/liqu1tent

Primary LanguageTypeScript

Liqu1tent - Crosschain intent swaps via Layer Zero

Overview

Liqu1tent is a crosschain intent swap protocol that allows users to swap assets across different blockchains. It is built on top of the Layer Zero protocol, which is a decentralized messaging protocol for sending messages across different blockchains.

Features

Near Instant

By using intents, Liqu1tent is able to provide near instant swaps experience between different blockchains. This is achieved by having the filler initiate the swap on the source chain and then fulfill the swap on the destination chain. There is a delay between creation and fulfillment however the user does not have to wait for this, and professional fillers that provide filler services take care of the complexity.

Competition

Any entity interested in filling the order can access and fill the intent orders, this creates competition and ensure the user is able to get the best rates for their swaps.

Schema

How It Works

  • A user that wants to swap from a source chain creates an intent by presigning an order which is stored in a database and accesible via an API.
    • The order intents are stored in a database accessible through an open API which is accessible to any entity interested in filling the order.
    • The status of the order is NEW at this point.
  • Fillers query the order database for intents and initiates the process on the source chain by locking up the users funds.
    • The source funds are locked in a smart contract on the source chain throught the Liqu1tent smart contract.
    • The status of the order is updated to PENDING at this point.
  • The filler fulfills the order on the destination chain by sending the funds to the user through the Liqu1tent smart contract.
    • The funds are being sent to the user on the destination chain.
    • The status of the order is updated to FILLED at this point.
  • Proof will be sent to the source chain to unlock the funds in the benefit of the filler.
    • A message is being sent from the destination chain to the source chain using Layer Zero.
    • The locked up funds on the source chain are being unlocked and sent to the filler.
    • The status of the order is updated to COMPLETED at this point.