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, assets, and trading. Previously, dappOS has launched the Intent Operating System (IntentOS) and Intent Assets, realizing the intent of operations and assets. Based on these technological accumulations, dappOS now launches spot trading based on intent construction, further helping users realize intent-based trading and perfecting a key component 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 execution speeds and lower fees, providing a CEX-level experience.
I. Background
Currently, the market is in a craze for new assets and MEMEs, and users have strong on-chain trading demands. However, many existing on-chain exchanges find it difficult to provide sufficient liquidity, have slow execution speeds, and charge high fees. These issues severely impact user experience. The core reason for these problems is that the trading liquidity of an asset is often dispersed across various exchanges, preventing users from enjoying the full market liquidity of that asset in one exchange.
The launch of intentEX by dappOS (https://portal.dappos.com/trade) addresses these issues of liquidity, trading costs, and trading efficiency, truly helping users realize intent-based trading.
II. Principles of intentEX
The core design innovation of intentEX is based on traditional order book exchanges, additionally delegating the user's limit orders as an intent task to be executed by nodes in the dappOS intent execution network, and allowing nodes to complete transactions on any chain. This design not only fully utilizes the trading liquidity advantages of professional institutions, allowing tokens in intentEX to effectively have better liquidity than all CEXs and DEXs, but also provides users with faster transaction speeds and lower execution fees.
dappOS launches a spot trading function based on its intent infrastructure, creating a CEX-level trading experience.
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, assets, and trading. Previously, dappOS has launched the Intent Operating System (IntentOS) and Intent Assets, realizing the intent of operations and assets. Based on these technological accumulations, dappOS now launches spot trading based on intent construction, further helping users realize intent-based trading and perfecting a key component 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 execution speeds and lower fees, providing a CEX-level experience.
I. Background
Currently, the market is in a craze for new assets and MEMEs, and users have strong on-chain trading demands. However, many existing on-chain exchanges find it difficult to provide sufficient liquidity, have slow execution speeds, and charge high fees. These issues severely impact user experience. The core reason for these problems is that the trading liquidity of an asset is often dispersed across various exchanges, preventing users from enjoying the full market liquidity of that asset in one exchange.
The launch of intentEX by dappOS (https://portal.dappos.com/trade) addresses these issues of liquidity, trading costs, and trading efficiency, truly helping users realize intent-based trading.
II. Principles of intentEX
The core design innovation of intentEX is based on traditional order book exchanges, additionally delegating the user's limit orders as an intent task to be executed by nodes in the dappOS intent execution network, and allowing nodes to complete transactions on any chain. This design not only fully utilizes the trading liquidity advantages of professional institutions, allowing tokens in intentEX to effectively have better liquidity than all CEXs and DEXs, but also provides users with faster transaction 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 that intent task to the most competitively capable service node. When choosing a service node, the matching nodes will consider various factors, such as: the node's margin, execution costs, execution speed, how many orders the node is willing to accept for each price deviation from the market, etc.
Once the user completes the signature, the service node that confirms receipt of this intent task will commit to a number of orders it guarantees the user can successfully fill. Due to the constraints of the dappOS intent execution network's OMS mechanism, once the service node completes the signature and confirms the exclusive fill quantity, if it ultimately fails to fulfill, the node will be liquidated. Therefore, usually by this stage, the user can consider that the committed part of the orders by the service node has been completed, without needing to wait for the final on-chain confirmation. When the user's price is near the market, since the service node tends to commit to filling all orders, the speed at which the user's orders are filled can exceed the block speed of the public chain itself.
2.2 On-chain Order Processing
After completing the commitments, the service node will complete order processing on-chain according to the following three steps, constrained by the system:
Internal Fill: If there are matching orders in the intentEX order book, the system will directly match and fill them. The portion of orders that fail to fill in this phase will enter the next phase.
Node Exclusive Fill: The remaining orders will have exclusive fill rights for a certain period of time at the service node. If the number of orders that the service node commits to fill for the user is not completed during the internal fill phase, the service node needs to fill them by itself, otherwise, it will face liquidation by the dappOS network. The service node can also fill more orders than it originally committed during this phase.
Open Order: The remaining orders will be posted to the intentEX market for other users to trade.
If a service node's execution speed is too slow or it commits to helping fill a small number of orders, its competitive weight in matching nodes will be reduced, making it harder to receive more orders. This mechanism encourages service nodes to commit to helping users fill more orders and complete transactions more quickly.
2.3 A Specific Case
To facilitate readers' understanding, here is a specific scenario as a case study — suppose that the total amount of the best sell order in the sell market for $A token in intentEX is 990 U, priced at 9.9 U; the total amount of the second best sell order is 1010 U, priced at 10.1 U.
At this point, the user initiates 300 limit buy orders of 10 U each, which will be published as an intent task to the dappOS intent execution network, and the matching nodes in the network will assign this task to the currently optimal service node.
Assuming a service node successfully competes for this intent task, it needs to commit to a minimum number of orders it will help the user to fill (for example, 250 $A buy orders). The specific amount of this commitment is generally related to the node's strategy and the current market depth of the $A token in all other trading markets. For instance, this node may be willing to commit to helping the user fill at least 250 buy orders because the intentEX market currently has 100 sell orders that can be filled immediately, and after observing all other DEXs and CEXs, it found 150 $A tokens with costs below $10 after related fees.
From the user's perspective, 250 of the 300 limit buy orders have been filled when the service node submits a commitment to the network. This transaction 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, the node will commit to helping the user fill all orders near the market, allowing the user to find that all of their orders can be filled immediately.
Next, the service node will carry out transaction execution according to the following process:
1. Internal Fill
100 of the user's 300 limit buy orders of 10 U will match with 100 existing sell orders at 9.9 U in intentEX, and will be filled directly at the price of 9.9 U.
2. Node Exclusive Fill
Since the node has committed to helping the user fill at least 250 orders, it needs to help the user fill the remaining 150 orders during this phase, or it will face liquidation.
This reflects the advantage of intentEX: instead of leaving users' remaining unfilled orders on the market, waiting for other market makers to arbitrage, the professional service nodes in the intent execution network directly take on this role. On one hand, this gives users effective access to the liquidity of the whole market concerning the $A token, and on the other hand, it allows users' orders to be filled more quickly.
3. Open Order
The last 50 limit buy orders of 10 U will appear in the buy market for $A tokens in intentEX if the matching service node is unwilling to fill them.
Generally, this situation only occurs when a user's order price is far from the market or when the liquidity of the relevant tokens is relatively insufficient across all trading markets.
III. Core Advantages of intentEX
1. Institutional-Level Market-Wide Liquidity
The professional service nodes of dappOS can observe and match user orders in real-time across the entire market of CEXs and DEXs. Therefore, trading tokens within intentEX have market-wide liquidity.
Compared to pure on-chain inquiry designs like router, intentEX combines both on-chain and off-chain high-quality liquidity, bringing institutional-level liquidity capture capabilities. Thus, every order from the user can quickly connect to the optimal price source, achieving a higher transaction rate and faster transaction execution, enjoying liquidity from the entire market.
Compared to the designs of other intent architectures, the unique OMS mechanism of dappOS enables nodes to take on tasks without occupying capital costs (as long as they can ensure the completion of the intent task, capital can be used synchronously for multiple businesses, unlike having to specially pledge funds as an LP) and cope with the costs of order-snatching. This reduces the overall operating costs of nodes, making the entire system run more efficiently.
2. Fast Execution Speed
intentEX leverages its full-platform liquidity to provide users with faster transaction speeds than conventional on-chain trading through rapid price matching at the market. The execution efficiency of intentEX benefits from the professional service nodes of the dappOS intent execution network, which in general can complete signature confirmation within 500 milliseconds from the moment the user signs, even faster than the public chain's block speed. This significantly reduces transaction waiting times, allowing users to complete transactions more quickly.
Compared to other intent architecture designs, this superior speed and smooth experience surpasses public chains, providing users with a more centralized exchange-like convenience.
3. Low Transaction Fees
Relying on the professional service node network of dappOS, intentEX has significantly optimized trading fees, with costs as low as 0.1%, far below 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 in intentEX are publicly recorded on-chain, ensuring the system's transparency and reliability. The decentralized mechanism of the dappOS intent execution network ensures reliable execution of orders, even if a service node encounters a fault, other nodes can seamlessly connect and continuously ensure transaction success. Through this decentralized structure, intentEX provides users with a more stable trading experience without relying on a single point of server stability.
IV. intentEX and the dappOS Ecosystem
IntentEX is an important component of the dappOS ecosystem, launched by dappOS after realizing operation intent and asset intent, to help users achieve trading intent.
The previous section has already detailed the specific implementation of intentEX based on the dappOS intent execution network. For detailed principles of 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 intentEX are actually dappOS's intent assets, namely intentUSD, intentBTC, and intentETH. This way, even when users hold these mainstream assets without trading, they can still enjoy interest income without affecting their immediate use of these mainstream assets for trading.