Swaps.io Network presents the new generation of dApp that leverages intent-based architecture and chain abstraction to automate any interaction with crypto. What motivated Swaps.io's contributors, and what mission do they see in building this solution?
Crypto and DeFi projects are becoming increasingly popular, yet mass adoption does not seem any closer. The industry is rapidly developing, and new challenges are emerging.
The complexity of swapping should not be underestimated. Users have to face complicated interfaces full of new terms, deal with high transfer costs and gas payments on each network, face price slippages and slow execution times, and tackle other challenges all by themselves. As a result, even simple transfers on the two largest chains, Bitcoin (BTC) and Ethereum (ETH), can be widely expensive, unpredictably slow, and excessively stressful for average users, scaring them away from using crypto altogether. Moreover, such complexity makes integrating crypto-related solutions into Web2 applications nearly impossible without extensively educating users, which limits the possibility of crypto adoption beyond DeFi.
Cross-chain transactions introduce even greater complexity, both for users and developers. Users must frequently switch networks, manage coins for gas fees, and deal with unclear UIs. The more steps a cross-chain transaction has, the more intermediaries get involved and the higher the additional expenses. All of these difficulties intimidate users, ultimately discouraging their active engagement with crypto products and services.
Last but not least, many individuals struggle to understand the opportunities that cryptocurrencies and DeFi have to offer. There is a vast array of coins, networks, and ecosystems, along with hundreds of DEXes, bridges, and other projects, each with different interfaces and fees. All of this variety makes it challenging for users to identify the best routes for their transactions or find the best profit opportunities. Without being able to navigate the crypto world smoothly and efficiently, users start to feel powerless and alienated instead of empowered and excited.
There has been a lot of talk about mass adoption within the crypto community, and some believe that we are standing at the door, getting closer and closer to opening it to the world. However, there are several key problems that we need to eliminate beforehand.
First of all, we must create a user-friendly interface that simplifies the experience. It means eliminating complex tasks such as changing networks and keeping track of gas fees. These complexities discourage potential users, and warnings from crypto projects about the need for caution only worsen the user experience.
Another thing we need to enable and perfect is the seamless combining of actions. Users should be able to do any tasks without understanding the underlying processes. Otherwise, the industry will remain closed for a broader mass adoption.
Imagine a world where you can perform various actions in a single swap without worrying about logistics by delegating it to professionals… In such a model, the fairness of competition between professionals and the minimization of monopoly risks can be ensured by employing a peer-to-peer (P2P) auction model, along with collaterals. Professional players (called Intent Agents or IAs in Swaps.io) will compete with each other, trying to provide users with the best rates and routes available, achieving the most favorable swap conditions possible.
Such a solution is real, and it is called Swaps.io!
Swaps.io dApp works as a decentralized P2P auction where users can swap anything across any supported chain, including Bitcoin, directly with Intent Agents. Solution of this type allows users to delegate anything to IAs from finding the best route to achieve the best results to swapping cryptocurrency, buying or selling unique NFTs or NFT collections, searching for real-world properties (RWAs), or opening positions in liquidity pools.
One of the most significant Swaps.io's innovations is the ability to combine cross-chain transactions. Intent Agents can process any complex route inside one transaction and execute it for users in a single swap, ensuring the complete automation of any interactions with crypto, even between chains. With Swaps.io Protocol, an Intent Agent can easily help you start getting yield rewards from your favorite crypto assets (ETH, BTC, any stablecoin, etc.) from a third-party yield-generation protocol just in 1 swap, regardless of what assets and on what chain you have in the wallet.
The auction model implies that Intent Agents compete with each other for user orders, offering the best transaction conditions. The chosen IAs cannot change the swap rate or add a fee after the transaction starts, guaranteeing the execution of orders at fixed rates every time. Users can finally forget about price slippages and unexpected costs and swap confidently.
The fixed-rate feature is a new chapter in the crypto world, pushing the user-friendliness of crypto to a new level. It gives the ability to integrate Swaps.io Protocol into any other application, even outside of DeFi, without the need to educate users about slippages and why they can often receive much less than expected or predicted.
As the speed of transactions is another pain for many crypto users, Swaps.io Protocol takes care of it, too. All transactions via Swaps.io dApp are executed instantly without waiting for verifications from third-party validators. It is possible because of the use of the P2P approach combined with zero-knowledge proofs.
To ensure users' security and encourage Intent Agents to work diligently, they must provide collateral that exceeds the amount being swapped. Such a condition ensures that users can be reimbursed if any unexpected issues arise during the swapping process, preventing the order from being fulfilled.
In addition, Swaps.io dApp integrated Safe Wallet to provide users with chain abstraction. Now, you can swap between chains without the need to store multiple native coins for gas payments and calculate the required amounts for each swap. At the same time, you can create as many accounts as you want, opening new opportunities.
Leveraging the latest innovations and knowledge of the industry's weaker sides, Swaps.io Protocol opens a new era of crypto that is truly accessible to everyone and is capable of the most complex actions.
Let's unlock the power of intents and finally bring freedom to the crypto community!
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