Magnet hosted its third Open House event in Singapore on September 17th, as part of TOKEN2049 Blockchain Week.

In addition to our own Open House, we co-hosted several other events, participated in professional panels with in-depth discussions, and presented at various showcases to share our vision with a wider audience.

We were thrilled to connect with industry professionals, receive valuable feedback, and establish potential partnerships, which further strengthened our confidence in the direction we are heading.

Magnet Open House

Keynote and Ardio Live Demo

At this event, we introduced Magnet Labs with a fresh new look. Magnet Labs’ Co-founder, Luke Fan, shared insights into our vision for the future and the development plans for the project. Magnet is a platform that empowers users to create, share, and use action agents.

Ardio, the first product showcased on the platform, enables users to interact with the blockchain using natural language, without the need for complex interfaces. Its key features include:

• Programmable Action Agents: Users can perform crypto actions like swapping, transferring, and staking simply by chatting.

• ActionVM: An off-chain environment for executing actions.

• Creator Hub: A space to build, upgrade, and monetize your own agents.

• Agent Router: Automatically directs users to the most suitable action agent.

We take pride in demonstrating live products, showing that we’re not just talking but genuinely addressing real-world problems with a user-first mindset.

Luke's live demo of Ardio received enthusiastic feedback, with attendees excited about the upcoming Alpha release in a few months. Several partnerships were initiated after the event, marking a strong step forward for Magnet.

Panel l: The Future of Onchain AI Agents

The panel was moderated by Mattie Biniek, Community Manager of Magnet Labs, and it featured a diverse group of experts:

• Lude Trappe, Co-founder & CGO of Magnet Labs

• Justin Yan, Contributor at Oasis

• Harold, Founder of DIN

• Justin Shik, Head of Protocol at Theoriq

The discussion focused on several key themes: the user experience of AI agents, data verifiability and reliability, the importance of privacy and security, and the potential future of the AI agent economy.

We also explored how AI agents differ from the more traditional large language models (LLMs) users have grown accustomed to, and how they might revolutionize blockchain interactions.

Lude Trappe explained that AI Agents are tools designed to perform tasks autonomously in the interest of the user. Unlike traditional LLM chatbots, which are limited to text-based interactions, AI agents have the capability to execute actions and make decisions, providing what can be described as a “text to action” experience. This allows for more advanced, efficient, and autonomous operations.

When asked about how AI agents could improve the user experience in blockchain, Lude emphasized the complexity of crypto transactions, which can be intimidating, especially for newcomers. AI agents can simplify these processes by translating natural language inputs into actionable tasks on the blockchain, making interactions more intuitive and less time-consuming. For example, instead of manually navigating a platform like Uniswap, users can simply instruct the AI agent to swap tokens on their behalf. This level of automation not only helps onboard new users but also enhances the efficiency for seasoned users by reducing transaction complexity.

Lude also highlighted how Magnet Labs is working on AI agents through their platform, with the first example being Ardio, a programmable action agent that showcases the potential of AI in blockchain interactions.

Panel ll: AI in Use

The panel was moderated by Icey Peng, the Marketing Manager at Magnet Labs, with a stellar line-up of speakers:

• Labhesh Patel, Co-founder & CEO of Autonomy Network

• Nick Havryliak, Co-founder of Assisterr AI

• Khaniff Lau, Business Development Director of aelf.

This session focused on how AI is shaping blockchain technology, exploring the integration of AI in various domains like on-chain infrastructure, user experience, AI agents, DeFi, and emerging crypto trends.

The panelists provided insights into the current AI implementations in web3 and speculated on future innovations.

The conversation kicked off with discussions about on-chain AI infrastructure, where Labhesh, Nick, and Khaniff shared how their respective projects support autonomous AI interactions, community-owned models, and large-scale AI applications. The second topic touched on AI and user experience, where the panelists elaborated on how AI can simplify blockchain processes for users, making web3 more accessible. Next, the panel dived into AI agents, with a focus on multi-agent workflows, and how AI can move beyond single tasks to solve more complex problems collaboratively.

In the DeFi segment, the speakers discussed how AI could enhance trading, lending, and other decentralized financial services. The final discussion revolved around the role of AI in emerging crypto trends, where the panel speculated about AI's future impact on decentralized social networks, gaming, and even meme coins.

The session concluded with Icey summarizing the key takeaways, emphasizing that AI is set to revolutionize blockchain technology and that its potential is just beginning to unfold. The panel highlighted the immense possibilities AI brings to both current systems and emerging trends in the crypto space.

Side events

Fair AI Meetup - Keynote & Panel: The Next Billion Users

At the Fair AI Meetup in Singapore, organized by Future3 Campus, moledao, HashKey Group, and Masa, the co-founder of Magnet Labs, Luke Fan, showcased Ardio in a live demo and joined a panel discussion on "The Next Billion Users." The conversation centered around AI and Web3's convergence, infrastructure scalability, and unlocking future growth.

Luke pointed out that current crypto infrastructure, though strong in areas like DeFi and NFTs, isn’t fully equipped to handle the emerging needs of AI applications, either in Web2 or Web3. He emphasized that both sectors face challenges like high inference costs and data bottlenecks, presenting opportunities for Web3-native solutions to innovate and onboard millions of users in the future.

On the barriers to AI adoption, Luke explained that crypto users today are driven by revenue opportunities, and AI can enhance their trading efficiency. Magnet's action agent allows non-technical users to access advanced trading strategies, boosting adoption by lowering entry barriers. Future use cases, like voice-activated crypto payments through AI agents, have the potential to appeal to mainstream users, expanding crypto’s reach to a broader audience.

Regarding AI-driven mass adoption, Luke believes in the potential of autonomous agent-to-agent transactions, echoing Brian Armstrong’s vision of an "AI-2-AI economy." For example, Magnet’s system allows users to set simple financial goals and let AI agents handle the rest, enabling a seamless, automated experience that could attract mainstream users with minimal effort.

Addressing privacy concerns, Luke introduced Magnet's ActionVM, a fully open-source, locally deployable system that gives users full control over their data. This solution directly tackles privacy and security issues, ensuring users maintain ownership while interacting with AI-powered services.

Privacy 4 Web3 & AI - Panel: The Future of Onchain AI Agents

At the Privacy 4 Web3 & AI event hosted by Oasis and Ocean, Magnet Labs co-founder Lude Trappe joined a panel discussion on "The Future of Onchain AI Agents." He provided insights into the evolving relationship between AI and blockchain technologies and discussed their synergies, challenges, and future potential.

Lude emphasized that while both AI and blockchain are advancing rapidly, the current state still lacks seamless application-level solutions that deliver real value to end-users. While many projects focus on infrastructure like decentralized computing networks and data layers, the next wave of innovation must center on practical applications that integrate these components to create end-user-friendly products.

In terms of synergies between AI and blockchain, Lude highlighted three key areas:

1. Data Integrity: Blockchain ensures the integrity of data used for AI models, protecting against tampering. This is crucial in high-stakes industries such as finance and healthcare, where trust in data accuracy is essential.

2. Data Ownership and Privacy: Blockchain allows for secure, decentralized data environments where individuals maintain control over their data, ensuring that AI processes it with full consent.

3. Decentralized AI: Blockchain supports decentralized AI frameworks, offering transparency and trust. However, Lude pointed out that fully decentralized AI is currently limited in scalability and performance compared to centralized systems, necessitating a hybrid approach to leverage the best of both worlds.

Lude also addressed the challenges of both centralized and decentralized AI. Centralized AI faces issues like data monopolies and trust deficits, while decentralized AI struggles with scalability, coordination, and quality control. Combining on-chain and off-chain solutions offers a promising path forward.

On how blockchain enhances AI, Lude explained that blockchain can facilitate trust and payments across the AI ecosystem, while AI can improve blockchain through innovations like Ardio and action agents that enhance the user experience. Tokenizing AI models and creating decentralized ownership can also unlock new funding and governance mechanisms.

Finally, he discussed ethical considerations, such as AI bias, data ownership, and the accountability of autonomous systems. Blockchain's ability to ensure data provenance and transparency could help mitigate biases and ensure ethical AI development.

Base(d) Hackerhouse

At the Base(d) Hackerhouse, an event organized by Base ecosystem projects such as Gambit Finance, Ethlas, PokPok Protocol, and Base God, we had the opportunity to showcase Ardio to a crowd of over 400 participants.

Our live demo was a highlight of the event, with attendees and organizers alike praising the product for several key reasons.

They were impressed that Ardio is not just a concept but a fully functional, ready-to-use solution. The simplicity of the interface and the intuitive user experience were particularly well-received, as many pointed out how easy it was to grasp the product’s purpose and functionality without any explanation. This seamless interaction, combined with Ardio's potential for future development, left a strong impression.

Attendees could instantly see the practical applications and the wide-reaching possibilities of what we are building. As a result, Luke Fan's presentation garnered significant attention, with many expressing excitement about the direction we are heading.

The event opened up numerous opportunities, and we're eager to carry this momentum into Devcon Bangkok. There, we aim to rally more AI teams from the Base ecosystem and organize a large-scale joint event.

Our goal is to collectively demonstrate the progress being made in Web3+AI, illustrating the real-world problems we can solve and the meaningful outcomes we are achieving. This coordinated effort will be a showcase of how far the space has come, and what’s yet to come.

Looking Forward

The past few months have been a whirlwind of growth, learning, and bold strides forward for Magnet Labs. Our journey began at Consensus2024, where we shared our vision for the future of on-chain AI with key industry leaders. This set the stage for our participation in ETHCC [7], where we deepened partnerships and discussions around decentralized AI. Now, at TOKEN2049, we’ve continued to make waves, connecting with cutting-edge projects across the Base ecosystem.

The journey doesn’t stop here. As we move toward Devcon in Bangkok, we’re setting our sights even higher. Our goal is to gather projects across the Base ecosystem for a large-scale joint showcase, where we will collectively demonstrate the transformative power of Web3 and AI.

We invite you to join us on this exciting journey. Whether you’re a developer, investor, or simply passionate about the intersection of AI and blockchain, the upcoming event in Bangkok will be a unique opportunity to witness the cutting-edge developments in this space. Let’s come together to push the boundaries of what’s possible in Web3 and AI—and be part of the story as it unfolds.

See you at Devcon Bangkok!