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Organizing: Biscuits, RootData

At the recent ETHCC conference in Paris, "ETH Large-scale Application or Wide Adoption" became a hot topic of discussion. In the process of addressing this challenge, a key concept emerged—the "Intent Layer." The core concept of this layer is to lower the threshold for DeFi operations by introducing user-friendly interfaces, such as mobile wallets, as intermediaries for interacting with DeFi.

At this level, "intent" is no longer limited to direct interaction between users and DeFi platforms, but rather a message signed off-chain. This message represents the specific encoding of the results the user wishes to achieve. "Intent" allows users to define the results they desire, and then it is the responsibility of the resolvers to determine the best path to achieve these results.

This intent-based design pattern brings multiple advantages. Firstly, it greatly improves user experience and execution quality. Users only need to approve the results they desire, while the resolvers handle the complex operations. Secondly, it enhances efficiency. In the same chain environment, multiple intents can offset each other or generate economic income, thereby improving overall efficiency. Additionally, the flexibility of off-chain computation also contributes to efficiency improvement, as it is not constrained by on-chain computation limitations.

As a result, the intent track has received enthusiastic attention from the market and capital, and RootData has recently intensively included multiple early intent-based projects. In this article, RootData has compiled basic introductions and operational mechanisms for 8 intent concept projects, including Flashbots (SUAVE), DappOS, Anoma Network, Particle Network, CowSwap, Fairblock Network, Essential, and PropellerHeads.

Anoma Network

Anoma is a privacy-centric architecture centered around intent, introducing a new paradigm for building infrastructure layers and a new operating system for decentralized applications. Anoma's intent-centric approach introduces novel primitives that allow existing web2.5 dApps to be fully decentralized, such as optimistic and ZK rollups, DEX, NFT markets, or public product financing applications like Gitcoin.

In the Anoma protocol, intent is a message created by the user, representing an unfinished transaction or demand, which can be human-readable text, a set of features, constraints, or complex programs. Anoma's design allows users to create various types of intent and, with the assistance of mediators, find transaction combinations that satisfy multiple user needs. At the same time, Anoma supports diverse fractal instances, allowing users to choose instances to participate in based on their needs and protect personal information according to privacy preferences. The specific implementation steps are as follows:

1. Create Intent: Users can create intent, including specific requirements and transaction details. Intent can include maximum/minimum buy or sell quantities, specific transaction objects, etc.

2. Submit Intent: Users submit the created intent to the intent gossip nodes (a special component of the Anoma Network's peer-to-peer network). The intent gossip nodes maintain an intent pool containing all intents submitted to at least one node.

3. Intent Matching: Mediators monitor the intent pool, attempting to find transactions that can satisfy multiple intents. Mediators can be AI, algorithms, or manual operators responsible for finding matching intent combinations.

4. Transaction Formulation: Mediators combine the found intents into transactions. The transactions include details that satisfy the requirements of multiple intents, such as buy and sell quantities and transaction objects.

5. Verification and Submission of Transactions: Transactions are verified to ensure they meet the requirements of all relevant intents. Once verified, transactions are submitted to full nodes and recorded on the blockchain.

6. State Transition and Parallel Execution: Anoma's state transition and verification are separate, allowing parallel execution. Validity predicates are used to verify state changes, ensuring they meet specific constraint conditions.

7. Special Validity Predicates: Anoma allows users to define custom validity predicates, defining specific transaction constraints and logic. Validity predicates can verify whether transactions meet user-defined conditions, such as specific amounts, time periods, etc.

8. Fractal Scaling: Anoma supports multiple fractal instances, each of which may have different characteristics and functions. Instances can be global or localized, and operators can choose to interoperate with other instances based on demand.

9. Privacy Protection: Anoma supports zero-knowledge privacy, allowing users to protect privacy to the desired degree. The privacy protection layer can achieve specific coordination functions while preserving user privacy according to their preferences.

Anoma Network completed a $25 million financing in May this year, bringing the total financing amount to $57.75 million. Investors include Polychain, CMCC Global, Electric Capital, Delphi Digital, Dialectic, and others.

SUAVE

As a leader in the MEV field, Flashbots is also laying out the intent track. Its development of SUAVE, similar to Anoma, is a dedicated intent layer that introduces a new architecture based on a plug-and-play memory pool and decentralized block generator.

SUAVE is developing MEVM, a professional version of EVM that enables developers to create MEV applications as smart contracts in a flexible and expressive programming environment. MEVM consists of three main components: Universal Preference Environment (UPE), which is a chain and memory pool designed to express and aggregate preferences (intents) across different chains; Optimal Execution Market (OEM), where handlers compete to provide the best execution for intents submitted by users; and a decentralized network of block builders that merge encrypted user intents into blocks. This architecture makes it easier to build new MEV applications, promotes competition in resolving intents, and decentralizes the MEV supply chain.

dappOS

dappOS is an intent-centric operating protocol designed to make dApps as user-friendly as mobile applications. As a Web3 unified operating protocol, it builds a layer between users and public chains, cross-chain bridges, and other encrypted infrastructure, allowing users to complete verification and execution in the decentralized world by interacting with dappOS. Currently, dappOS has launched the V2 version, which enhances user experience with the following features:

Unified Accounts: Users can manage on-chain assets through a unified account, enjoying a seamless experience similar to ceFi without the need to differentiate between different chains. Instead, they can focus on the total balance of their funds.
Support for Task Dependencies: dappOS V2 allows users to use a single signature to confirm complex and interdependent transactions on different chains, whether these transactions occur sequentially or in parallel.
New Bidding System: The bidding system in dappOS V2 integrates advanced bidding and billing functions. This system allows nodes to participate in the network and generate income from their services.

In June of this year, dappOS completed a Pre-seed round of financing led by Binance Labs, and in July, it completed a seed round with a valuation of $50 million, with IDG Capital and Sequoia China co-leading, and participation from OKX Ventures, HashKey Capital, Kucoin Ventures, Gate Labs, and others.

Particle Network

Particle Network is a Web3 developer platform. The V1 product is a Wallet as a Service (WaaS) product based on MPC-TSS (Multi-Party Computation - Threshold Signature Scheme). In September of this year, it announced the launch of the V2 product, the first intent-centric Web3 modular access layer, which further abstracts the interaction requirements between end users and the blockchain, improving transaction efficiency for end users.

Particle Network's user path design for its intent product is as follows:

Step 1: Users seamlessly log in to application layer products supported by Particle Network's zkWaaS, using privacy login to protect their Web2 identity.

Step 2: Users express their intent for the product, such as wanting to earn specific income through holding ETH.

Step 3: Particle V2 processes the intent and automatically executes the necessary transactions to achieve the user's intent. For example, it seamlessly bridges ETH to Layer 2 and securely deposits it into Lido to earn income, all without the need for the user to sign a series of manual transactions.

In terms of financing, Particle Network announced the completion of a $7 million financing round in March of this year, with participation from Animoca Brands, Longhash Ventures, GSR Ventures, OP Crypto, HashKey, and ArkStream.

CowSwap

CowSwap is a DEX aggregator with MEV protection features. The CoW protocol matches transactions with various on-chain liquidity sources through batch auctions. It can provide users with better prices and save significant funds in gas fee optimization and liquidity provider fees.

CowSwap will also support intent-based transactions. Unlike other DEXs, users of the CoW protocol do not execute transactions themselves. They do not create real Ethereum transactions to swap token A for token B (which would cost gas and could fail), but instead sign an intention to trade these two tokens at a specified limit price.

This intention is then passed to third parties (called solvers), who compete for the user's order flow by attempting to provide the best possible price. Solvers that provide the best execution price are granted the right to settle the user's orders. The actual settlement transactions are then created and signed by the solvers.

Solvers can move tokens on behalf of users (using ERC20 approvals granted to settlement contracts by users), while the contract verifies the user's intention's signature and completes the execution based on the specified limit price and quantity.

CowSwap completed a $23 million private placement round in March 2022, with participation from 0x, The LAO, 1kx, Blockchain Capital, Robot Ventures, SevenX Ventures, imToken Ventures, Delphi Digital, LongHash Ventures, Hasu, and Cobie.

Related Reading: https://docs.cow.fi/solvers/solvers

Fairblock Network

Fairblock can be used for front-running protection, privacy limit orders/intents, privacy voting/governance, sealed bid auctions, randomness generation, and anti-censorship sorters in the blockchain ecosystem. Its goal/value is to give users and protocols optional freedom for encrypted transactions, protecting them from various forms of malicious strategies.

The transaction process using Fairblock is as follows:

a. Users encrypt transactions using their master public key (with very low update frequency) and "decryption conditions," and submit them directly to the target chain. This step seamlessly occurs in the application frontend or the user's wallet.

b. Validators or sorters of the target application include the encrypted transactions in a block.

c. Once the conditions are met, FairyRing validators submit their private key shares for specific conditions. The private key can decrypt all transactions that have been encrypted under certain conditions (such as block height or price). This makes our infrastructure more scalable due to minimal bandwidth overhead.

d. The private keys are automatically aggregated using the honest majority of private key shares from FairyRing validators.

e. The aggregated private keys are used to decrypt all previously encrypted transactions (or the results of privacy-preserving computations) and executed in the order specified in step b.

In terms of financing, Fairblock Network completed a $2.5 million Pre-seed round in October, led by Galileo, with participation from GSR, Chorus One, DoraHacks, Reverie, Lemniscap, Robot Ventures.

Essential

Essential is building intent-based infrastructure and tools to accelerate the transition from value extraction to intent fulfillment, mitigating the centralization threat posed by MEV. Essential aims to minimize extraction behavior and maximize user satisfaction.

Essential has proposed the ERC-7521 standard, designed to support general intent for smart contract wallets. Essential's methods for implementing intent include:

a. DSL for Intent Expression: Essential is developing a General Domain Specific Language (DSL) to standardize, compose, and parse intent, helping solvers to reason about intent using the same language as intent expression.

b. Intent-Centric Account Abstraction Standard: Essential is developing an Ethereum standard (ERC-4337) that is intent-centric and combines account abstraction to support intent in transaction-based systems. This standard will allow users to enjoy the benefits of existing EVM-based intent systems and delegate the work to solvers to construct efficient transactions to fulfill intent.

c. Modular Intent Layer: Anoma plans to build a modular intent layer designed to only ingest intent without the concept of users submitting transactions, allowing for more efficient solving solutions. Additionally, it introduces order flow aggregation to ensure transparency and user control of order flow, as well as reduce the potential for MEV (Maximum Extractable Value). The modular design also enables the protocol to be deployed in different stacks and ecosystems.

In September 2023, Essential completed a $5.15 million seed round, led by Maven11, with participation from Robot Ventures, Neel Somani, and others.

PropellerHeads

PropellerHeads is a decentralized infrastructure that provides the best price for any transaction to wallets, dApps, and users through smart routing and private submissions. PropellerHeads also supports the protocol by designing and developing bots to maintain protocol health and prevent MEV damage. PropellerHeads primarily offers 2 components:

Smart Routing: Obtain quotes for any swap and the best swap route from the Solver API.
Private Submissions: Submit fully protected transactions to builders using private RPC.

PropellerHeads focuses on optimizing specific elements of the intent architecture - solvers. By using PropellerSDK, especially their Solver API and Private RPC, users are better protected from MEV and obtain better prices in transactions. The Solver API returns the best route to get the best price by inserting many liquidity sources and running optimization algorithms.

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From Layer1 to DEX, take stock of 8 intent concept projects worth paying attention to.

Translation results

Anoma Network

SUAVE

dappOS

dappOS

Particle Network

CowSwap

Fairblock Network

Essential

PropellerHeads

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