Bankless How will Intents improve the user experience in DeFi?

Enhancing DeFi Experience The Role of Intents in Revolutionizing Banking

Author: Arjun Chand, Bankless; Translation: LianGuai0xjs

Let’s face it: the user experience of DeFi is terrible.

The steep learning curve, long wait times, and numerous failed transactions make interacting with applications in DeFi a frustrating experience. But what if design changes could simplify this process?

Enter intent, a intuitive way for users to interact with applications and achieve any desired outcome with just a click.

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Sound too good to be true? Let’s learn more.

What is Intent?

If you wanted to exchange USDC on Arbitrum for DAI on Optimism, the current user experience would look like this:

• Visit the bridging website and connect your wallet.

• Enter exchange details and submit the transaction.

• Give token approvals, pay gas fees, and confirm the transaction.

• Wait 10 minutes for the bridge to work its magic.

• Switch chains to complete the transaction.

• Receive DAI on Optimism.

Fair to say, this is far from an ideal user experience.

Now let’s see how intent can change things:

• Visit the bridging website and connect your wallet.

• Enter exchange details and sign the message.

• Receive DAI on Optimism.

The purpose of intent is to eliminate complexity for users. Intent refers to the desired outcome that a user wants to achieve by interacting with an application.

In the intent-based paradigm, users only need to express what they want, without worrying about the process to achieve it.

But what does the process look like from intent creation to achieving the desired outcome? Who does all the work?

There are several key participants in the intent-based flow that make it possible:

• User – Users submit their intent by signing a message that contains information about the expected outcome and the conditions under which they want to achieve it.

• Application – The front-end interface through which users express their intent.

• Solver – The participant responsible for executing on-chain transactions on behalf of the user to achieve the desired outcome.

Intent Lifecycle

This is a simplified description of the intent lifecycle, from creation to achieving the desired outcome.

What does this mean for the DeFi user experience? Let’s explore some key themes of user experience in an intent-centered world:

1. Complex DeFi tasks will become easier

Users only need one step to achieve the results they want. The main advantage of doing this is to reduce errors.

Example: Users want to earn USDC income. They express their intention to the application. Behind the scenes, solvers take over and handle all the steps, such as selecting the blockchain, paying gas fees, and executing transactions.

2. Providing more flexibility to users

Intention provides users with greater flexibility and control over their on-chain activities. Users can set transaction conditions to ensure actions only occur in specific situations.

Example: Users can say, “If the price reaches a certain level within the next hour, sell my assets.” When the price hits the specified level, the transaction will automatically occur.

3. Better execution of each action

Intention is outsourced to solvers who optimize each action at the best price. This helps reduce issues like slippage and provides better MEV protection.

What’s next?

With intention, we can look for solutions that make DeFi accessible to ordinary users.

Upcoming projects like Flashbot’s SUAVE, Anoma, and Essential are building intention-centric architectures that have the potential to develop DeFi applications with exceptional user experiences and become catalysts for mainstream adoption.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!