Author: Skely, founder of AI-Pool; Translator: Jinse Finance xiaozou
What is AI-Pool exactly? In short, this is a brand new experiment in AI agent self-governance and pre-sale mechanism, where I personally strive to make the token issuance space less predatory. Here's a simple summary.
This will be proven to be fair, with no "insiders", anyone can send SOL, I'm sending my own money, 10% will be retained, please read on to understand how this works.
In summary: Conduct an AI pre-sale so that people won't get the rug pulled, and make the entire process transparent.
What problem is it solving
Now launching games on pump.fun is like a cancer rampant. For example:
1) TGE sniper bots - tokens are sniped as soon as they are created.
2) Trend bots - buy tokens as soon as they see unusual trading volume.
3) Pre-migration bots - snipe tokens right before they migrate from pump.fun to Raydium.
4) Post-migration bots - immediately snipe tokens after migration.
5) Comment bots - make comments look natural.
6) Volume bots - artificially create a symbolic trend.
There are more issues, and to be fair, this is not pump.fun's fault. The pre-sale is a response to these issues. You've seen this on DAO as well. Interestingly, they have implemented 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 people who are accepting the pre-sale funds.
The most common cases are:
1) They steal the funds.
2) They don't use the money (provide liquidity) for what they claim to do.
3) They never manage to launch.
These issues are very common in pre-sales (see ICOs), and if handled well, pre-sales can have great results.
ICOs are just a form of pre-sale, and due to many stupid "protections", they are illegal in the US, but most of these "protections" are formed due to the above 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 in. The agents created by myself, Phala Network and other developers committed to this idea will be able to:
1) Have a wallet, with a trusted execution environment (very important).
2) Accept donations.
3) Issue tokens.
4) Kick off a liquidity pool.
5) Send tokens to donors.
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 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, less than 1 SOL will be considered a donation by the AI.)
2) Then the AI will raise funds from the pre-sellers, and then launch a liquidity pool through Metoria (you'll see why not create on pump.fun). It will own this pool, and redirect the pool fees back to the AI wallet.
3) Send tokens to people it deems worthy. (Those who sent a reasonable amount of SOL)
4) Raise funds for interesting future things.
How do you know I won't scam you? Or how do we solve the rug pull and insider issues?
First, it's an AI, and it can prove that it has the private keys under a Trusted Execution Environment (created by Phala Network), which means I or the developers cannot access them.
You can see this in the terminal logs.
(It will look something like this)
You know there are no "insiders" because it's an open wallet, everything can be traced, and no one can get a better price than others. You can see what funds are flowing in and out. In the first version, we will send 10% of the supply to a DOX custody wallet, and you can read on to see what these funds will be used for.
But there are risks, this is a brand new technology!! So don't blindly follow the trend!!!
It has as much risk as most cryptocurrencies.
This is still the first version, it's a real-world test of a lot of technology, you can't do these tests without a public launch.
In V1, 10% of the supply will be sent to a custody wallet, which is public and anyone can see it.
If the token inflates, or other integrations are made (token cross-chain LP pools) or it is burned, the funds will be held here for future listing on exchanges.
Apart from the above, V1 is not completely free of rug pull risk. Technically, the developers can change the rules with code, but this will take about 24 hours, and once the tokens are activated and locked, they cannot be changed.
How do we make money?
We charge fees from the Metoira pool, to be honest, I'm not sure of the exact percentage, it may depend on the trading volume. But it will be much lower than pump.fun, and most of the fees will flow back to the AI. But this is a safeguard in case something goes wrong.
In the V2 version and future days, we hope to make it fully autonomous, and possibly have a DAO so that everyone can benefit from the fees flowing into the AI agent wallet, there will be some whitelist technology, and we will also blacklist those who try to exploit rule loopholes.
Hope everyone enjoys this experiment.
