Introduction
dappOS is committed to building a complete Web3 intent layer, helping users simplify operations and achieve institutional-level execution efficiency. The three core components of the Web3 intent layer are: Operation, Asset, Trading. Previously, dappOS has launched the Intent Operating System (intentOS) and Intent Assets, achieving operational and asset intent. Based on these product technology accumulations, dappOS now launches the Intent Exchange intentEX, further helping users achieve intent-based trading and enhancing the key components of the dappOS intent layer ecosystem.
The core advantage of intentEX lies in allowing ordinary users to directly enjoy institutional-level liquidity resources, with faster transaction execution speeds and lower costs, providing an experience close to CEX levels.
I. Background
The current market is in a boom of new assets and MEME, with users having strong demand for on-chain trading. However, many existing on-chain exchanges struggle to provide users with sufficient liquidity, have slower execution speeds, and higher fees. These issues severely impact user experience. The core reason for these issues is that the trading liquidity of an asset is often scattered across various exchanges, preventing users from enjoying the market liquidity for that asset in one exchange.
The emergence of the dappOS intent exchange intentEX addresses issues of liquidity, trading costs, and trading efficiency, truly helping users achieve intent-based trading.
II. Principles of intentEX
The core design innovation of intentEX is based on traditional order book exchanges, additionally delegating users' limit orders as intent tasks to be executed by nodes in the dappOS intent execution network, allowing nodes to complete transactions on any chain. This design not only fully leverages the trading liquidity advantages of professional institutions, allowing tokens in intentEX to practically have better liquidity than all CEXs and DEXs, but also provides users with faster execution speeds and lower execution fees.
2.1 Publish Intent Tasks
When users place limit orders on intentEX, it is equivalent to publishing an intent task in the dappOS intent execution network. The matching nodes in the network will match this intent task to the service node with the strongest overall competitiveness. When selecting service nodes, the matching nodes will consider various factors such as: the node's collateral, execution costs, execution speed, and how many orders the node is willing to accept at a certain price deviation from the market price.
After the user completes the signature, the service node that confirms receipt of this intent task will promise a number of orders it guarantees the user will successfully complete based on its own situation. Due to the constraints of the dappOS intent execution network's OMS mechanism, once the service node completes the signature confirming the exclusive fill quantity, if it ultimately does not fulfill it, the node will be liquidated. Therefore, by this stage, the user can generally consider that the portion of the orders promised by the service node has been completed without waiting for final on-chain confirmation. When the user's quote is near the market price, the service node is inclined to promise to fulfill all orders, allowing the user's order to execute faster than the public chain's block speed.
2.2 On-Chain Order Processing
After fulfilling the promise, the service node will complete the order processing on-chain in the following three steps under system constraints:
Internal Fill: If there are matching orders in the intentEX order book, the system will directly match the transactions. Orders that fail to complete at this stage will enter the next stage.
Node Exclusive Fill: The remaining orders will have exclusive transaction rights for a certain period of time for this service node. If the service node fails to fulfill the number of orders promised during the internal fill stage, it must fulfill them itself, otherwise it will face liquidation by the dappOS network. The service node can also execute more orders than it promised during this stage.
Open Order: The remaining orders will be placed on the intentEX market for other users to trade.
If a service node's execution speed is too slow or the number of orders it promises to help the user execute is too few, its competitive weight in the matching nodes will be reduced, making it difficult to receive more orders. This mechanism encourages service nodes to promise to help users execute more orders and complete transactions faster.
2.3 A Specific Case
To facilitate readers' understanding, here is a specific scenario as a case — Suppose the total amount of the sell orders for $A token on intentEX is 990U at a price of 9.9U; the second-best total amount is 1010U at a price of 10.1U.
At this point, the user initiates 300 limit buy orders of 10U each, which will then be published as intent tasks to the dappOS intent execution network. The matching nodes in the network will assign this task to the currently optimal service node.
If a service node successfully competes for this intent task, it needs to commit a minimum number of orders it will help the user execute (for example, 250 $A buy orders). The specific amount of this commitment typically relates to the node's strategy and the current market depth of the $A token across all other trading markets, for example, a node may be willing to commit to helping the user execute at least 250 buy orders because: the intentEX market itself has 100 immediately executable sell orders; and after observing all other DEXes and CEXes, it finds 150 $A tokens that, after accounting for related fees, have costs under 10U.
From the user's perspective, 250 of their 300 limit buy orders have already been completed when the service node submits its commitment to the network; this execution speed is faster than the block speed of the public chain itself. In this example, the market depth of $A is not large, but in more cases, when the market depth is sufficient, nodes will commit to helping users complete all orders near the market price, allowing users to find that all of their orders can be executed immediately.
Next, the service node will carry out transaction execution according to the following process:
Internal Fill
100 of the 300 limit buy orders of 10U from the user will match with 100 existing sell orders of 9.9U on intentEX and be executed directly at the price of 9.9U.
Node Exclusive Fill
Since the node has made a commitment to help the user execute at least 250 orders, it must help the user complete the remaining 150 orders at this stage, otherwise it will face liquidation.
This reflects the advantage of intentEX: Rather than letting users' unexecuted orders remain on the market waiting for other market makers to arbitrage, the specialized service nodes in the intent execution network take on this role directly. This allows users to effectively have liquidity for the $A token across the entire market, while also enabling faster transaction speeds for their orders.
3. Open Order
The last 50 limit buy orders of 10U will appear in the buy order market of intentEX's $A token if the matching service node is unwilling to execute.
Generally speaking, this situation only occurs when the user's order price is far from the market price, or when the liquidity of the relevant tokens is relatively insufficient across all trading markets.
III. Core Advantages of intentEX
1. Institutional-Level Market Liquidity
The professional service nodes of dappOS can observe and match user orders in real-time across all markets of CEX and DEX. Therefore, token trading within intentEX has market-level liquidity.
Compared to designs like routers that purely query prices on-chain, intentEX combines high-quality on-chain and off-chain liquidity, bringing institutional-level liquidity capture capabilities. Thus, each of the user's orders can quickly access the best price sources, achieving higher execution rates and faster transaction execution, enjoying liquidity across the entire market.
Compared to other intent architecture designs, dappOS's unique OMS mechanism allows nodes to accept tasks without occupying capital costs (as long as they can ensure the completion of intent tasks, capital can be used for multiple businesses simultaneously, without needing to specially pledge funds like acting as an LP) and to cope with the costs of competing for orders, which lowers the overall operating costs of nodes and enhances the overall system efficiency.
2. Fast Execution Speed
intentEX utilizes its platform-wide liquidity to provide users with faster transaction speeds than conventional on-chain trading by quickly matching market prices. The execution efficiency of intentEX benefits from the specialized service nodes of the dappOS intent execution network, where, under normal circumstances, the signature confirmation can be completed within 500 milliseconds after the user's signature is completed, even exceeding the block speed of public chains. This significantly reduces transaction waiting times, allowing users to complete transactions faster.
Compared to other intent architecture designs, this superior speed of execution and smooth experience provide users with a more centralized exchange-like convenience.
3. Low Trading Fees
intentEX relies on the professional service node network of dappOS, greatly optimizing trading fees, with costs as low as 0.1%, far lower than the rates of most on-chain exchanges. This makes intentEX a more economical choice for users when trading on-chain.
4. Decentralization and Transparency
All transactions on intentEX are publicly recorded on-chain, ensuring the system's transparency and credibility. The decentralized mechanism in the dappOS intent execution network ensures reliable execution of orders, so even if a service node fails, other nodes can seamlessly connect to ensure transaction success. Through this decentralized structure, intentEX provides users with a more stable trading experience without reliance on single-point server stability.
IV. intentEX and the dappOS Ecosystem
The intent exchange intentEX is an important component of the dappOS ecosystem, launched to help users achieve intent-based trading after dappOS has realized operational intent and asset intent.
The previous text has detailed the specific implementations of intentEX based on the dappOS intent execution network. For detailed principles regarding the dappOS intent execution network, please refer to: https://dappos.gitbook.io/docs/dappos/how-dappos-works
In addition, the USDT, BTC, and ETH used in transactions on intentEX are actually dappOS's intent assets, namely intentUSD, intentBTC, and intentETH. This way, users can enjoy interest income even when holding these mainstream assets without trading, and it does not affect the immediate use of these mainstream assets for trading. For detailed principles regarding dappOS intent assets, please refer to: https://dappos.gitbook.io/docs/dappos/intent-task-frameworks/intent-assets
