose gaps in the current AI x Crypto niche but also align with the AI Intent thesis[3] and the broader AI-to-crypto narrative[4].
By combining the AI Intent concept with the earlier ModelFi idea, we quickly developed the new Magnet ethos: The Programmable Action Agent Platform.
ModelFi is currently centered on tokenizing models, bots, or agents. Its core value lies in turning AI products into tokens and building an open, permissionless AI world based on a token economy. This could involve tokenizing ownership, revenue sharing, governance votes, and more, with the ultimate goal of making OpenAI truly open and decentralized. We also refer to this as the “Open AI Economy.“[5]
Over the past 6 months, our team has turned the concept of “ModelFi" into a tangible product and successfully launched Public Testnet T1. Although a token based AI economy can vastly help AI creators to overcome initial funding issues and to empower a truly decentralized AI economy we realized that this approach alone wouldn’t be enough to fully address real user needs and challenges within the Crypto x AI space.
We believe that crypto is a natural attribute of the Magnet platform, so creating AI products that address the needs of crypto users became a clear direction. Concepts like AI Intent, AI-to-Crypto, and AI-to-AI Economy [6] perfectly aligned with our vision. As we gained a deeper understanding of our product, we decided to call these AI solutions that address crypto users’ needs “Action Agents.”
Our Programmable Action Agent provides programmable, upgradeable, and composable AI user interfaces for a variety of crypto scenarios. Users can chat to swap tokens, transfer tokens, and interact with smart contracts or even centralized services like CEXs. Creators can stack Action Agents, combining different actions and managing versions like Lego blocks.
Programmable Action Agents also provide an open marketplace for creators and users, offering a variety of Action Agents designed for diverse crypto scenarios, from cross-chain transfers to quant-trading strategies. All interactions with crypto services can be done using natural language.
Action Agent offers programmable, upgradeable, and composable AI user interfaces tailored for various crypto scenarios.
Magnet ActionVM provides an off-chain action execution environment, seamlessly bridging various LLMs with both on-chain smart contracts and off-chain crypto services.
With our Creator Hub, users collaborate using low-code or no-code tools to collectively enhance and refine agents or actions. They then share ownership rights, including revenue, based on their contributions.
Magnet Agent Router is a smart router that connects multiple Action Agents, helping users choose the best-matched agent while offering a unified, simple AI interface.
Magnet Labs is developing multiple products, currently including Magnet and Ardio.
Ardio, the first Action Agent built on Magnet, facilitates transfers, swaps, bridging, staking, and lending. Ardio has also open-sourced its actions, providing templates for the Magnet ecosystem.
Magnet, in turn, is building a programmable platform around Action Agents, providing these features and more.
The Programmable Action Agent Platform.
Chat to the Blockchain, the First Action Agent Powered by Magnet.
We founded Magnet Labs in April 2024 and launched our T1[7] within 12 weeks. By September 10, 2024, we introduced 93 new agents and facilitated nearly 3,000 chats. Users love our agent marketplace! 😃
As we embark on this new journey as a Programmable Action Agent Platform, we’re not just changing our name—we’re redefining the way AI interacts with blockchain. None of this would be possible without you, the Magnet Fam. Your unwavering support, feedback, and passion have driven us forward every step of the way. Together, we’re shaping the future, and the best is yet to come.
Stay tuned for more exciting updates in the next few months, and don’t forget to join the conversation on our Discord and Twitter communities.
MagnetAI Unveils Revolutionary AI-Driven ModelFi Platform to Transform the AI Economy by Bitcoin.com News: https://news.bitcoin.com/magnetai-unveils-revolutionary-ai-driven-modelfi-platform-to-transform-the-ai-economy/
State of Crypto+AI 2024 by Magnet Labs: https://mirror.xyz/magnetai.eth/Mux-wpAlWCzUL8h65NIOutXbn9G55YQgwwmesTlW96k
Intent-Based Architectures and Their Risks by Paradigm: https://www.paradigm.xyz/2023/06/intents
On the Intersection of AI and Crypto by Li Jin: https://variant.fund/articles/intersection-ai-crypto/
Introducing ModelFi: Rethinking AI Economy: https://mirror.xyz/magnetai.eth/EmrtTXyRlgiSCCOY-4RZ6bPtMpJ9n96jjb8M9Cg5DYk
AIs are now paying other AIs with crypto: https://x.com/brian_armstrong/status/1829623778726592804
Magnet T1: https://apps-test.magnetai.xyz/
Magnet is building a Programmable Action Agent platform that allows users to create, share, and use Action Agents. On top of Magnet, we’ve developed Ardio, the first Action Agent that enables users to interact with the blockchain through simple chat.
Here are 4 key highlights of our platform:
Action Agent offers programmable, upgradeable, and composable AI user interfaces tailored for various crypto scenarios.
Magnet ActionVM provides an off-chain action execution environment, seamlessly bridging various LLMs with both on-chain smart contracts and off-chain crypto services.
Magnet Creator Hub provides a collaborative space where users can build and refine agents or actions with no-code/low-code tools, sharing revenue based on their contributions.
Magnet Agent Router intelligently connects multiple Action Agents, helping users find the best-matched agent while offering a unified, simple AI interface.
Discover more about how Magnet empowers crypto with AI on our homepage: https://magnetlabs.xyz.
Stay engaged with Magnet: Follow us on X, and join our Discord and Telegram for the latest news and developments.