Revolution in Cross-chain Space: Decentralized Instant Swaps
Dubai, UAE, 6th December 2023, Kinetex’s Tigran Bolshoi and Venom Foundation’s CCO, Faraj Abutalibov, had a conversation at the Genesis XBT Crypto Conference last month. During their discussion, they covered several aspects, including common cross-chain problems, the innovative approach the Kinetex team is working on, and the team’s plans.
Initially, Bolshoi and Abutalibov discussed some of DeFi users’ primary challenges, such as security, prices, and poor UX. Among the most significant security challenges are the need to trust third-party validators and the constant risk of depreciation of wrapped tokens, which can severely impact users. Additionally, there are non-guaranteed rates and price slippages. Lastly, there is the issue of poor user experience, which discourages many users from trying decentralized services.
Next, Bolshoi expressed his opinion on cross-chain bridges, pointing out several issues they create, such as security concerns related to wrapped tokens and the high cost of using bridges, sometimes including up to nine fees and commissions. In addition, Bolshoi stressed the complexity of finding liquidity and suitable bridges, which can take a lot of time, even for experienced users.
While discussing possible solutions, Bolshoi suggested that intents are the way forward, as they allow users to delegate their requests in a decentralized manner. Kinetex proposes a decentralized solution in the form of a network of professional resolvers motivated to compete for users and their orders, executing them according to the conditions that users define at the beginning. This way, Kinetex can provide users with guaranteed rates and gasless flow, thus solving many issues discussed at the beginning of the interview.
Toward the end of the discussion, Abutalibov inquired about the Kinetex team’s plans. Bolshoi responded by stating that Bitcoin usually sets the pace for the market. So, the team is currently dedicating its efforts towards developing a specialized solution for DeFi — Zk light clients for Bitcoin. In addition, the team is also exploring the possibility of enabling instant and commission-free swaps for stablecoins, which can be of great interest to many users.
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