The Future of DeFi Intents - TOKEN2049 Dubai 2024

hi everyone my name is Ser Kun co-founder of 1inch network softare engineer soft architect before I start I would like to understand um about your knowledge about distalized finances and web Tre who knows know what is a Dax just raise a hand okay okay so and so you're aware about web3 and dexes and aggregators I hope yeah so let's start intents the future of defi what what are the intents intents are pled action aimed to achieve desire goals and 10B architecture is a way to design and use Dy that focus on what user want to achieve rather than on how they achieve it so if you look on regular transaction in blockchain the user have to create the transaction by himself decide uh the decide what gas they choose the user need to to submit the transaction to the blockchain the gas press needs to be the right one the market one so someone take the transaction and put in the block can be done on a by a minor validator it f facilitate basic trans transfer swaps for example or just simple interaction with swap with with smart contracts intents are different it could can be a multi-step operations with conditions it can be it can be um intense can be also like a cron drops you know in uh in software development and uh in in your computer you can have continuously um actions which are executed automatically intends enable more advanced and optimized def strategies users I me that they intense and someone else execute it so the traditional defy approach if you look on the swap simple swap you you go to one of the dexes or maybe Dex agregator um and you you have to deal with okay what gas I set maybe the the the application suggest a specific gas price and you have the luck that you you you get executed uh uh and you you your transaction is U included in the blog you have potentially to find the the right place in U uh in like the right app which offer in terms of swaps uh the best execution if you look on a DI based uh in an intent based approach in defy uh you just declare what you want you say I want to exchange ethereum to usdc and I want to have at least $2,500 w pair but I would like to get more if it's possible yeah so you declare what you want and how it's going to be executed no one cares right normal user on the street they just want to to exchange and how it's going to be done they don't want to deal with creating transactions sending to the blockchain they just create uh in 10 what they want and professional execute so it's what yeah and the traditional defi approach if they're creating transactions about how so benefits of uh intense you you can optimize your strategies yeah so you you set condition you can set conditions um you can Implement um you you can have better risk management yeah so you you're protected by using intense I will explain a little bit more little bit later about that uh you can create Advanced Financial strategies in terms of decentralized finances you can you can set up a intent theoretically to claim your rewards from farming you can exchange this rewards to something and you can stake Maybe somewhere and is just by declaring what you want to do and how it's going to be executed it's not your breath it's it's it's done by the professional Executives what can intent be used for it's limit uras swaps liquidity provisioning cross chain swaps and more actually you can automate the whole defy and web 3 with intents so what kind of attend we have already no Market they're already there but almost no one is speaking about them so we have limit ERS the first intent based protocol 0x came with the limit orders um we released couple of years after zerox our own limit order protocol since we faced some issues and non non not efficiency in the protocol we decided to build our own thing Unis swap came recently with limit AAS C swap came with limit AAS swaps can be used we intr used our Fusion already more than one year ago we had already 6 billion of US dollars of volume on it and we use it for swaps since you face you you face high risks when you do normal traditional swap on the blockchain ZX is doing also um intend Bas swaps cow cow swap as well cross chain it's also really nice topic nowadays there are already people there who build already cross chain swap SWS kinetics Network under swap. you can already play around with it you can already buy Bitcoin real Bitcoin Bitcoin network with any token anywhere from any network deep Bridge Is there near protocol is also introducing kind of an approach in 10 based approach to um kind of interact with other blockchains from near we have also smart contract wallets we have safe we have archin we have avocado limit AAS in limit AAS you can Define your strategy you say okay I would like to sell my ethereum when the price reach 5K so it's just an intent it's just it's offchain it's not um onchain but it's also possible to submit it to onchain but no one need it you just need to give a signature from your wallet and one of the professional executors Market M makers arbitr Traders execute your trade as soon as profitable for the executor swaps you can perform swap like in the this classic traditional way you go to the Dax you select your token you create the transaction you get you get the C data generated by the D app and then you send the transaction to the blockchain and then you get sandwich maybe so you get less than expected because there are huge room for front Runing attacks and sandwi attacks I will also explain a little bit later so swaps this was also no new thing what we also introduced with 1-in fusion um one one and a half years ago one Fusion is huge engine it sounds complicated but it's highly simple we build only simple things because based on the morphus law if something can go wrong it will go wrong that's why we are building really small non- custodian Solutions what you can see right now here on the screen is that we have our retail customers institutional customers we have multiple blockchains we have uh highly audited smart contracts we have ml screening service on both sides on user side on back and like on the resolver side on the professional executor side so you see you see the resolvers here they operate cross chain there are on multiple chains with liquidity Arbitrage liquidity they they Bridge liquidity from centralized exchanges they hash positions on options crossplatform cross blockchain so and we of course use some of our Technologies here for the for the intern Bas swaps we use our puff finder is a multi-market highly complex routing algorithm what um offer the best execution on the market just on the specific Network math protection so by intend Bas swaps you get math protection by Design this is very important just last year multiple billions of US dollars were stolen from people because they used the classic approach the normal swap we the user need to perform the transaction by themself and it's it's not working with intent best because we turn it around yeah we changed the user is not taking anymore it's made someone who declare what they want and someone who executed take the risk to to execute it but they can do it very well this Arbitrage Traders market makers they they they they protect themselves very well it's gasless so you don't pay with the native token that means you just declare what you want to exchange and in the exchange rate it's already included the gas execution costs we can Source liquidity from the from across the entire market centralist exchange other networks and uh also liquidity from market makers they work very very often with own liquidity and the future is cross chain so right now we operate with Fusion just on like on those change chains where we deployed it's like around 12 including layer twos and you can just inside of the network you can ex change but we need to go further and we see huge opportunity in Cross chain swaps the liquidity is really fragmented across blockchains layer twos and we can combine it with in 10 best approach so market makers have time to hatch positions and exchange on those on the origion network intent intents and cross chain swaps um achieve um higher efficiency than bridging waiting taking risk that the it's stuck in the bridge it's just um offer the opportunity just to perform Atomic swaps and we are going to introduce Atomic Swap this year to fill the Gap no one would like to go to different Bridges um for every Layer Two and other network you need to find the proper Bridge which is not a scam uh right now I have like 12 12 links with different Bridges so I have to deal with this it's my personal pain and we are going to solve this this year by introducing uh Atomic swaps cross chain and the future of D fire is intent driven I already said you we are already using for limit ERS for swaps cross chain is coming but you we can do more you can Define highly complex complex strategies also for trading you can create a leverage position on a not doing it by yourself and like land borrow swap land borrow swap it's not necessary you just declare I I need a 5x leverage position uh for ethereum you get it because someone knows how to do that and you get what you want I have one more thing and this our 1-in card so we are really proud We announced last week in Paris our 1 in web 3D card so you can register for the waiting list we plan to launch in the next weeks you can spend your crypto with our 1-in Master Card around the globe where Master Card is accepted you can use it right now we are supporting UK uh Citizen and European Union us is coming and we are also looking to expand here in United Arab Emirates uh looking for a partner so if someone is here looking also for partnership with 1 inch regarding uh debit crypto card so you're welcome let's connect uh you can take a look on our page you can uh download our wallet come to our Bo we distribute 1in air drops physical airdrop uh you can scan the QR code and claim the one-inch tokens and come to our 1in Dev portal and then uh to to to build on top of web three and our apis to build the next unicorn thank you very much it was pleasure to stay here [Applause]