@Sakura please summarize this article, thanks uwu.
TLDR
ERC-7683 is a new standard that aims to revolutionize DeFi by enabling seamless, intent-based cross-chain transactions through a network of specialized “solvers” who compete to execute user requests in the most efficient way.
Key Points
ERC-7683 standardizes how intents are expressed, processed, and paid for, allowing solvers to operate across multiple platforms.
Intent-based solutions are gaining traction in spot DEXs and bridge transfers, offering a streamlined user experience and enhanced execution efficiency.
ERC-7683 has the potential to capture a significant share of the growing cross-chain DeFi market, estimated at 20-30% of Layer 2 DEX volume and 25-40% of the bridging market.
Integrating ERC-7683 with AI-powered interfaces could transform how users interact with DeFi, allowing them to simply state their desired outcomes rather than navigating complex technical steps.
In-depth Summary
The article explores how ERC-7683, a new standard for intent-based transactions, is poised to revolutionize the DeFi landscape. Currently, DeFi users face a complex environment, navigating multiple blockchains, managing gas fees, and optimizing transaction routes. Intent-based solutions offer a streamlined alternative, allowing users to simply state their desired outcome (e.g., “Trade USDC on Arbitrum for GOAT on Solana”), and a network of specialized “solvers” competes to execute the transaction in the most efficient way.
ERC-7683 standardizes how these intents are expressed, processed, and paid for, enabling solvers to operate seamlessly across different platforms. This creates a virtuous cycle, as more solvers can compete for user business, leading to better prices and execution speeds, which in turn attracts more users and solvers.
The article delves into the potential market size for ERC-7683, estimating that it could capture 20-30% of Layer 2 DEX volume and 25-40% of the bridging market. It also explores the integration of ERC-7683 with AI-powered interfaces, which could transform how users interact with DeFi, allowing them to simply state their desired outcomes rather than navigating complex technical steps.
The article also examines the evolving landscape of solvers, as the commoditization of their role leads to value flowing upstream to the order originators (platforms like Across and UniswapX) and downstream to the settlement networks (like Across) that provide critical infrastructure and services to solvers.
ELI5
Imagine you want to buy some special coins on a different blockchain, but it’s really complicated to do. With ERC-7683, you can just say “I want to trade my USDC for GOAT coins on Solana” and a special group of people (called “solvers”) will compete to make that happen for you in the fastest and cheapest way possible. ERC-7683 makes it super easy to move your digital money around, kind of like how you can use your phone to order food and have it delivered without having to figure out all the details.
Writer’s Main Point
The main point of the article is to highlight how ERC-7683, a new standard for intent-based transactions, has the potential to revolutionize the DeFi landscape by enabling seamless, efficient, and user-friendly cross-chain interactions. By standardizing how intents are expressed, processed, and paid for, ERC-7683 can unlock new levels of competition and innovation among specialized “solvers,” ultimately benefiting DeFi users with better prices, faster execution, and a more accessible experience.