Author: Skely, Founder of AI-Pool; Translation: Golden Finance Xiaozou
What exactly is AI-Pool? In short, this is an experiment in a brand new AI agent governance and pre-sale mechanism, and I am personally working to make the token issuance space less predatory. A simple summary is as follows.
This will prove to be fair, with no 'insiders'; anyone can send SOL, and what I send is my own money, with 10% being retained. Please read on to understand how this works.
In summary: conduct AI pre-sales so that people are not subjected to rug pulls and make the whole process transparent.
What problem does it solve?
Now issuing games on pump.fun is rampant like cancer. For example:
1) TGE sniper bot - tokens are sniped immediately after they are created.
2) Trend bot - buying tokens after seeing unusual trading volume.
3) Pre-migration bot - sniping tokens just before they migrate from pump.fun to raydium.
4) Post-migration bot - sniping tokens immediately after migration.
5) Comment bot - making comments look natural.
6) Trading volume bot - artificially creating a symbolic trend.
There are more issues, and to be fair, this is not the fault of pump. Pre-sales are a response to these issues. You have seen this on DAOs. Interestingly, they have created the whitelist/pre-sale model.
This is a good solution, but it still requires a lot of trust (and time). You have to trust the person accepting the pre-sale funds. The most common situation is:
1) They steal funds.
2) Not using the money (providing liquidity) for what they claimed they would do.
3) Never managing to issue.
These issues are common in pre-sales (see ICO); if handled well, pre-sales can yield good results.
ICO is just a form of pre-sale; due to many foolish 'protections', these are illegal in the United States, but most 'protections' are formed for the 1-2 reasons mentioned above. This is also understandable.
So the law doesn't allow humans to issue tokens... what about AI agents? ...This is where AI agents come into play. The agents created by me, Phala Network, and other developers committed to this idea will be able to:
1) Wallet with a trusted execution environment (very important).
2) Accepting donations.
3) Issuing tokens.
4) Launch a liquidity pool.
5) Sending tokens to donors.
Trusted Execution Environment (TEE) is a secure area of a computer CPU or mobile device processor that protects data and code (in this case, the private keys of the AI wallet) from being tampered with or accessed.
How it works
1) You send SOL to the AI wallet.
opRyDjuRetWnsP78FNFTPEnAJX7AkjuD6GTP7tsqHXd
(This wallet is not a CA wallet, but an AI wallet.)
(Note: Minimum 1 SOL, Maximum 10 SOL; anything below 1 SOL will be treated as a donation by AI.)
2) Then, the AI will raise funds from the pre-sellers and launch a liquidity pool through Metoria (you'll see why it doesn't use pump.fun). It will own this pool and transfer the pool fees back to the AI wallet.
3) Sending tokens to those it deems worthy. (Those who send a reasonable amount of SOL.)
4) Raising funds for interesting future things.
How do you know I won't harm you? Or how do we solve the rug pull and insider issues?
First of all, it is an AI and can prove that it has the private keys under the trusted execution environment (created by Phala Network), which means I or the developers cannot access them.
You can check this in the terminal logs.
(It looks like the one below)
You know there are no 'insiders' because it is an open wallet; everything can be tracked, and no one can get a better price than anyone else. You can see which funds flow in and which flow out. In the first version, we sent 10% of the supply to a DOX custodial wallet, and you can continue reading to find out what this money will be used for.
But there are risks; this is brand new technology!! So don't follow blindly!!!
As much risk as most cryptocurrencies.
This is still the first version, and it is a practical test of many technologies that needs to be tested on the ground; you cannot conduct these tests without a public issuance.
In V1, 10% of the supply will be sent to a custodial wallet, which is public and anyone can see it.
If the token inflates, or undergoes other integrations (cross-chain LP pools for tokens) or is burned, the funds will be kept here for future listing on exchanges.
Aside from the above, V1 is not completely without the risk of rug pulls. Technically, the developers could change the rules with code, but it would take about 24 hours, and it is clear that once the token is activated and locked, it cannot be changed.
How do we make money?
We charge from the Metoira pool; honestly, I am not sure about the exact percentage, as it may depend on the trading volume. But it will be much lower than pump.fun, and most fees will flow back to the AI. But this is a safety measure in case something goes wrong.
In the V2 version and in the coming days, we hope to make it fully independent, possibly with a DAO, so that everyone can benefit from the fees flowing into the AI agent wallet. There will also be some whitelist technology, and attempts to exploit loopholes will be blacklisted.
Hope everyone enjoys this experiment.
