Introduction

Intent-based Trading

TX Swap employs an intent-based trading model that sets it apart from other DEXs. On TX Swap, users are not responsible for executing their trades directly. Instead of creating an Ethereum transaction for swapping tokens, incurring gas costs and potential failures, users sign an intent specifying the desired tokens and a limit price.

Once the user signs the intent, it is passed on to solvers, who are third-party participants. These solvers compete for the user's order flow, aiming to offer the most favorable execution price. The solver that provides the best price is granted the authority to settle the user's order. Subsequently, the solver generates and signs the actual settlement transaction.

Solvers

In the TX Swap ecosystem, solvers can move tokens on behalf of the user. They utilize the ERC20 approvals granted by the user to the settlement contract. Throughout this process, the contract verifies the user's intent signature and ensures that the execution adheres to the specified limit price and quantity.

In the following sections, we delve into a more detailed explanation of how the competition operates presently. We provide a concrete guide on how to become a solver on TX Swap and also share our vision for the future of fully decentralizing this competitive framework.

TX Swap embraces the intent-based trading model, allowing users to delegate the trade execution process to solvers. Solvers compete to offer the best prices, ensuring efficient and reliable trade settlements for users on the platform.