What is AstroPepeX (APX)?
AstroPepeX (APX) is a memecoin created by ChatGPT on the Ethereum blockchain using code and prompts from an anonymous developer. While the real identity is not known, the developer goes by CroissantEth on social media platform X.
The memecoin was launched in September 2023 and has quickly become popular. It managed to rake in $12.9 million in trading volume within the first 24 hours of its launch, underscoring how quickly the crypto community gained interest in it.
After conceiving the idea to create an AI-generated memecoin, developer CroissantEth used OpenAI’s application programming interface (API) to give AI capabilities to their token generation script.
What if ChatGPT could deploy its own token?
Surely this shouldn't be possible, right? pic.twitter.com/Wz5OvakwxC
— 👨🍳.eth (@CroissantEth) September 19, 2023
The script was connected to the Ethereum blockchain using hardhat, allowing the deployment of said token in an automated process.
The Token’s History
The developer prompted ChatGPT to create an ERC20 token using Open Zeppelin standards, an open-source framework used to build secure smart contracts.
Aside from the smart contract, the token’s name and various parameter values, such as the token’s description, are intentionally set up so that the code’s constructor relies on the values created by ChatGPT.
Once ChatGPT generated the details of the token, they were fed into DALL-E, OpenAI’s image generator, which generated an icon. In the end, the generator came up with a frog in an astronaut suit in what looks like space with stars and planets.
The name AstroPepeX was a result of several tests, with some previous iterations providing options such as “Inuverse” and “QuantumPepe.” This shows that the AI had derived the names from other commonly known memecoins like dogecoin and pepe.
The complex parameters of the token, including the tokenomics, governance, and tax rate, can either be directly configured or left up to ChatGPT’s own creativity, according to CroissantEth.
In the case of AstroPepeX, the supply was set to 65,000,000,000 APX. However, there was a rule in place that restricted any transactions exceeding 0.5% of the total supply.
Even with GPT doing most of the generation, the token could still be attributed to the person who prompted the tool to create one. To solve this and make the token a complete GPT creation, the tool has been set to revoke the person’s ownership once the contract is deployed.
Additionally, once the memecoin is created, the tool adds 100% of the tokens alongside 2 ETH to liquidity on Uniswap.
Developer Plans a Platform for Creating Memecoins
The tool that CroissantEth created and used to develop AstroPepeX has been made open source and is already being used to create other memecoins.
Several such memecoins have already been created using the tool, including UltraPepeMoon (UPM), which was created a few hours after the tool was made available.
UPM team tried script and it worked.
Let the GPT takeover truly begin. pic.twitter.com/Z36hWb71xb
— WUBBA LUBBA CRYPTO (@CryptoWubba) September 20, 2023
In its current code state, the tool is only usable by developers and those with an understanding of how to create a smart contract and launch a token on a blockchain.
However, the Ethereum developer is looking to create a user interface for the tool. This will enable non-technical enthusiasts to create and deploy tokens on Ethereum using ChatGPT.
Is AstroPepeX a Scam?
AstroPepeX is an achievement that goes to show what is possible when AI and Web3 are merged. Since its launch, the token has gained over 2,500 holders at the time of writing, with more than 27,000 transfers in the same period.
At the same time, the token is simply like every other memecoin, which lacks intrinsic value and utility. Instead, it banks on community participation, humor, virality, and social media trends to gain value and quick market gains.
Memecoins are known to rally and trend for a short period of time before they become irrelevant as the market moves on to the next new token. Very few have been able to weather the short-lived hype and maintain value years after launch.
Hence, AstroPepeX may not inherently be a scam; however, it is likely to follow the typical trajectory observed in other memecoins, potentially fading into obscurity and losing value over time.