Intent-based protocols are systems that use a decentralized approach to fulfill user requests. They often start with an "intent-discovery" system where users can publicly express their desired intent. Then, a network of solvers compete to fill the request at the best price. This system is meant to ensure that no central third party is responsible for satisfying all user needs.
TLDR;
▪️Intent-based protocols are a new way to interact with blockchains. Instead of telling the blockchain exactly what to do, you simply tell it what you want to achieve.
▪️The protocol then figures out the best way to do that. This is much simpler for users, and it can also be more efficient.
▪️For example, an intent-based protocol could be used to swap tokens between different blockchains or to buy NFTs in a game.
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📀 What Are intent Based Protocol?
Regular Transactions: You tell the blockchain exactly what to do, step-by-step (like sending 1 ETH to address X).
Intent-Based Transactions: You tell the blockchain what you want to achieve (like "I want 1 ETH sent to address X at the best price").
🔼 How These Protocol Works?
1. Imagine a user participating in a DeFi protocol. They express their intent by stating their desired outcome, such as "swap tokens" or "provide liquidity."
- Unlike traditional step-by-step instructions, the user simply declares their goal without specifying implementation details.
2. The DeFi protocol abstracts this intent into a high-level representation. It understands the user's goal without requiring explicit instructions.
- For instance, if the user intends to swap tokens, the protocol identifies the relevant smart contracts and liquidity pools involved.
3. Based on the intent, the DeFi protocol automatically executes the necessary steps. It interacts with smart contracts, validators, and other components.
- When the user initiates a token swap, the protocol handles the transaction, ensuring proper execution.
4. Intent-based systems continuously validate correctness. If any discrepancies occur (e.g., insufficient funds or failed execution), they self-correct or notify the user.
Feedback loops play a crucial role in blockchain systems. They involve an input, an output, and feedback that influences the next input. These loops can be positive (reinforcing the initial input) or negative (counteracting it).
💡 Benefits of Intent Based Protocol
Simpler for Users: No need to know complex blockchain stuff, just state your goal.
More Flexible: The system can find the best way to achieve your intent within set parameters.
Potential for Efficiency: Allows for features like finding the best exchange rate for a trade.
⚡ Example Of Intent Based Action
Cross-chain Swaps: Want to swap tokens between different blockchains? An intent-based protocol can find the best route without needing complex bridges.
In-game purchases: Simply express your desire to buy an NFT in a game, and the system handles the behind-the-scenes steps.
For example, consider a user interacting with a gaming DApp on the Polygon network. Intent-based architectures simplify this process by allowing users to declare their gaming objectives directly on the platform. The blockchain autonomously manages the intricate steps needed for execution, whether it’s purchasing in-game assets or staking rare NFTs.
🏵️ Projects Recommendation
▪️Across
▪️▪️DLN
▪️▪️▪️Nitro By Route Protocol
▪️▪️▪️▪️Synapse
💡 intent.markets is an analytics and research website for intent based protocols.
🔼 Data Credit - intent.market, Blockworks, Gemini, Shoal Research, Coindesk
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