2024 marked the inaugural year of Magnet Labs, where we embarked on an ambitious journey at the intersection of Web3 and AI.

Guided by our mission to empower everyone to leverage blockchain with the help of AI, we made bold moves to develop three innovative products, fostered partnerships with like-minded pioneers, and organized impactful events to connect with our community and gather real-world feedback.

Products

Magnet Labs launched three flagship products in August, October, and December: Magnet, Ardio, and Meme Blind Box. Our approach prioritized pragmatic innovation, emphasizing market validation through rapid development, deployment, user feedback, and iteration.

Magnet

In August, we introduced Magnet T1 Testnet, inviting whitelisted users to:

• Create AI Agents

• Tokenize Agents

• Mint tokens

• Participate in Chat2Earn

Magnet uniquely combined AI agents with blockchain monetization. Within just four weeks, we received enthusiastic feedback from the Mag Fam community and gained an official endorsement from Base.

Users’ creative agents included AVG games, KOL Agents, crypto trading knowledge agents, and comparative Bible-Quran tools, demonstrating the vast potential of Blockchain x AI.

Our development process involved close collaboration with the community, using iterative feedback cycles to refine user experiences and expand Magnet’s functionality. The Mag Fam played a crucial role in shaping the product, showcasing how community-driven innovation can yield practical solutions.

Ardio

Building on our Chat-to-AI functionality, we launched Ardio in October, introducing the concept of Action Agents. Ardio allows users to perform blockchain operations through natural language commands, reducing cognitive load and operational errors. Key features included:

• Seamless integration with Base’s MPC wallet for fee-free USDC transfers.

• Scenarios like ENS transfers and batch salary payments.

Despite no marketing efforts, Ardio’s user base quickly surpassed 1,000, with consistent usage.

Base’s strong endorsement reaffirmed its alignment with user needs. Ardio’s success highlighted the importance of simplifying blockchain interactions, making them more accessible to both new and experienced users.

Meme Blind Box

In December, embracing the festive season, we launched Meme Blind Box (MBB), a creatorless memecoin launchpad agent powered by AI and owned by the community. MBB periodically posts pre-launch tweets inviting community collaboration to create and launch unique memecoins that are entirely AI-generated.

This initiative lowered entry barriers, making memecoin participation accessible to anyone with internet access!

Highlights included:

BKIT

The Purr-fect Memecoin Born in Bangkok!

BKIT was born as a live demo of Meme Blind Box during Devcon Bangkok. Magnet Labs’ co-founder, Luke Fan, asked MBB for a Bangkok-style cat meme, and thus $BKIT was created!

Jesse Pollak, the founder of Base, became the first-ever member of the "Bangkit Litter," the largest holder of BKIT:

Currently, $BKIT boasts 2.9k holders, a peak market cap of $8 million, and is listed on BitMart Exchange.

SNUG

SNUG is another memecoin co-created by the Magnet Labs community. After collecting 96 unique suggestions, MBB brought $SNUG to life.

$SNUG successfully raised 28 ETH to bootstrap its liquidity pool, serving as a strong testament to the trust and collaboration within the community.

MBB has also demonstrated how gamification and community involvement can foster engagement and participation in Web3 ecosystems!

Events

Magnet Labs hosted four major global events in 2024, solidifying its position as a key player in the Web3 and AI landscape.

Base(d) AI House

On November 11th, during Devcon Blockchain Week in Bangkok, Magnet Labs hosted its fourth major event, Base(d) AI House. This event was made possible with the support of Base, Masa, Virtuals Protocol, Pond, and contributions from Coinbase CDP, Payman, and Failsafe.

The event showcased projects built on Base and brought builders together to discuss topics such as:

• Agents Unleashed: A New AI Economy on Base

• Infrastructure for AI Agents: Exploring Support Across Different Layers

Jesse Pollak, founder of Base, joined the event and had insightful discussions with Magnet Labs’ founder, Luke Fan. Their talks covered the convergence of AI and on-chain technologies, the evolution of the global economy, lowering blockchain’s entry barriers, and the role of AI agents as catalysts for the future.

Magnet Open House Singapore

On September 17th, during TOKEN2049 Blockchain Week, Magnet Labs hosted its third Open House in Singapore.

At this event, Magnet Labs unveiled the details of Ardio with live demonstrations and engaged in discussions on The Future of Onchain AI Agents, and AI in Use.

Additionally, Magnet co-hosted the Fair AI Meetup with Future3 Campus, Masa, HashKey Group, and Moledao and participated in Oasis’s Privacy 4 Web3 & AI panel for in-depth discussions.

At the largest Base ecosystem meetup during TOKEN2049, Base(d) Hackerhouse, Magnet Labs showcased Ardio to an enthusiastic audience, building connections and garnering attention from across the Base ecosystem.

MagnetAI Open House Brussels

On July 8th, Magnet Labs hosted its second Open House in Brussels, Belgium, alongside EthCC 2024.

This event marked the debut of our main product, Magnet, sparking lively discussions among attendees about monetizing AI agents, The NextGen AI Blockchain, and the Open AI Economy.

Magnet also participated in panels hosted by Mind Network and Babylon, collaborating with Aethir, 0G, and Phala on How FHE Boosts AI.

MagnetAI Open House Austin

Magnet Labs launched its first-ever Open House in Austin, Texas, on May 28th, during Consensus 2024.

As an early advocate of AI models and agents in the blockchain space, Magnet Labs drew significant attention. Discussions covered Decentralized AI Infra 101 and On-Chain AI: The Real Open AI.

This event showcased the exciting prospects of Web3 and AI integration, sparking curiosity and enthusiasm for the future of decentralized AI.

Community Initiatives

Community is at the heart of Magnet Labs. We are constantly exploring ways to engage our community in shaping Magnet Labs' growth. To achieve this, we've launched several initiatives aimed at amplifying community voices and incorporating your feedback into our development process.

Magnet Points

Magnet Points is a unified scoring system across Magnet Labs’ ecosystem, designed to evaluate and reward user contributions. These points will influence future rewards and can be earned through various activities.

To date, Magnet T1 has distributed 26,391 points, while Ardio Alpha has awarded 35,546 points.

View the leaderboard and individual scores here: https://points.magnetlabs.xyz/

Ardio Alpha remains active—feel free to join and participate! https://alpha.ardio.ai/

Ambassador Program

The Ambassador Program recognizes and rewards Magnet Labs’ most dedicated community members. Ambassadors promote the community, support newcomers, and contribute to Magnet Labs’ growth.

Current Ambassadors include Juni0R, KeshavWeb3, and personeltraderr-XYRO. We deeply appreciate your contributions to the community and look forward to seeing more members join as our project grows and the community expands.

Social Platform Growth

Since its launch in April 2024, Magnet Labs’ community has seen organic growth across platforms like X, Discord, and Telegram:

• Magnet Labs X is nearing 10k followers.

• MBB X attracted 2k users within one week.

• Discord user growth has surged 10.3x.

• Telegram activity averages nearly 1,000 messages daily.

Magnet Labs’ user base spans the globe, as highlighted in Mirror reports, with active members from diverse regions.

News

In addition to the above products and events, 2024 has brought many exciting milestones worth celebrating!

Fundraising

Magnet Labs has secured $2 million in angel investment, widely reported by media outlets!

Report

The "State of Crypto+AI 2024" report published by Magnet Labs has been quoted by mainstream media:

Magnet Labs' also been included in several reports:

Coinbase & Base

Magnet Labs continues to receive support from Coinbase and Base in sponsorship and community initiatives.

We are honored to have been awarded a CDP Builder Grant from the Coinbase Developer Platform, standing out among many outstanding peers to earn a spot in the top five. This is undoubtedly a huge encouragement to all developers, proving that hard work and dedication can be recognized!

More collaborations are expected in 2025!

More Partners

A heartfelt thank you to our partners for their trust and support. We look forward to even more collaborations in the future as we continue to build and grow together!

Looking Forward

Magnet Sets the Stage for Success in 2025

As we look back on an extraordinary 2024, Magnet has laid a strong foundation for what promises to be a groundbreaking 2025. This year has been all about pushing boundaries, refining our vision, and setting ambitious goals for the future.

Innovating AI in Crypto

Magnet remains at the forefront of AI innovation in crypto, driving new possibilities at the intersection of these two transformative technologies. Our work with Magnet Protocol and its flagship AI Agents, such as Ardio and Meme Blind Box, has demonstrated the immense potential of AI-powered solutions tailored to crypto users. These products will continue to evolve and expand in 2025, delivering even more value to users and developers alike.

Deepening Commitment to the Base Ecosystem

In 2025, Magnet will focus on strengthening its integration with the Base ecosystem, aiming to position itself as the premier entry point for AI Agents and crypto innovation on Base and the broader Ethereum network. This strategic alignment reflects our belief in the immense growth potential of Base and our dedication to contributing to its success.

Expanding Collaboration with Coinbase CDP

Our partnership with Coinbase CDP has been a cornerstone of Magnet’s journey, and we’re excited to build on this collaboration in the coming year. By leveraging our AI capabilities, Magnet will continue to push the boundaries of crypto innovation, opening new doors for growth and adoption.

Looking Ahead

As we head into 2025, Magnet is more determined than ever to redefine what’s possible in the world of AI and crypto. With a clear vision and the momentum of 2024 behind us, we’re set to make an even greater impact in the year to come!

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Resources

To learn more about us, you can check our Website, follow us on X, join our Discord, Telegram, and read more on Blog.

Try our first Action Agent Ardio Alpha.

🧲 About Magnet Labs

We’re building the infrastructure for an AI-powered blockchain experience. Key Innovations:

1. Programmable Action Agent: Provides programmable, upgradeable, and composable AI user interfaces for a variety of crypto scenarios.

2. ActionVM: Provides an off-chain execution environment, supporting dynamic loading of action sets and compatibility with various LLMs.

3. Creator Hub: Offers a collaborative playground where users can build and refine agents or actions using no-code/low-code tools. In return they can share revenue based on their contributions.