Simplifying Cross-Chain Transactions Using Intents
4 days ago
- #DeFi
- #cross-chain
- #blockchain
- Intents allow users to declare desired outcomes without specifying execution details, simplifying cross-chain swaps.
- Traditional bridges involve complex steps like wrapping tokens, waiting for finality, and paying high fees.
- Solvers compete to fulfill user intents, optimizing routes through DEXs, off-chain liquidity, or batching.
- NEAR Protocol's Chain Signatures enable cross-chain intents using multi-party computation (MPC).
- The 1Click API abstracts complexity, handling quotes, execution, gas optimization, and retries automatically.
- Intent-based systems like UniswapX and CoW Protocol have processed billions in volume, focusing on single-chain solutions.
- NEAR's cross-chain intent system supports native Bitcoin and achieves 2-3 second finality.
- Paycrest bridges crypto-to-fiat conversions, leveraging solver competition and multi-chain parallelization.
- Batching intents reduces costs and improves efficiency by aggregating multiple operations into single transactions.