• Simplified integration — Solvers can participate in multiple auctions by understanding a single, unified format.
• Universal network of existing solvers — 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:
• The possibility of competing standards. The problem with standards is that there will always be more than one.
• The standard only covers the Ethereum ecosystem
• 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 👇