#dappOS Launches spot trading based on its intent network#BinanceWeb3Wallet
dappOS is an intent execution network. For users, they only need to provide their intent to dappOS, and dappOS is responsible for the interaction with various dAPPs and public chains behind the scenes to complete the transactions required by the user's intent. In the example we mentioned above, the user only needs to publish the intention of "buying $1,000 worth of Meme Coin $BRETT", and all transactions involved are completed by dappOS driving the relevant parties. In other words, users only need to connect to dappOS, and the connection of all public chains and dAPPs is carried out by dappOS.
From the name, it is not difficult to see the ambition of dappOS. They want to become the OS (Operation System) of dAPP, just like Windows 95 became the OS of computers.
Within dappOS, they built an open two-sided market with the developer side (demand side) facing users on one end and the service node (supply side) providing intent execution services on the other end. dappOS uses the OMS (Optimistic Minimum Staking) mechanism to ensure service quality.
The main roles and functions within the dappOS system are as follows:
User: Publish intent. User publishes intent based on the intent framework provided by dappOS.
Service providers: perform various intent services. After staking a certain amount of dappOS tokens as collateral, they can start receiving user intent and earning income.
Execution validator: Responsible for verifying the execution of the service node. If the service node fails to complete the task as required, the validator has the right to vote to punish the service node.
Matcher: Responsible for matching user intent with service providers.
During the specific execution process, the user will send the intention to the matcher through front-end interaction, and the matcher will then ask the associated service providers for their quotes for this intention and return the quotes to the user. If the user thinks the quotes are reasonable, he or she can choose the service provider who wants to perform the task, then sign the intention and transfer all the resources needed to realize the intention to the service provider, who will then execute the user's intention.
After the specified time of the task, many validators will verify whether the task was successfully executed. If someone finds that the task was not successfully executed, they can challenge the network, and then the validators will reach a consensus through POS voting. If the consensus result is that the task failed, the service provider will need to use the collateral to compensate the user.
dappOS network introduction dappOS mainly consists of two parts
One is the dappOS account, and the other is the dappOS network
dappOS Account: dappOS is a smart contract wallet with "account abstraction", also called smart wallet or AA wallet in many places.
Vitalik has also repeatedly advocated for abstract accounts, believing that account abstraction makes crypto wallets as simple as emails, and is one of the infrastructures for large-scale blockchain applications.
Compared with the EOA wallets created by private keys/mnemonics that we commonly use now, dappOS has the following advantages:
1) No mnemonic is required, you can use your social account as the address account
2) Pay gas fees on behalf of others, which can enable multiple chains to pay gas fees at one time
3) Programmable, upgradeable and customizable.
4) Lost wallets can be recovered and private keys can be replaced. DappOS supports users to set guardian emails to verify reset requests through Domain Keys Identified Mail (DKIM). Users only need to send an email from a preset email account to reset the master key.
dappOS Network: dappOS is a decentralized network that uses dappOS accounts to implement "intention" transactions.
There are two types of nodes in the DappOS network: super nodes and server nodes. After receiving the user's request, the super node is responsible for assigning tasks to the server node. And it needs to supervise the server node to complete the task and punish it if there is a problem.
The server nodes mainly complete the user's order requests. DappOS allows server nodes to deposit mainstream tokens such as USDT/USDC/BTC/ETH as collateral, which can be used for orders of most cryptocurrencies.
The dappOS network has two basic functions:
1) Cross-chain asset transfer is equivalent to the function of other cross-chain bridges.
2) Perform on-chain transactions on dappOS accounts. Perform on-chain transactions from virtual wallets. Users should be allowed to pay gas fees through tokens on different chains, assets in CEX, and even fiat currencies.
In the dappOS network, a dApp interaction is considered an order, which may include one or more services.
The following two examples show one or more services in an order:
● Execute transactions from your virtual wallet on Optimism and pay fees in USDT on the BNB chain.
● Bridge 100 USDT on the BNB chain to the virtual wallet on Optimism, and trigger a transaction at the same time to pay the fee with BTC on the BNB chain.
The typical process follows these steps:
1. Users create orders by signing to confirm the entire workflow, including chain interactions on one or more chains, bridging assets, and fees for using the dappOS network.
2. DApp sends the order to the dappOS network via JSON-RPC.
3. The DappOS network will delegate the order to one of the permissionless nodes and guarantee that the order will either be well executed or the node will compensate the user’s losses.
4. Incentivized by rewards, the selected nodes will execute the entire workflow, including bridging assets and on-chain transactions (from the user’s virtual wallet to the dApp contract).
At present, the crypto economy is still in its early stages of development. As pioneers, we may have become accustomed to the coexistence of USDT and USDC, and have mastered the skills of how to exchange between the two at the lowest cost, as well as which asset should be used in what scenario.
But in the real world, no one thinks we should accept both "JP Morgan dollars" and "Citi dollars" at the same time, even though they are very close analogies. For the new generation of crypto-economy experiencers, they may not need to understand "what is the difference between L1 and L2" and "how should I cross the chain" and other "technical details", just like they do not need to understand how the interbank clearing system works, but only need to realize their needs more directly.
This huge experience gap is exactly what the projects in the Intention Track are trying to make up for.
DappOS has completed 3 rounds of financing in total.
In November 2022, dappOS was selected for Binance Labs' fifth season incubation program, and received Pre-Seed round of financing from Binance Labs on June 20, 2023, but the specific amount of financing was not announced.
On July 21, 2023, dappOS completed its seed round of financing with a valuation of US$50 million, led by IDG Capital and Sequoia China, with participation from OKX Ventures, HashKey Capital, KuCoin Ventures, TronDao, Gate Labs, Taihill Ventures, Symbolic Capital, Foresight Ventures, BlueRun Ventures, Mirana Ventures, Leland Ventures, etc.
On March 28, 2024, dappOS completed a $15.3 million Series A financing round with a valuation of $300 million. Polychain led the investment, and Nomad Capital, IDG, Flow Traders, IOBC, NGC, Amber Group, Uphonest, Taihill, Waterdrip, Bing Ventures, Metalpha, Spark Digital Capital, Web3Port Foundation and Satoshi Lab participated in the investment.
After looking at the product, let’s take a look at the possibilities of dappOS.
Whether a project is successful or not, endorsement and ecology are both key points to consider.
In terms of financing background, dappOS initially received financing support from Binance Labs, and in the last two rounds of financing it has received favor from well-known VCs such as Polychain, Sequoia China, IDG, and OKX Venture.
Although the current market is gradually reflecting on and accepting VC coins, the influx of capital has undoubtedly increased the legitimacy and credibility of project construction. Regardless of how the project tokens themselves will be unlocked and performed, for players who are currently seeking returns and opportunities at different stages of project development, the endorsement situation can provide a strong reference.
In terms of ecological construction, the flow of intentional assets cannot be separated from the support of more partners. At present, dappOS has launched strategic cooperation with more than 10 partners in the figure below, including applications, L1 and L2. It can be seen that the underlying income sources of intentional assets are all top projects with TVL of billions of US dollars, and the security and income are guaranteed.
For a project that mainly promotes assets, how many other projects and ecosystems support it can directly determine the influence and upper limit of the assets.
