DeFi

Intentions could exceed the complexity of Defi

Published

8 months ago

28 May, 2024

CoinFlix Staff

Intentions could exceed the complexity of Defi

Intents provide an intuitive and ultimately simpler user experience in DeFi

getty

When tools like Midjourney and ChatGPT began to become widespread in 2022, one of the most striking elements was their simple accessibility. By simply typing a few words as a prompt, any average Joe could begin generating works of art or written prose, perhaps far beyond their natural abilities. Ok, maybe some of the results are of dubious quality, but it’s all relatively fun and harmless.

It’s certainly a shocking comparison to the world of crypto and Web3. For years, the need to navigate exchanges and wallets acted as a technological deterrent, while many of the adventurous few who ventured early into DeFi ended up falling victim to unintended consequences with real funds at stake. When fallible humans are responsible for every action, the slightest bug in the underlying code or a mistyped character in an address string can result in crushing, often irreversible losses.

Furthermore, when we consider the proliferation of layers 2, bridges, phenomena such as reprise, and the increasing complexity and sophistication of DeFi markets, it is clear that the problem is neither getting worse nor better. If mass adoption and democratization are the goals, then we need an easier path to get there.

It’s here that intent-based systems come into play. While the average interaction with a blockchain requires the user to do the heavy lifting, intents provide a more intuitive and ultimately simpler user experience. Today, a non-custodial token exchange may require knowledge of issuing blockchains, supported wallets, connection bridges, etc. With intents, all the user needs to know is that they want to swap token A for token B to get an optimal price with the lowest fees. It’s the difference between navigating from point A to point B on foot using a map or taking a taxi and specifying the destination.

However, this is still cutting-edge technology, so there are only a small number of operators on the market at present. This could change depending on the success of a few pioneers. Intentable.io has just launched its new platform, which includes an authoring module allowing users to create their own intent-based workflows, and a walk where these can be exchanged. Intent creators are likely more advanced users or developers of encryption protocols, while the intents they create can be used by anyone. Intentable uses a network of “solvers” that work to monitor incoming transactions and find optimal solutions based on defined intents.

Intent-based systems also enable more complex or sophisticated functionality than would be possible with standard blockchain transactions, where gas fees would quickly skyrocket. For example, implementing Stop Loss & Take Profit automation for DeFi users is complex, especially if they use multiple protocols. However, the underlying network of solvers ensures that user requirements are met, and can do so across multiple protocols or blockchains without user intervention.

Anoma is another example, although it works somewhat differently. It’s not a blockchain; rather, a full stack based on intent architecture to host decentralized applications. User intentions are treated as semi-completed transactions, in which the user specifies constraints on how their activity should be performed. A network of solvers then works to match user intentions with the relevant counterparty in order to finalize the transaction according to the specified criteria. The project aims to become the base layer for multiple composable blockchains built to meet intent-based requirements, and last year raised $25 million in Series A funding to help expand its ecosystem and partnerships.

This may not correspond to several billion that OpenAI has managed to bring in over the past few years, but it’s a significant investment given that 2023 has been a relatively flat year. Additionally, it demonstrates that investors want to see the revolutionary ease of use and widespread accessibility of AI replicated in the Web3 sphere. Hopefully the next generation of crypto builders take notes.

Fuente

Related Topics:Blockchain Challenge crypto intentions Web3

Up Next

Top 6 DeFi Protocols You Need to Know

Don't Miss

Unmasking Zeneca_33: The Mysterious NFT Collector’s $20 Million Journey into the DeFi Space

CoinFlix Staff

We are the editorial team of CoinFlix, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on CoinFlix, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Click to comment

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

Social networks: https://linktr.ee/rollblockcasino

No spam, no lies, only insights. You can unsubscribe at any time.

Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

Don’t miss a thing – Subscribe to receive email alerts directly to your inbox

Check Price action

follow us on X, Facebook And Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/ktsdesign