Open Intents: Can ERC-7683 become a 'Walmart' supermarket with the intention of synergy between Ethereum chains?

Written by YBB Capital Researcher Ac-Core:

Ethereum fragmentation puzzle and Open Intents framework: ERC-7683's way to break the deadlock

<code>图源：@ethereumfndn</code>

The booming development of L2 and DeFi has led to the increasing fragmentation of Ethereum's liquidity. Asset liquidity is scattered among L1 and many L2s, and there is a lack of effective interconnection between various platforms, like isolated "small pools", hindering the overall efficiency of Ethereum. In 2024, Ethereum added more than 100 new chains, which is like a large shopping mall with a wide range of products, but it requires settlement in different currencies. To solve this problem, the Ethereum Foundation released the Open Intents Framework (Open Intent Framework) on February 20, aiming to achieve a seamless transaction experience similar to "single-chain" and has quickly gained support from more than 50 protocols.

The core components of Open Intents Framework are as follows (see Extended Link 1 for details):

1. Open source solver: Based on TypeScript development, it monitors on-chain events and processes intents. It has protocol independence, supports functions such as indexing, transaction submission and rebalancing, and can be flexibly customized.
2. Composite smart contract: Based on the ERC-7683 standard, the interpretation, execution and settlement logic of intent is defined, and the limit order transactions and Hyperlane ISM settlement are supported by default.
3. UI template: Provides a pre-built customizable user interface to enhance the user experience.

ERC-7683: General Standard for Cross-chain Intent

<code>图源：@KanishkKhurana_</code>

ERC-7683, developed by Across and Uniswap Labs, is a common standard for implementing the cross-chain intention of Ethereum and other blockchains. Its core components include:

1. Cross-chain order structure: Defines the cross-chain order format to ensure interoperability between different chains.
2. ISettlementContract interface: Standardized settlement process, supporting flexible transaction process customization.
3. Fulfil mechanism: Allows participants to compete to complete cross-chain intentions, improve efficiency and reduce costs.
4. Fill Deadline: Avoid long-term invalid transaction waiting.
5. Order DataType: Use EIP-712 type hashing to standardize data format.
6. Order Data: Contains the core parameters of cross-chain transactions (tokens, quantity, chain, receiver).

ERC-7683's advantage is that it simplifies cross-chain interaction, and users can perform cross-chain operations (such as token exchange or NFT transfer) without complex settings, and enhances cross-chain governance capabilities, which is especially conducive to efficient governance of DAO on multiple chains.

Intent and DeFAI: Abstract Boundaries

<code>图源：@ethereumfndn</code>

Intent and DeFAI are both extensions of DeFi, and their core goal is to solve the scalability and liquidity issues of DeFi. Intent to integrate liquidity through Uniswap and ERC-7683, DeFAI uses AI technology to improve user experience, optimize transaction execution, and enhance protocol stability and security. The two focus is different: the intention is to simplify user interaction, while DeFAI focuses on risk management and compliance. From account abstraction, chain abstraction to intention and DeFAI, abstraction is never ending, but the key is how to optimize existing protocols rather than increasing the abstraction level infinitely.

Uniswap: The key driving force in the development of ERC-7683

<code>图源：@KanishkKhurana_</code>

The author believes that the success of ERC-7683 depends on Uniswap's support. The reason is that the healthy development of DeFi relies on efficient liquidity supply and deeply integrated liquidity, while Uniswap V4's flexible liquidity pool management and Uniswap X's cross-chain interoperability potential can provide key support for ERC-7683 to ensure the stability and security of its cross-chain transactions.

The practical significance of intention and future prospects

Putting aside the abstract concept, "intention" represents a clear trading goal. The emergence of ERC-7683 has brought light to solving the problem of liquidity fragmentation. The ultimate goal is to inject vitality into Uniswap and promote a new round of DeFi craze. Through ERC-7683, Uniswap can improve cross-chain liquidity, reduce transaction costs, and increase transaction pairs and liquidity pools, thereby achieving richer functions and stronger cross-chain interoperability.

Extended link:

(1)//m.sbmmt.com/link/1efecd1fe0d67b4fb82c400a180be64b

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