I. Problems with traditional on-chain exchanges
1. Insufficient liquidity
It's like going to a market to buy something, but if there are very few sellers and limited goods, it's hard to make a purchase. When there are few users willing to buy and sell specific assets in on-chain exchanges, orders are difficult to fulfill immediately.
2. Slow transaction speed
Due to the inherent characteristics of blockchain networks, transactions take a long time to complete as they require processing through many steps, similar to how a parcel goes through various stages during delivery.
3. High fees
Just as you have to pay a significant service fee to buy something at a store, trading on traditional on-chain exchanges also incurs comparatively high fees, increasing the cost of transactions.
II. How does IntentEX solve these problems?
1. Provide institutional-grade liquidity across the entire market
IntentEX consolidates high-quality funds (liquidity) from both on-chain and off-chain sources, much like gathering goods from various small markets into a large warehouse. It then quickly checks and matches order conditions across the entire market (including CEX and DEX) through professional service nodes in dappOS, allowing users' orders to quickly find suitable prices, increasing the likelihood of successful transactions and speeding up the process.
2. Enhance transaction speed
IntentEX leverages the pooled funds (liquidity) of the entire platform to quickly match buy and sell prices. Generally, from the moment a user signs a confirmation on an order to the completion of the transaction, it only takes 500 milliseconds, which is even faster than the block generation speed of blockchain networks, significantly reducing waiting time.
3. Reduce transaction fees
IntentEX relies on the professional service node network of dappOS to keep transaction fees very low, only 0.1%, which is 3 to 5 times cheaper than traditional on-chain exchanges, making trading more cost-effective for users.
III. The working principle of IntentEX
1. Publish intent tasks
When a user places a limit order on IntentEX, it's like publishing a task to complete a certain action (execute a trade) within the dappOS network. The nodes responsible for matching tasks in the network will assign this task to the service node with the strongest capabilities.
2. On-chain order processing
Service nodes will process orders according to the steps defined by the system, first executing internally; if that fails, the node will execute independently, and if that still doesn't work, it will open the order for everyone to fulfill.
IV. Integration of IntentEX and the dappOS ecosystem
The emergence of IntentEX has diversified the products of dappOS and complemented its intent layer ecosystem more completely. Previously, dappOS already had tools (IntentOS and Intent Asset) that allowed operations and assets to align with user intentions. Now, with IntentEX, it can provide comprehensive services to users in operations, assets, and transactions.
V. Summary
After the launch of IntentEX by dappOS, the headaches associated with traditional on-chain exchanges, such as poor liquidity, slow transactions, and high fees, have been resolved, making it more convenient and faster for users to trade.