This Crypto Protocol To Roll Out AI Trading Tools for DEXs

Sahana Kiran
crypto
Source – Unsplash

Artificial intelligence [AI] has evidently been taking over the world. While most of them were employing AI tools to predict the price movement of assets, Fetch.ai decided to take it up a notch. Decentralized exchanges (DEX) are getting a new set of improved trading goods from Fetch.ai.

The Cambridge, UK-based company has been sticking to developing AI tools for crypto. Now, the network seemed to be taking over the decentralized finance [DeFI] space as well. Fetch.ai hopes to make it easier for DeFi users to carry out peer-to-peer [P2P] transactions by utilizing “agents” powered by AI to conduct trades based on user-defined criteria. The slew of trading tools is expected to launch later this quarter. Humayun Sheikh the CEO of the firm said,

“Users submit their orders to an agent, which then puts it in escrow or an atomic transaction while it works out where it can do the order matching. The ability of the platform to find and create liquidity is where the platform comes into itself, whereby agents work together to create those decentralized order books.”

Fetch.ai to enter DeFi with a twist

Fetch.ai will be entering the space in a different way. It looks like the firm will be leaving behind liquidity pools, which are said to be easy to hack. The possibility that the smart contract at the core of a DEX is abused or that rug pull is being addressed by Fetch.ai. The firm is concentrating on individual agents instead of liquidity pools. To carry out user commands, the agents need to use their own smart contracts. The CEO of the firm further said,

“A hacker would have to hack every single agent. They couldn’t just hack the central smart contract because there isn’t one.”

This could be beneficial to both the overall market as well as Fetch.ai. This is because of the magnitude of hacks that have been rising over the last couple of months.