The Ethereum Foundation Open Intents Framework, a new open-source initiative to improve interoperability between Ethereum Virtual Machine-compatible networks and based on intents was launched by the Ethereum Foundation (EVM).
Project will address the issues that are caused by the fragmentation of the Ethereum layer-2 ecosystem (L2). Hyperlane, BootNode and other partners support this open-source initiative that has been designed as a modular, interoperable infrastructure to facilitate and speed up intent-based communication.
Intents allow for transactions to be performed automatically, and in the best possible way across multiple blockchains. As a result, users don’t need to find different bridges and decentralized applications to perform simple transactions, such as a swap.
This initiative was supported by 30 Ethereum teams, including some of the biggest layer-2 chains in terms of total value locked. These include Arbitrum, Optimism and Polygon.
Fragmented Liquidity
Ethereum’s L2 ecosystem has over $36 billion in total value locked, fragmented in 59 rollups, based on L2Beat The following are some of the most effective ways to increase your ROI:.
In the announcement, it was noted that DeFi users are active on networks such as Arbitrum, Base, and Mode. Sony, among other tech giants, has also introduced their L2 solution.
The lack of interoperability between chains is a major barrier despite these advances. By focusing on unifying the ecosystem and transforming it into a cohesive network, the foundation hopes to improve the user’s experience.
Open Intent Framework was built using the ERC-7683 Standard, which has been proposed by Uniswap LabsAcross is an interoperability standard that will be introduced by April 2024. The standard allows for smoother interaction between networks by facilitating cross-chain intention agents.
Despite the fact that intents are an attractive solution, adopting them is not easy. To secure the support of existing protocol, new chains will need to conduct intensive business development.
Modular tool
Running a solver — an agent responsible for executing transactions — requires significant investment due to liquidity management, settlement costs, and ongoing technical maintenance.
In order to overcome these challenges, the framework provides a collection of tools designed for the easy creation and deployment intent-based protocols. TypeScript solvers monitor on-chain event and execute intents. This reduces reliance on proprietary technology.
Smart contracts that can be composed allow for developers to more easily create and resolve intents. The template also includes a customizable user interface to increase accessibility.
The Open Intent Framework standardizes intent execution on Ethereum. This allows developers to create without having to reinvent core infrastructure. They can also reduce time-to market and operational overhead.
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