With the approval of BTC and ETH spot ETFs, the blockchain industry has entered a new stage of development. At the same time, the direct and indirect holders of blockchain assets have shown rapid growth. However, the number of real users in the encryption field has not achieved a corresponding increase.
Users still face high barriers to entry into the application ecosystem of the crypto world. The circulation of users’ assets, data, and tokens is also extremely fragmented under the restrictions of various public chains and applications. This limits the explosive growth of users and the potential of the Web3 industry cannot be fully released.
As an emerging field, intention is a concept that is expected to revolutionize the Web3 user experience and truly unleash the potential of Web3. This Bing Ventures research article will use dappOS as an example to explain and analyze this new direction.
Decoding Intent: A Paradigm Shift in the Blockchain World
Intents in blockchain represent the results that users expect, rather than specific execution steps. For example, the traditional transaction method on Ethereum requires users to specify each step of the transaction in detail, including interaction with smart contracts, random number management, and gas payment. This approach can be complex and inefficient. The introduction of intents aims to relieve users of these burdens, allowing them to outsource the creation process of transactions to third parties while maintaining control over the transaction process.
By abstracting the technical complexity inherent in blockchain transactions and focusing on user-defined goals, the intent model strives to make blockchain technology as simple and straightforward as traditional web browsing. The ultimate goal is to ensure that interacting with blockchains and dApps is as seamless as using any traditional Web2 service, thereby promoting wider adoption of these technologies.
In essence, the intent-centric model is not just a technological innovation, it is also a philosophical re-examination of user empowerment and inclusion in the blockchain field. By emphasizing the consistency of the Web3 experience with the familiar ease of use of Web2, it aims to eliminate barriers to entry, thereby laying the foundation for the explosive growth of the number of Web3 users.
Technical pillars and implementation paths
The implementation of an intent-centric system allows users to clearly state their intent to trade and operate in a declarative manner without requiring them to determine the specific execution steps. Through relevant mechanisms, users can delegate the execution of their intent to the system, smart contracts, or third-party service providers. Whether it is automatic or manual execution, the execution process should be consistent with the user's original intent and be able to provide sufficient flexibility and optimization space where appropriate.
We will use the technical architecture of dappOS as an example to demonstrate the transaction mechanism of intent:
Source: dappOS Doc
- Open market mechanism :
DappOS adopts an open market mechanism, and service providers are required to pledge collateral when providing intent task execution services.
Service providers register as service nodes by staking tokens and selecting all the services they are willing to provide. This mechanism ensures dynamic allocation of services and efficient use of resources.
- Optimistic Minimum Staking (OMS) Mechanism
The OMS mechanism allows service providers to execute tasks first and then verify the results. This "execute first, verify later" approach greatly improves the speed of task execution.
Each intent task has a specific value, which means that the user agrees to accept a predefined compensation in case of task failure. Service providers only need to pledge collateral slightly higher than the total value of the currently executed intent tasks.
- Service Providers
Service providers are a core component of the dappOS Intent Execution Network. To become a service node, you need to register first. Registration requires staking a predetermined number of tokens in the RegisterManager contract. The staked tokens serve as collateral to enable the node to undertake tasks, and the amount of tasks that the service node can undertake and process is proportional to the value of the staked collateral.
This flexible architecture of dappOS enables service providers to support a variety of tasks with specific value. These tasks follow a certain template and have the following elements:
- A comprehensive description of the task : outlining the end-user's goals and the conditions under which the task will be completed.
- Completion criteria : Establish the criteria for performing verification to verify the task status.
- Required collateral amount : The collateral amount required for a service node to complete a task. The task scheduler uses this information to evaluate the current collateral amount of each service node and excludes those with insufficient amounts.
- Execution Validators
Execution validators play a key role in the network and are responsible for verifying the execution of tasks. Once a task fails, validators have the right to vote to punish service nodes to ensure user compensation.
Through the POS (Proof of Stake) network mechanism, validators stake tokens to maintain the security and integrity of the network. Active and diligent validators will receive rewards to encourage them to continue to participate in and maintain the network.
- Task Frameworks :
To facilitate pricing and verification intent tasks, dappOS organizes tasks into different frameworks. Each framework can be custom designed according to specific needs, including pricing, verification, and compensation mechanisms.
In summary, intents are declarative constraints that allow users to create and delegate transactions to a dedicated network of third-party participants while retaining full control over the process. In simple terms, if transactions specify how to carry out an operation, intents specify what the expected result of an operation is. Through intents, users can easily express their expected results. This is in stark contrast to current imperative transactions, especially in current imperative interactions where every parameter must be explicitly specified by the user.
Intent-centered DAPP interaction
After the launch of V2 Beta version, dappOS has been integrated with more than 15 DAPPs, including GMX, Stader, KyberSwap, Equilibia, BENQI, SyncSwap, etc.
GMX
dappOS's unified account feature enables traders and liquidity providers to seamlessly access Avalanche and Arbitrum-based GMX from other chains without manually bridging assets. Benefiting from the solution provided by dappOS V2, users can trade and purchase GLP or GM (GMX's liquidity provider token) through an intent-centric user experience. The streamlined workflow optimizes execution time by 90% and reduces execution fees by up to 20%. Users can deploy the entire balance of their assets, regardless of distribution, confirm complex, interdependent transactions on different chains with a single signature, and pay fees with any token.
Stader
The unified account function of dappOS allows users to directly manage the total balance of assets, and users can confirm complex, interdependent transactions on different chains with a single signature, whether these transactions are carried out sequentially or in parallel. With the support of dappOS, Stader users can stake ETH and obtain ETHx, then deposit ETHx and ETH into the Curve pool to obtain LP tokens, and continue to stake in Convex Finance to earn CRV and CVX income, and complete 15 complex steps with one click. dappOS supports the use of ETHx as gas fees and uses it seamlessly in multi-chain applications. The income generated by staking and farming is collected by dappOS, so that users do not need to go to Curve and Convex separately to claim their rewards, but can claim them with one click.
KyperSwap
The unified account feature of dappOS enables users to trade directly on different chains deployed by KyberSwap without manual bridging, thereby improving the composability of assets. For example, Ethereum users can directly borrow assets from the Avalanche-based lending protocol BENQI and use them seamlessly on KyberSwap. In addition, dappOS supports the use of any token to pay gas fees and execute task-dependent operations with a single signature.
BENQI
The collaboration between BENQI and dappOS aims to enhance the DeFi user experience by integrating the Avalanche-based BENQI DeFi protocol with the user-friendly interface of dappOS. BENQI provides liquidity unlocking for assets such as BTC, ETH, AVAX, and stablecoins, while dappOS simplifies the usually complex Web3 operation procedures such as wallet setup and gas fee management. This collaboration enables users to seamlessly manage and use assets across multiple chains without manual bridging. By providing a single interface for cross-chain transactions and supporting the use of any token to pay gas fees, dappOS greatly reduces the number of operation steps, making DeFi more user-friendly and intuitive.
Equilibria
dappOS’s unified account feature enables users to seamlessly interact with Equilibria’s high-yield pools deployed on Arbitrum without having to manually bridge assets. With Equilibria powered by dappOS V2, users can seamlessly deposit aUSDC and rETH pools from any chain, increasing yields up to 28% annualized rate of return (APR) with an intent-centric user experience. Users can deposit ETH directly into the rETH pool without having to mint or purchase rETH on a decentralized exchange. PENDLE rewards can be claimed and converted to mainstream tokens such as USDT, USDC, ETH, DAI with one click. dappOS users can deploy the total balance of their assets, regardless of their distribution, confirm complex, interdependent transactions across chains with a single signature, and pay fees with any token.
Intentional Assets: A Revolution in Cryptoasset Utilization
Intent assets are a new type of asset launched by dappOS. On the one hand, intent assets provide high returns, and on the other hand, they can also be used on the chain at any time.
Intent assets leverage the unique capabilities of the dappOS execution network to cost-effectively handle complex settlements in multiple scenarios, reducing complexity and operational burdens at the user level. When users use intent assets, they can provide regular assets or intent assets as input assets and outsource settlement tasks to service providers, and then expect specific execution results, such as earning revenue, completing interactions with DAPPs, or withdrawing assets to centralized exchanges. The conversion and management of these assets before achieving the desired results will be borne by the service providers in the network, ensuring that users are free from these complexities.
The first batch of intent assets are intentBTC, intentETH, and intentUSD. For example, by holding intentUSD, users can earn USDT returns while maintaining full flexibility. They can be withdrawn in real time on exchanges as USDT, or immediately used as USDC to supplement margin on Arbitrum GMX. In addition to gas fees, there is no additional loss from using these assets.
Ecosystem Synergy: The Ripple Effect of Intent-Centric Architecture
The collaboration between dappOS and the above five protocols demonstrates the expected benefits that an intent-centric system can bring to DAPP.
- Unified account management : The unified account function of dappOS allows users to directly manage their total asset balance and use it in any dApp on different chains. This centralized management method greatly simplifies asset management and improves asset liquidity and utilization efficiency.
- Seamless cross-chain operation : Whether it is cooperation with GMX, Stader, KyberSwap, BENQI or Equilibria, dappOS enables users to operate directly on different chains through its seamless cross-chain function without manually bridging assets. This seamless experience reduces the operation steps, saving time and costs.
- Simplify complex operations : dappOS allows users to confirm cross-chain, complex and interdependent transactions with a single signature, whether these transactions are carried out sequentially or in parallel. This feature significantly improves the security and efficiency of transactions and reduces the operational burden on users.
- Flexible fee payment : Users can use any token to pay gas fees without having to hold a specific token on a specific chain. This flexibility improves the convenience of operation and enables users to perform cross-chain operations more freely.
- Reward management and conversion : dappOS enables users to claim rewards generated by staking and liquidity mining with one click and convert them into mainstream tokens such as USDT, USDC, ETH, and DAI. This feature simplifies the reward management process and improves the convenience and efficiency of operations.
Intent-based systems are quietly creating a revolution. This new concept is not just a tool to simplify user operations, but also a catalyst that is reshaping the interaction mode and value flow model of the entire Web3 ecosystem. We believe that the ripple effect of the intent system represented by dappOS will be manifested in the following key dimensions:
- The new frontier of financial innovation
Intentional systems and intentional assets are opening up new frontiers of financial innovation. Imagine a derivatives market based on user intentions: traders can speculate or hedge on intentions such as "users will transfer more than $1 million in assets across chains in the next 30 days." This not only provides investors with new risk management tools, but may also give birth to a new prediction market ecosystem.
- The new engine of the data economy
Intent data is becoming one of the most valuable assets in the Web3 world. By deeply analyzing user intent data, we can gain insights into market sentiment, predict capital flows, and even identify emerging DeFi trends. These insights have invaluable strategic value to DeFi protocols, DEXs, and CEXs.
- Super glue for cross-chain ecosystem
Intent architecture and intent assets will become the key link connecting different blockchains. Through the standardized intent protocol, users can seamlessly perform complex cross-chain operations on different chains without having to worry about the underlying technical details. This not only improves capital efficiency, but also paves the way for true cross-chain DeFi applications. We expect that the cross-chain transaction volume processed through the intent protocol will account for the mainstream of the total cross-chain transaction volume.
Summarize
Intent is still a very early stage concept with great potential. Building an intent layer for a completely intent-centric world faces major challenges, and it is not just the complexity of the system that needs to be overcome. With the development of the underlying blockchain technology and the gradual maturity of various projects, future development will shift from infrastructure-based to application and user-friendly, and intent-centric projects will become the focus of the entire industry.
The key lies in the network effect of the intent architecture: as the number of DeFi protocols connected to the intent network increases, the improvement in user experience will increase exponentially. Our model predicts that when the number of connected protocols reaches a critical stage (estimated to be 50-100 mainstream DeFi protocols), the user growth rate will show a significant inflection point. Based on the current growth trend, we expect this inflection point to occur around the third quarter of 2025. More importantly, intent assets are creating a whole new value layer: the intent data layer. This layer not only connects different blockchains, but also deeply integrates on-chain and off-chain data. This will bring huge alpha opportunities for market makers, traders, and DeFi protocols.
From a technical perspective, AI-driven intent parsing and execution is the next breakthrough. We expect that by the next bull market, most simple cross-chain operations will be automatically completed by AI systems, greatly reducing user operation difficulty and transaction costs. This will not only promote the activity of existing crypto users, but also attract a large number of Web2 users to enter the Web3 world.
In general, intent assets represent the next evolutionary stage of Web3. Not only does it simplify the user experience, but more importantly, it is creating a whole new value capture model. For investors, early deployment of the intent asset ecosystem will be the key to capturing this huge opportunity. We strongly recommend keeping a close eye on developments in this space, especially those projects that are leading the way in cross-chain operations, AI-driven execution, and intent data analysis.
About Bing Ventures
Bing Ventures is a pioneering venture capital and research firm affiliated with the crypto exchage BingX. Founded in 2021, Bing Ventures is committed to supporting disruptive blockchain and crypto technology startups and outstanding fund managers that drive innovation.
Adhering to the value investment philosophy of no restrictions on sectors, Bing Ventures' investment portfolio has reached more than 50 companies, covering many fields such as infrastructure, DeFi, GameFi, Web3, etc., including but not limited to Avail, Berachain, Manta Network, Pixelmon, Unisat and Solv Protocol.
Bing Ventures is also a limited partner (LP) in many leading crypto funds, including funds managed by Hack VC, Bankless Ventures, Maven 11 Capital, IOSG Ventures, Figment Capital, and others.
For more information, visit Bing Ventures | LinkedIn | Twitter .
