The AI now also creates memecoins and already generated USD $13 million with its first token, AstroPepeX. One developer shared how he got ChatGPT to make ERC-20 tokens.
Artificial intelligence (AI) is also capable of creating its own memecoins.
An anonymous Ethereum developer has successfully tested ChatGPT’s ability to create meme tokens on the Ethereum blockchain. The developer, identified as @CroissantEth on Twitter, explained this week how he programmed the popular AI chatbot to create a catchily named project that managed to attract the attention of thousands of users.
In a tweet thread, Croissant unveiled a code that he claims instructs AI tools to implement new ERC-20 tokens. He said he combined OpenAI’s ChatGPT application programming interface (API) from ChatGPT with his own script to allow the system to generate digital currencies automatically.
What if ChatGPT could implement its own token? Obviously, ChatGPT cannot *directly* deploy a token on Ethereum. However, by using the OpenAl API, this can be circumvented….
“In essence, it asks ChatGPT to form an ERC20 token using Open Zeppelin standards,” the developer went on to explain, referring to the open source framework for creating smart contracts that contains contract libraries written in Solidity, Ethereum’s programming language.
Altogether, the script makes up 876 lines of code.
Using this, for the the first time ever, autonomous code & AI will very soon deploy their own ERC-20 token.
I’ve open sourced the code for the project here: https://t.co/Cz2SMji5UE
— 👨🍳.eth (@CroissantEth) September 19, 2023
ChatGPT now also creates memecoins
Croissant tested its invention, resulting in the public launch of AstroPepeX (APX), available on the decentralized exchange (DEX) Uniswap. The new AI-created memecoin raised nearly USD $13 million in trading volume in a matter of a day, Decrypt reported. It has also gathered more than 2,400 holders, according to Etherscan data.
The name didn’t come from nowhere. To create its coin, ChatGPT relied on actual data from the top 10,000 tokens traded on Uniswap, and cross-referenced it with market cap data from CoinMarketCap and CoinGecko. The AI model work resulted in an appealing name, which undoubtedly references to Pepe, other popular memecoin.
The developer shared with Decrypt some amusing anecdotes about ChatGPT’s name formulation process. “It was great to see where GPT actually brought real creativity to the data,” Croissant said, “I started to feel like [the AI] was developing a mind of its own.”
He further explained that other specific details of the AI-generated tokens, such as the amount of supply, can be configured directly or left to ChatGPT’s own creativity. More complex parameters, he stated, are “definitely possible.”
The visual aspect of the project was also generated with artificial intelligence through DALL-E, another tool provided by OpenAI for image creation, he detailed. With this he was able to generate an appropriate icon design for the currency. Then came the more technical part of the experiment.
Once the contract is implemented, ownership is immediately revoked and 100% of the tokens are added along with 2 ETH to the liquidity in Uniswap at the time of creation.
Not the first and will not be the last
In May, Australia-based digital artist Rhett Mankind conducted a similar experiment in which he also leveraged ChatGPT to create a memecoin. Turbo (TURBO), the cryptocurrency project in question, also proved successful, achieving at its peak a market capitalization of over USD $80 million.
However, unlike AstroPepeX, Mankind’s memecoin relied heavily on human ingenuity. For example, it was not christened by AI and other elements were not automated either.
Croissant told Decrypt that his project was largely inspired by TURBO, but modified to involve even less human intervention.
“Turbo did everything manually without inputting any data and without training [the machine] to be more knowledgeable about cryptocurrencies,” he explained. In contrast, with AstroPepeX, “GPT actually wrote the contract code for us, based on the erc20 contract standards we provided in the script,” he said.
AstroPepeX has already been listed on several centralized exchanges such as Bitget, MEXC and LBank. Meanwhile, in the near future, the market could be flooded with more AI-generated memecoins.
Croissant said it plans to release a user interface for its code, allowing non-technical experts to launch tokens on Ethereum using ChatGPT. Although the tool has already been used by several supporters, who claim to have been able to create other tokens by leveraging the rapidly evolving technology.
“I’ve seen at least 20 projects derived from scanning local Blockchain contract implementations, and several people contacted me to tell me they used the script successfully,” he said. “Once a user interface is created, I expect this number to grow tremendously.”
Conclusion
The emergence of AI-generated memecoins, exemplified by the creation of AstroPepeX (APX), illustrates the remarkable capabilities of artificial intelligence, particularly ChatGPT. An anonymous Ethereum developer successfully harnessed ChatGPT’s abilities to create a memecoin that quickly gained traction in the cryptocurrency market. The novelty of AI-generated tokens not only showcases the technical prowess of AI but also raises intriguing questions about the future of blockchain technology and decentralized finance (DeFi).
The experiment revealed that ChatGPT, when combined with smart contract standards like ERC-20 and AI tools like DALL-E for visuals, can autonomously generate digital currencies. The result, APX, attracted substantial trading volume and garnered a significant number of holders in just a day. This innovative approach to cryptocurrency creation signals the potential for greater automation and creativity in the crypto space, with AI-driven tokens becoming a distinct possibility.
Furthermore, the developer’s plan to release a user interface for ChatGPT-based token creation suggests that this technology could empower non-technical individuals to participate in token creation and the broader blockchain ecosystem. However, it’s important to note the regulatory and investment risks associated with cryptocurrencies, and individuals should exercise caution and conduct due diligence before participating in such ventures.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse, or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Please check the laws of your country before investing.
FAQs
1. What is AstroPepeX (APX), and how was it created?
AstroPepeX (APX) is a memecoin created using artificial intelligence, specifically ChatGPT. An anonymous Ethereum developer programmed ChatGPT to generate digital currencies autonomously, resulting in the creation of APX.
2. How successful was AstroPepeX in the cryptocurrency market?
AstroPepeX (APX) achieved significant success, raising nearly USD $13 million in trading volume within a day of its public launch on the decentralized exchange (DEX) Uniswap. It also amassed over 2,400 holders in a short period.
3. What data did ChatGPT use to create AstroPepeX?
ChatGPT relied on data from the top 10,000 tokens traded on Uniswap and cross-referenced it with market cap data from CoinMarketCap and CoinGecko to generate an appealing name for AstroPepeX.
4. How were the technical aspects of AstroPepeX, such as the contract and liquidity, handled?
Once the contract was implemented, ownership was immediately revoked, and 100% of the tokens were added, along with 2 ETH, to the liquidity on Uniswap at the time of creation.
5. Are there other examples of AI-generated memecoins similar to AstroPepeX?
Yes, a digital artist created a memecoin called Turbo (TURBO) using ChatGPT, which also achieved considerable success in the cryptocurrency market, reaching a market capitalization of over USD $80 million at its peak.
6. What is the developer’s plan for ChatGPT-based token creation in the future?
The developer plans to release a user interface that would enable non-technical individuals to create tokens on Ethereum using ChatGPT. This move could potentially lead to a proliferation of AI-generated memecoins.
7. What should individuals consider before investing in cryptocurrencies like AstroPepeX or similar AI-generated tokens?
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