defi-research

Going to give a *sneak peak* about this paper w/ @ksk and others to FC before Twitter!

There's been a surge of interest in intent-based systems like @uniswapX or CoW Swap — their claim has been to help improve the acquisition of off-chain price data on-chain

But do they work?

Cool to see this formalized but this always seemed intuitive to me that open solver markets can be very inefficient. 

We see this eg in ibc relaying where multiple competing relayers lead to a lot of waste

Challenge is how to minimize waste while ensuring liveness

The Art of Exchange, The Science of Payments

Co-founder, Cosmos. CEO, Informal Systems. 

Still figuring out what kind of solver market if any we really want there. Could just be eg dedicated elected service provider or some subset of validators via abci++

This is especially relevant to our design of Cycles protocol where solving is explicitly happening on a global graph and we’re seeking global optimal so multiple solvers largely unecessary.