Squid unwraps a decentralized intention-based liquidity protocol which promises faster, cheaper and more efficient swaps across chains.
Cross-Chain Order Routing and Auction Layers (CORAL), launched today, use a system of request-for-quotes (RFQ). This allows users to make swaps with other chains for minimal cost and close-to-instant results.
CORAL’s Intents handles swaps natively unlocking pricing from the market makers order book similar to CoWSwap. By engaging directly with liquidity providers, this approach ensures optimal performance and reduces slippage.
“With CORAL, we’ve removed the borders between chains [to] allow liquidity to flow with minimal friction,” Squid co-founder Fig said.
The Squid 2.x upgrade was successful in removing complex transactions with many hops.
The design has an interesting feature: like with a rollup zk, it gets cheaper for users the more they buy.
The architecture is designed to allow for batching. “saves a significant amount of gas and delivers users the best execution possible for their swaps,” Fig.
It is a good idea to make it. “the cheapest decentralized intent protocol” Across Protocol is even a market leader, he added. Reduced gas costs per order. “as you scale, it becomes basically free.”
CORAL uses Axelar’s general secure message-passing protocols, while Across Protocol relies on more complex cryptographic batching. This approach, like Across’s, pushes the bridge and routing risk to market-makers, who manage the backend complexities for asset transfers. This approach eliminates the need for tokens wrapped in chains or external validation. Users instead receive native assets directly on the destination chain.
CORAL is flexible beyond just swaps. The pre- and the post-hooks allow developers to create complex DeFi applications. For example, they can deposit cross-chain swapped assets in yield farms by simply clicking a button.
“I think we’re on a trajectory to have all the assets on one or two chains,” Fig. “This tech allows you to hold native assets and not really have to bridge them.”
Protocol is available on all major chains, including Ethereum Arbitrum Base. The integration of Solana Sui Aptos and Aptos is planned for January. Cosmos chains will be integrated through IBC in the second half of 2025.
The road map also includes the ability to aggregate messaging protocols like Hyperlane which adds support for 40-50 EVM compliant blockchains. These new additions create an “network of networks,” Interoperability is significantly improved.
Squid has been positioned to be a leader in the field of chain abstraction. This allows users to interact seamlessly with assets, regardless their origin chains.
“Cross-chain swaps are now as cheap as single-chain swaps, so we can really move toward full chain abstraction, where users don’t need to think about which chain their assets are on,” Fig.
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