Near Protocol is shaking up the blockchain world. Over the weekend, at the Redacted conference in Bangkok, they launched something groundbreaking: the NEAR.AI Assistant. This isn’t just any assistant. It can launch memecoins in seconds. It can search the web to buy products using fiat currency. Soon, it could even help you book flights or order takeout from your favorite restaurant.
A Glimpse into the Future of AI and Blockchain
Illia Polusukhin, co-founder of Near Protocol, took the stage on October 10th to introduce the NEAR.AI Assistant. But that wasn’t all. He also announced an ambitious plan to build the world’s largest open-source AI model.
Polusukhin isn’t new to AI. He was one of the authors of the groundbreaking Transformer research that led to ChatGPT. Now, he’s bringing his expertise to the blockchain space.
Launching Memecoins in Seconds
During his presentation, Polusukhin showed off what the NEAR.AI Assistant can do. He used it to create a backstory, website, and logo for a new Frog memecoin. Then, he launched it instantly on Near’s version of Pump.fun. All in a matter of seconds.
Imagine the possibilities. Anyone could create and launch their own tokens quickly and easily. It’s a game-changer for developers and enthusiasts alike.
Shopping Made Simple
But that’s not all the assistant can do. Polusukhin demonstrated how it can search the web for custom T-shirt printers. It even created a mock website interface on the fly. This made buying Near merchandise T-shirts via a third party easier than ever.
While booking flights isn’t available in the alpha version, Polusukhin hinted at what’s coming. “We have a prototype of that, but it’s not live yet,” he said. “Anybody can go right now and add more agents, for example, booking flights, and it will effectively start working in everybody’s assistant.”
It’s an open platform. That means developers can build and integrate new features, expanding what the assistant can do.
Introducing Near Intents
One of the key technologies behind the NEAR.AI Assistant is called Near Intents. It’s a chain abstraction technology. In simple terms, it lets users swap any asset to any other by just signing a transaction.
Right now, Near Intents allows native asset swaps between Bitcoin, Ethereum, Arbitrum, Base, and Near Protocol. But the possibilities don’t stop there.
Alex Shevchenko, the founder of Aurora Labs, shared more about their plans. By the end of the year, they aim to add Solana and the Telegram Open Network. After that, Dogecoin, BNB, Bitcoin Cash, XRP, and Tron are on the list.
“This brings blockchains without smart contracts into the world of DeFi,” Shevchenko explained.
How Near Intents Work
Unlike other cross-chain protocols, Near Intents doesn’t rely on atomic swaps or intermediary assets like THORChain’s RUNE. Instead, it uses smart contracts on Near that communicate via chain signatures.
Shevchenko showcased this live. He connected a MetaMask wallet, swapped between Tether (USDT) and USD Coin (USDC), and then swapped into Bitcoin. The transaction settled on Near but was instantly withdrawable to a Bitcoin wallet.
It’s fast and efficient. And it opens up new avenues for cross-chain interactions.
AI Agents Collaborating
But there’s more to the story. Near Intents is designed to enable AI agents to communicate and coordinate to share tasks.
“An AI agent can understand that: ‘OK, I don’t know how to open for you a Revolut account, but maybe there is an agent who is able to do this,’” Shevchenko said. “So one AI agent is saying to another, ‘I would like you, for this price, to open up a bank account for my user.’”
These AI agents can make agreements, handle dispute resolutions, and transact in various currencies. It’s a network of intelligent agents working together to accomplish complex tasks.
Market Makers and Liquidity
On the backend, market makers ensure that trades go through. They tap into liquidity on centralized platforms like Binance. Current market makers include Peanut Trade, with G20 joining soon.
The best part? The technology is open source. Anyone can build upon it, incorporate it into their wallets, and use any market maker they choose.
“This is a reference implementation of the interface,” Shevchenko noted. “All of the builders who are building their own interfaces can take it and include it.”
New Horizons for Bitcoin in DeFi
Later at the conference, Kendall Cole from Proximity Labs highlighted new use cases for Bitcoin in DeFi thanks to chain abstraction. He connected a Bitcoin wallet to a fork of the Burrow lending platform. This allowed him to borrow against his Bitcoin collateral.
In the future, users might be able to borrow against their entire portfolio of assets. It’s an exciting development that could reshape how we interact with cryptocurrencies.
Conclusion
Near Protocol’s NEAR.AI Assistant and Near Intents are paving the way for a new era in blockchain and AI. By making cross-chain interactions seamless and enabling AI agents to collaborate, they’re unlocking new possibilities in DeFi and beyond.
Whether it’s launching a memecoin in seconds, shopping online with ease, or expanding the capabilities of Bitcoin in DeFi, Near is at the forefront of innovation. And with their plan to build the world’s largest open-source AI model, the future looks bright.
