β’ Simplified integration β Solvers can participate in multiple auctions by understanding a single, unified format.
β’ Universal network of existing solvers β Applications can plug into a pre-existing network of solvers, eliminating the need to build and maintain their own.
As a result, new intent-based protocols can be launched without the need to establish their own solver networks. Think of this as EigenLayer, but for renting solvers instead of crypto-economic security.
Moreover, solvers now get to compete for order flow in a bigger, global market for intents.
Many solver infrastructure protocols, like @khalani_network and @nomial_io, are aiming to be compatible with the ERC-7683 standard.
This is a win-win scenario for all stakeholders involved.
However, some potential challenges and limitations could hinder the overall adoption of ERC-7683:
β’ The possibility of competing standards. The problem with standards is that there will always be more than one.
β’ The standard only covers the Ethereum ecosystem
β’ It only covers cross-chain transfers and limit orders
We've explained the benefits and challenges of ERC-7683 in more detail in our recent post.
Dive deeper into the world of intent-based protocols here π