The journey from the early days of Bitcoin to the intricate world of Ethereum’s smart contracts and DeFi has been remarkable. Initially, Bitcoin enthusiasts focused on simple transactions and hoarding their digital treasures, often scribbled on scraps of paper as private keys. Ethereum’s arrival catalysed a seismic shift and introduced a new era where capital could be actively deployed in yield-earning pools and loans through smart contracts.
We also saw that the emergence of multiple smart contract chains across both Layer 1 and Layer 2 infrastructures brought forth a new challenge: seamless movement across these diverse platforms. This is where cross-chain comes into play, the possibility of a seamless multi-chain world!
Besides, as we continue to grow and adapt, a new term has emerged, capturing the essence of this landscape: ‘Intents’. We’ll delve into how cross-chain bridges facilitate value transfer and integrate these ‘Intents’ to streamline and enhance the interaction between diverse blockchain networks. Join us and see how ‘Intents’ fits into our broader picture, shaping the trajectory of Web3’s evolution and enriching the user experience.
Intents are something as simple as the Intent of users or goals users wish to accomplish within the blockchain ecosystem. Let’s consider a practical example. Imagine you have Ethereum (ETH) on the Ethereum blockchain, but you want to participate in a new DeFi protocol that operates on the Binance Smart Chain (BSC), which requires Binance Coin (BNB).
We can’t deny that users need to have a detailed understanding of the protocols and procedures to survive and thrive! Similarly, developers face considerable difficulties in creating applications that interact with multiple blockchains, primarily due to the intricate and often tangled nature of these cross-chain interactions, which is why we have an intent framework.
In the case of an intent framework, you go to a cross-chain platform and express your intent to swap ETH on Ethereum for BNB on Binance Smart Chain. The platform automatically finds the best path for this swap, considering factors like transaction fees, exchange rates, and network congestion. It might involve swapping ETH for a wrapped version of BNB on Ethereum and then bridging it to BSC, all in a single, streamlined transaction.
A single transaction can have multiple “intents” to achieve various goals simultaneously.
For example, you could exchange one token for another and invest it in a different dApp, all in a single step. This approach makes transactions faster and more cost-effective because it combines several actions into one, reducing the time and fees usually needed for multiple separate transactions.
The bottom line is that the ‘Intent Framework’ simplifies the process by allowing you to state your end goal (obtaining BNB on BSC) without worrying about the intermediary steps. The cross-chain platform takes care of the complexities, providing a more user-friendly and efficient experience.
Besides, ‘Intents’ is a shift beyond a technical leap; it transforms the blockchain into a user-centric environment where individuals can confidently express their requirements, trusting the system to find the most effective path to achieving them.
Intents serve as a bridge in the context of Interoperability, offering a flexible and strong framework that enables diverse blockchain protocols to understand and execute transactions in a harmonious manner.
By defining the purpose or goal of a transaction in a universally comprehensible format, intents bypass the barriers posed by varying protocols and standards. This universal language of intents streamlines cross-chain interactions and opens up new avenues for complex dApps that can operate across multiple blockchain ecosystems simultaneously.
Furthermore, the introduction of intents in interoperability scenarios brings a new layer of sophistication to blockchain applications as blockchains are not confined within the silos of individual networks but are part of a larger, integrated digital tapestry.
We’ll elaborate on this in our next section.
As mentioned above, to perform an operation effectively, users need to be well-versed in various blockchain networks, understand the dynamics of reactive gas assets, and understand the methodologies for obtaining these assets.
For example, the process of staking on Lido usually entails about 27 clicks, engagements with three different dApps, and six instances of wallet interaction, and can take up to 15 minutes of effort.
Before we answer this, let’s first understand that intent can be majorly categorised into two types: Vague and Precise. Vague intents are initial, often rudimentary, articulations of a user’s objectives. For example, a user stating, “I have 100 USDC and wish to stake,” presents a goal that lacks specificity.
Conversely, a Precise Intent encompasses more comprehensive details, such as, “I have 100 USDC on the Polygon network and wish to stake in Lido on Ethereum.” This type articulates a user’s goal with greater clarity and detail, essential for precise execution.
The transformation from a Vague Intent to a Precise Intent is enabled by interactions within our advanced user interface. This interface features a sophisticated model, known as “Prompter,” which engages users through a sequence of smart, adaptive prompts. These prompts are intricately crafted to elicit detailed information about the users’ specific intentions, ensuring a more tailored and effective user experience.
Once crystallised into a Precise Intent, we identify the necessary steps required to actualise it. For example, in this case, the necessary steps would be -
Transfer funds
Swap USDC to ETH
Stake ETH
Considering various factors such as asset compatibility, blockchain-specific constraints to craft a viable execution path, etc, strategic assembly of these steps are created. This assembly or path ensures that the complex operations are streamlined, making the execution of user intents both practical and efficient. We find the best executable path for the user which is optimized on both speed and cost and gives the maximum output.
Here, the steps can be executed in the two ways -
funds → DEX (Polygon) → Bridge 1 → Lido (Ethereum)
funds → Bridge 1 → DEX (Ethereum) → Lido (Ethereum)
Our proprietary takes the different possible paths and simulates the execution from each of them. As part of the simulation it figures out the output which the user shall get for each of these paths. After choosing the best possible option and getting confirmation from the user, the steps are executed accordingly. This process not only enhances user experience but also underlines the sophistication and effectiveness of our cross-chain framework.
This is the high-level level understanding of how things would change for the end user with our upcoming intent framework.
The framework will play an important role in our wider strategy and will also influence the course of Web3’s journey; let’s take a look at some of the benefits -
Simplified user experience: As we mentioned above, understanding different blockchain ecosystems can be complex. However, with our new framework, this process becomes much more intuitive and straightforward, leading to increased user adoption.
Improved DeFi Accessibility: The framework’s capability to integrate services across various blockchains can unify the fragmented blockchain ecosystems, enhancing interoperability and functionality.
Simplified dApp development: The framework also simplifies the development of new blockchain applications, especially for new developers. It provides easy-to-use tools and clear pathways for building derived applications, lowering blockchain integration’s technical hurdles and complexities.
As we continue to refine and develop these concepts, we are streamlining processes and redefining how users and developers engage with blockchain technology. The future of blockchain lies in creating an intuitive, inclusive, and efficient environment, and ‘Intents’ are at the forefront.
The journey ahead is as exciting as it is promising!
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