Squid Boost Live From Good INTENTions

Transcript

[Music] [Applause] [Music] [Music] [Music] [Applause] [Music] [Applause] welcome to the rollup with fck and Robbie um so you give panel you also so you give a chat and a panel um and the

panel was cool because there was uh there was a few other intent Builders up there I think that is probably like the the main people we are listening here is like uh also like builders yeah they're probably working with intense you probably heard about it maybe you're not so sure it's what it means on a practical sense um and how it applies to watching um so fig and Squid use intense on a daily basis um they're saving people tons of time think over four years from from that uh from that presentation which is like which is so cool I think it's such a it's such a easy to understand use case so maybe we can start off by kind of talking about

how you how you help uh users and Builders save time yeah sure I mean the time thing so we do Crush CH mostly and uh when you go Crush chain you have to wait for finality on Source chain or you can execute anything on the destination chain and when you're going for AUM that's 20 minutes when you're going from F it's 60 Minutes uhum is they answer for so it always takes a while and especially cuz press chain is so scary you never really know if you've got your money until it lands our account on the Desy so we're using intense to get a really fast execution we did competition the fastest the best you got

the fastest swap one some match we had a few guys get zero second swaps like basically Sub sub one seconds or some while going one second two SW so it can be extremely fun and basically what happens is is uh user uh submits their intl Source chain which is a uh in in the form of a uh a bridge um with a message on it and a message sort of contains uh the what you want to do on the destination chain and we have a contract which is really the like the core of the intent logic here is there's a contract on the destination chain where it allows any Sol to fill that order immediately and then get paid back and

sessle once the BRD find and yeah yeah and and I I think that's a good place to pause because the the idea of AA like that's kind of mystified me for you a while um and I take it the action like the thing that the solvers are doing is filling the transaction and maybe I'm not understanding that totally like why are we calling them solvers why aren't we calling them fillers like yeah to I think that's a a great point we may start specializing the stack into solvers and fillings because definitely a big thing in Cross chain is there there's a lot of infrastructure and

specialization just in getting transactions included in the blocks on different chains because like arbit has it C sequencer ethereum has like this 50,000 nodes like it's different for every chain just to literally just to get reliable execution so these fillers may be like or executors may be their own specific person and solers are the ones that find the best route between chains and in our case there something I brought up a little bit in the talk but I think intents get thrown around as this sort of Soul everything hading word because it brings up this image in your head of

like just type in what you want to do and someone magic becomes like does um and I really see it like that I think I think people are still going to be building like specific products for specific use cases and you'll have like startups iterating on their like product in our case it's just getting tokens and other chains um and the intent part is really just it's a it's a tool that product teams can use to improve specific parts of their tank and in our case that was improving the speed and like can all it so you prpres to other things one one of the things I like about intense is that it's it's consumer facing and it's so easy to understand and over the last two

to two and a half years it's all been infrastructure everything that we've seen in the space has been has been infrastructure understandably so because the users kind of left the space um and when there's no when there's not many users like there's not really consumer facing application so people kind of like build to interrup like just to they build like for who's here right um and Builders were the ones who were still here so Builders were building for other builders rather than building for normal people yeah um but I think intense brings like it brings this Tech back to normal people because I mean intentions are something that everyone has whether you know it or not once kind

of like even just the the definition of the word you understand like this is basically what you want to do and you had one of the most practical examples of intense where it was like uh it was like a booking booking like a flight yeah um and like and I think you and the Unis swap guy were were kind of ring on this because like you can you can bundle these together and we can abstract away so many of these layers where you don't even need to know if you're interacting with the blockchain anymore you can just put on chain or or don't even put it on chain right if you're you're buying grandmother your like you know fathers and mothers out

there like this can just get you a better price for your flight doesn't matter that it uses the blockchain you may not even know that it uses the blockchain you just submit where you want to go and it finds the best flight for yeah yeah it has this anywh intense that they're almost a decentralization layer on all of these offchain centralized things which a lot of teams have built um and booking.com is like one of those examples and booking.com or 1 in and you know C what we we we all we're all able to start decentralizing whats of our stack which W which were centralized before um and yeah it's similar to the rollup uh world where we we've sped everything out but there's some centralization in

censorship uh element in rollups for example like they the centralized sequences but you're able to start decentralizing that stock to get um to to get a m centralized infrastructure but I think the the framing that intense give well I was think last night how intense uh there sort of like I'm the product owner it's with the r manager and it's my job to like make the product as good as it is to set of requirements but really the product owner is the user like the user is the one who chooses what's the best tool for what I want to do like um in terms of like I want to book a flight I'm going to go to Bookman do or I'm going to go to squid like it's

and what your the framing of intense like really puts the power in the users's mind and I think hopefully if we can like keep that Focus then means we stop building infrastructure which isn't going to be H it's just like focusing on exactly what you see toic nothing else yet yeah so so maybe we can we can bring this back to the this solers and fillers um I like how we had a a really like nonnative non-technical like tangent there sure but like let let let's kind of like get back in the leads a little bit because I I still am not like really differentiating these I think because the intent is submitted right someone anyone submits an intent and

then there's uh like this this like ecosystem or network of uh let let's say someone's submitting an intent to uh purchase a token on arbitrum doesn't matter token you even say doesn't matter what chain so say ethereum on arbitrum uh so there's this network of I'll just call them people for now um who have ethereum on arbitrum and they say okay yes I will fulfill this intent so who are those people and then why are those people different from solvers and who are the solvers well they can practice often in practice right now

they they're the same person in a lot of cases but they don't have to be um you have teams say I know in in a single chain routing Exel um you have teams which are their job is just to provide what's the best combination of dexas that's going to get me the best PRS and uh in cwabs example um they're the ones that if you guys know about car swap it's basically on in where everyone's putting all trade orders in it it gives you back uh or B route which is a combination like Unis swab curb whatever um but they also have this mechanism where um the solvers can match one person's order with another so if if someone wants to sell $1,000 of usdc for

e and someone wants to sell $1,000 of e for USC rather than going through any dexes where you get slippage and fees they just match them directly and so they have there's a group of people called solvers who literally just optimize that problem and they don't do any unchain execution they just like solve that problem provide It Off to C and then someone else goes and executes and and the solers are solving a matching problem yeah yeah exactly yeah so if you look at the just the the trading stack you got like matching um which is where the order book is if you're a binance um and then f a in this case there's some Capital that needs to be held that's also namely what the exchange is doing they're providing

Capital um and then settlement is also is done by a smart contract so that's where the fill over provided the if I'm sing usdc for E the filler provides the E uh the user provides the usdc and then the settlement is the contract uh sending the to to the other party so those the different stage I assume very cool and you frame this as um at least in squid's case as uh Frost I want to get the exact I don't want to misquote it um I believe it was uh a cross chain loan collateralized by the bridge what do you so what do what

do you mean by that that's okay so that's so what's how what context that was in is in this boost feature that we have which the intent um intent layer which lets you get instant transaction I cross chain um so the loan is the filler providing company into the assisting so that the user can get the transaction down immediately they've given a loan which of 100 usdc 100 100 bridged usdc and then that that loan is collateralized meaning that loan will only be repaid if the bridge finalizes so yeah so when the bridge finalizes 15 minutes later the collateral comes out

of the bridge goes into the settlement contract and the settlement contract sends it back to the fil repace got it okay okay so it's essentially like like functionally it's the same process um of an intent a filler theber exactly there there's no matching lean it because it's just you know provide 100 USC and you get 100 USC out of the bre that's what I mean by like this it doesn't always have to be this fully generic like intense just we just take him like a couple BS and M something we need much yeah very cool okay and then another Another Kind like concept that's out there that's sort of I I've heard it

thrown around in both the intense conversation as well as uh like like this liquidity settlement sort of engine conversation which is orderflow auctions the and I think this was something that like we we I think I brought up like in one of our first conversations and we still haven't really like breaken like broken the ice in it okay let's do it let's do it so like so UT flow auctions I'm just trying to think of where they fit the matching so the order flow what we mean by order flow is that uh users want to trade usdc and that is the that's the water and the flow of that is number of waters that K par uses into a system um and Order flow usually comes like through

wallets or through front ends like what we have um and the op is it is this idea that um people wanting to trade things it it it's like a a declaration where I'm willing to pay something to get another token like they the waterf flow is oh it's valuable by by definition and the famous example in the real world is um is Robin Hood where they literally just sell all of their water flow to uh to market makers um and Mar makers are making money because oh they've got this uh dumb waterlow in the case of Robin and they like sell that off they can

they can trade against Robin Hood's users they they pay Robin Hood to see what the users are buying and selling whatever they're trading and then the citadels are going to trade against yeah the uh uh GameStop and and moon Traders exactly it's it's this insane like flipping it's not Rin Hood at all it's the opposite but um not to say it's all bad it's still still some good possible but anyway what how do that play in crypto so so the autoflow is coming in through while coming in through a walk was using squid and anyone who submits an intent an intent is a like maybe order flow is the plural and intent is like the singular yeah yeah exactly okay yeah yeah so I submit an intent and that

you know a full collection of intent is is consed orderflow so I submit an intent or an order kind of the same thing in this case yeah definitely um and the auction so the the auction part that's where the matching uh is that's the matches are competing for like filling this auction um and the beautiful thing about intents this is another thing which we'll bring in in Split at some point is with order flow in the normal transaction model and transactions are considered like the opposite than the normal way intera with blockchain not in a transaction model the incentives are for me Bots to um essentially compete all the way

way down to basically your minimum slippage so that they're making money out of that amount of slippage you're willing to take um that's why you guys probably already know but like that's M and then in uh intent system is flipped on its head and you you declare your water or your order flow and the entire system can have an an auction model where only the best price is given uh is melted or is given like the the so um it's really exciting for the users and for everyone really cuz me Bots don't even make that money that much money these days it's it's like it it ends up going to the validated spot bills or whatever so um the exciting thing is the user will always get the

best price and um they are getting that in a fair way and it's in decentralized substrate it's not like Robin mode where they could potentially just be choosing Citadel every time because they have a like off the chain or you know uh off the book deal with Citadel and be like oh actually give us all your own com it to these other market makers it's on a decentralized substrate so it's like it's censorship proof it's we always got the best slinging it's fat it's open for Machinist yeah yeah yeah okay so that that puts it in in much clearer context um the okay and I think like waterflow auctions are really cool was again one

of the things that you spoke about in your in your presentation uh because it flips uh the me model on its head um the value that was going to me is now going to who is it the users directly or is it is there someone that has to like kind of decide to give it to the users well ideally you build the decision of who oh no actually as long as it isn't work sh um that whoever gives the best price will be the filler well will is m yeah whoever gives the best price will be the one that determines the price well and the user wins every Tire like uh you have the smart contract on chain

decide that the user always has to get the best quote um where's the value going though the value is mostly going to the user yeah um they train to think if there's any value that's not going to the user out yeah there's I mean there's definitely like value in that process which is going to other teams but I don't think it's worse than any than the transaction model on it's just all that I mean is probably going to the is instead yeah it's very cool yeah it it's and and because we're doing it in a decentralized way is this like like are are there are there certain applications of uh intent and

orderflow auds that are it like like more applicable to certain sets of tokens than than others like maybe very liquid yeah yeah yeah exactly so while this thing with so one disadvantage of this system detention there is that intents allow you to allow orders to be F by without going through an amm it could literally just be someone with some eth in that b of C wants to compute e you return p and so all the that's the matching and the liquidity is taken off joint and you have less gas fees spent on ethereum so

there's less like Bell to the network um what else is bad what I'm sorry unless we training th that oh yeah and then the biggest thing is you lose comp visibility because LPS in amm provide this like building block which is used in so much of um it's a way of getting yield tokens and then you can use that for Mission Le in Yar or in a you know yield protocol um so what might happen is that all the LPS and amm might might have to to dry up because they're not getting any order flow anymore all the water flow is going to these offchain actors um and yeah we might end up end up with

a potentially just a world where defi is is just an insurance scheme at the time when uh offchain settlement in oners are not working um and I don't know if that's like the world we want to be in but there's definitely going to be a lot of pressure to go to that world cuz it's going to be was be less gas cost and prices might be better yeah yeah yeah very to and and maybe just a final word about squid boost like this is kind of like relatively new you guys have uh made it so much quicker sa so so people so many so much tie um yeah I mean how was the experience um what what's the feedback

that you're that you're getting ecosystem I mean it's been amazing we still got people are like had someone say earlier who they were almost scared it was so fast on they usually expect the bridge to take at 15 minutes 20 minutes well yeah I mean it's it's just necessary adoption if we want to have blockchains powering anything you can't wait 15 minutes it to happen L if I want to want to do any transaction on the internet then Apple pay is like we have to compete with that and it's uh yeah we seen a lot of people excited it was AIC trick and I still get excited Qui no very

cool you want to shill anything shill what I mean yeah sure I mean I'm bcds if you on Twitter uh squid router on Twitter but we um yeah watch out I know what this coming out but we've got another very intent like thing coming up with next way which is we've made an a marketplace where you can buy with one click using any terram on any channel so dude um Al that's awesome so epic well boom Alpha drop I haven't been give permission to say very cool screen say always

a cheers