Author: Skely, founder of AI-Pool; Translator: Jinse Finance xiaozou
What exactly is AI-Pool? In short, it is an entirely new experimental mechanism of AI agent autonomy and pre-sale, which I am personally working on to make the token issuance space less predatory. Here's a simple summary.
This will be proven to be fair; there are no 'insiders', anyone can send SOL, and what I send is my own money, with 10% reserved; please continue reading to understand how this works.
In summary: Conduct AI pre-sales so that people won't be rug pulled and keep the entire process transparent.
What problem does it solve?
Issuing games on pump.fun now is rampant like cancer. For example:
1) TGE sniper bots - tokens are sniped right after creation.
2) Trend bots - buy tokens after seeing unusual trading volume.
3) Pre-migration bots - snipe tokens when they are about to migrate from pump.fun to raydium.
4) Post-migration bots - snipe tokens immediately after migration.
5) Comment bots - make comments look natural.
6) Trading volume bots - artificially create a symbolic trend.
There are more questions, and to be fair, it’s not the pump's fault. The pre-sale is a response to these issues. You’ve seen this in the DAO. Interestingly, they have created a 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) Didn't put the money (providing liquidity) into what is claimed to be done.
3) Has never been able to issue.
These issues are common in pre-sales (see ICO), and if handled well, pre-sales can have great outcomes.
ICO is just one form of pre-sale; due to many foolish 'protections', these are illegal in the US, but most 'protections' are formed due to the aforementioned 1-2 reasons. 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 dedicated to this idea will be able to:
1) With wallets, having a trusted execution environment (very important).
2) Accept donations.
3) Issue tokens.
4) Launch a liquidity pool.
5) Send tokens to donors.
A trusted execution environment (TEE) is a secure area of a computer CPU or mobile device processor used to protect data and code (in this case, referring to the private keys of the AI wallet) from tampering or access.
How does it work?
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, less than 1 SOL will be considered a donation by AI.)
2) Then, the AI will raise funds from the pre-seller and start a funding pool through Metoria (you’ll see why it’s not created on pump.fun). It will own this pool and transfer the fees from the pool back to the AI wallet.
3) Send tokens to those it deems worthy. (Send an appropriate amount of SOL)
4) Raise funds for interesting things in the future.
How do you know I won't harm you? Or how do we solve the rug pull issue and insider issues?
First, it’s an AI, and it can prove it has the private keys in a trusted execution environment (created by Phala Network), which means I or the developers cannot access them.
You can check this in the terminal logs.
(Looks like this below)
You know there are no 'insiders' because it’s an open wallet, everything can be tracked, and no one can get a better price than anyone else. You can see which funds come in and which go out. In the first version, we sent 10% of the supply to a DOX custodial wallet; you can continue reading to learn what this money will be used for.
But there are risks; this is brand new technology!! So don’t blindly follow!!!
As much risk as most cryptocurrencies.
This is still the first version; it's a practical test of many technologies. To test many things in the field, 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 can be viewed by anyone.
If tokens inflate, or other integrations (cross-chain LP pools for tokens) or are burned, funds will be kept here for future listing on exchanges.
Aside from the above, V1 is not completely free from rug pull risks. Technically, developers could change the rules with code, but it takes about 24 hours, and it’s clear that once the tokens are activated and locked, they cannot be changed.
How do we make money?
We charge from the Metoira pool, and honestly, I’m not sure of the exact percentage; it may depend on the trading volume. But it's 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 version V2 and in the future, we hope to make it fully autonomous and possibly have a DAO, so everyone can benefit from the fees flowing into the AI agent wallet, there will be some whitelist technology, and those trying to exploit loopholes will be blacklisted.
Hope everyone enjoys this experiment.
