Intents offer an intuitive and ultimately more straightforward user experience in DeFi
When tools like Midjourney and ChatGPT first started going mainstream in 2022, one of the most striking elements was their sheer accessibility. Simply by typing in a few words as a prompt, any average Joe could start generating artwork or written prose, perhaps far beyond their natural capabilities. Ok, perhaps some of the output may be of questionable quality, but it’s all relatively harmless fun.
It’s certainly a jarring comparison with the world of crypto and Web3. For years, the requirement to navigate exchanges and wallets acted as a technological deterrent, while many of those adventurous few who ventured early into DeFi ended up becoming victims of unintended consequences with actual real funds on the line. When fallible humans are responsible for every action, the slightest bug in the underlying code or a mistyped character on an address string can result in stinging, often irreversible losses.
Moreover, when we consider the proliferation of Layers 2s, bridges, phenomena such as restaking, and the increasing complexity and sophistication of the DeFi markets, it’s clear that the issue is becoming worse and not better. If mass adoption and democratization are the goals, then we need an easier route in.
This is where intent-based systems come in. Whereas the average interaction with a blockchain requires the user to do most of the heavy lifting, intents offer a more intuitive and ultimately more straightforward user experience. Today, a non-custodial token trade might require knowledge of the issuing blockchains, supported wallets, connecting bridges, and more. With intents, all the user has to know is that they want to trade token A for token B to achieve an optimal price with the lowest fees. It’s the difference between navigating from A to B on foot using a map versus hopping in a taxi and specifying the destination.
However, it’s still bleeding-edge tech, so there are only a small number of operators on the market right now. That could change depending on the success of a few early movers. Intentable.io has just launched its new platform, which includes a builder module for users to create their own intent-based workflows, and a marketplace where these can be traded. Intent builders are likely to be more advanced users or developers of crypto protocols, while the intents they create can be used by anyone. Intentable uses a network of “solvers” who work to monitor incoming transactions and search for optimal solutions based on defined intents.
Intents-based systems also allow for more complex or sophisticated features than would be possible using standard blockchain transactions, where gas fees would quickly spiral. For example, implementing a Stop Loss & Take Profit automation for DeFi users is complex, particularly if they’re using multiple protocols. However, the underlying network of solvers ensures that the user requirements are followed, and can do so across multiple protocols or blockchains without user intervention.
Anoma is another example, although it works somewhat differently. It’s not a blockchain; rather, an intent-based, full-stack architecture for hosting decentralized apps. User intents are treated as semi-completed transactions, where the user specifies the constraints of how their activity should be carried out. A network of solvers then works to match user intents with the relevant counterparty to complete the transaction according to the specified criteria. The project aims to become the base layer for multiple composable blockchains built to meet intent-based requirements, and last year raised $25 million in Series A funding to help expand its ecosystem and partnerships.
It may not match the multiple billions that OpenAI has managed to net over recent years, but it’s a significant investment given that 2023 was a relatively flat year. Furthermore, it demonstrates that investors are keen to see the breakthrough usability and widespread accessibility of AI replicated within the Web3 sphere. Hopefully, the next generation of crypto builders are taking notes.
This news is republished from another source.
