Scroll is a popular new blockchain. It’s a Layer 2 solution that makes Ethereum faster and cheaper. Many people are trading on Scroll. But sometimes, trading can be complicated and costly. This is where ‘intents’ come in.
What Are Intents?
Think of an intent like a specific instruction you give to a trading system. Instead of just saying ‘buy 1 Ether’, you might say ‘buy 1 Ether if the price is below $3000, and I want the best possible price’.
This is different from how most trading happens now. Normally, you send a transaction to a decentralized exchange (DEX). This transaction is then picked up by a ‘builder’ or ‘sequencer’ who includes it in a block.
With intents, you state your desired outcome. A special system then works to fulfill that outcome for you. It’s like hiring a personal shopper for your crypto trades.
How Intents Work on Scroll
On Scroll, intent centric trading systems can help you. They gather many user intents. Then, they bundle them up and find the most efficient way to execute them. This can lead to better prices and lower fees.
These systems can also help you avoid some common trading problems. One big problem is ‘MEV’ or Miner Extractable Value. This is where others can see your trade before it happens and use that information to profit. This often happens through front running or sandwich attacks. Understanding how sandwich attacks and front-running work is important for any trader.
Benefits of Intent Centric Trading
- Better Prices: By collecting many intents, systems can find bulk deals or optimize execution to get you a better price.
- Lower Fees: Bundling trades can sometimes mean paying less in transaction fees. This is similar to how some chains try to slash Polygon zkEVM gas fees.
- Simplicity: You focus on what you want to achieve, not the technical steps of making a trade.
- Reduced MEV Risk: Intent systems can be designed to hide your trade details until execution, making it harder for others to exploit them.
Getting Started with Intents on Scroll
To start using intents on Scroll, you’ll need to find a platform that supports this type of trading. These platforms are still relatively new, but more are coming online.
Look for DEXs or specialized trading services that mention ‘intent based trading’ or ‘intent centric execution’. You’ll typically connect your crypto wallet, like MetaMask, to the platform. Then, you can specify your trading goals. The platform’s backend will handle the rest.
As Scroll grows, expect more tools and platforms that use intents to make trading easier and more profitable for users.
