Swint

Screenshots

Problem Statement

Detailed Explanation of Swint:Swintis a cutting-edge project inspired by theERC7683standard, which revolves around facilitatingcross-chain swapsusingunified liquiditypools. The goal of Swint is to enable users to swap assets across different blockchains seamlessly, tapping into a single pool of liquidity that spans multiple chains. Let’s break down the key components and how they work together.1.ERC7683: The InspirationERC7683is a conceptual standard that may focus on cross-chain token transfers or unified liquidity management. Though the exact nature of ERC7683 can vary, it primarily revolves aroundasset interoperability,cross-chain communication, andliquidity managementacross multiple blockchains.Swint takes inspiration from this and aims to implement its principles by focusing onefficient liquidity usageacross various chains, ensuring users can swap tokens between different blockchains without friction.2.Cross-Chain Swaps with Unified LiquidityThecross-chain swapsfeature allows users to swap assets from one blockchain (like Ethereum) to another (like Binance Smart Chain, Polygon, etc.). However, unlike conventional cross-chain swaps, which often rely on separate liquidity pools for each blockchain, Swint leveragesunified liquidity.Unified liquidityrefers to a system where liquidity is pooled and shared across multiple chains. This makes the process more efficient because liquidity is not siloed on each individual chain but instead available to all chains connected through the system. This reduces slippage and makes swaps faster and more efficient.3.Phala Network: Extracting User IntentOne of the key innovations in Swint is how it uses thePhala Network. The Phala Network is aprivacy-focused, decentralized compute cloudbuilt on Substrate, designed for confidential smart contracts.In Swint case, Phala Network is used toextract data from the user’s intent. This means that when a user wants to perform a cross-chain swap, the Phala network processes and interprets their request (intent) in a secure and privacy-preserving way.By utilizing Phala’s off-chain computation capabilities, Swint can determine the best way to fulfill the user’s request (i.e., which routes, networks, or liquidity pools to use), while maintaining user privacy and reducing on-chain computation costs.4.Asset Swap and Transfer MechanismOnce the user’s intent is understood, Swint uses two key technologies to facilitate theswapandtransferof assets:1inch:1inchis adecentralized exchange (DEX) aggregator. It searches multiple DEXs to find the most efficient swap routes and lowest fees for users.In the context of Swint, 1inch helps withon-chain swaps, ensuring that when a user wants to swap one asset for another, the system finds the best deal across multiple decentralized exchanges.Hyperlane:Hyperlaneis across-chain messaging protocolthat enables interoperability between blockchains.Swint leverages Hyperlane totransfer assets across different blockchainsafter the swap has been completed. Hyperlane provides the secure and efficient cross-chain communication needed to move the swapped assets from one chain to another.5.End-to-End Process in SwintHere’s how the entire process in Swint works, step by step:User Intent Submission: A user expresses the intent to swap assets across chains.Phala Network Extracts User Intent: The Phala Network processes and analyzes the user's request to figure out the most optimal path and mechanism for executing the swap.1inch Executes Swap: Using 1inch, Swint conducts the swap on-chain, finding the best liquidity source and lowest fees.Hyperlane Facilitates Cross-Chain Transfer: Once the swap is done, Hyperlane securely moves the assets to the desired destination blockchain, completing the cross-chain swap.Advantages of Swint:Unified Liquidity: By pooling liquidity across chains, users benefit from deeper liquidity, leading to reduced slippage and faster transactions.Privacy with Phala: The use of Phala ensures that user data and intent are processed privately and securely, without unnecessary exposure on the blockchain.Best Swap Rates: With 1inch as the swap aggregator, users are guaranteed to get the best rates for their swaps.Cross-Chain Interoperability: Hyperlane enables smooth asset transfers across different blockchains, ensuring that assets are securely moved without relying on centralized bridges.In summary,Swintis an innovative cross-chain swap platform that leverages the power of unified liquidity, Phala’s privacy-focused intent processing, 1inch’s efficient swapping, and Hyperlane’s secure cross-chain messaging to offer a seamless experience for users swapping assets between multiple blockchains.

Solution

We have used Phala Network,1inch and Hyperlane for this projectHere’s how the entire process in Swint works, step by step:1. User Intent Submission: A user expresses the intent to swap assets across chains. 2. Phala Network Extracts User Intent: The Phala Network processes and analyzes the user’s request to figure out the most optimal path and mechanism for executing the swap. 3. 1inch Executes Swap: Using 1inch, Swint conducts the swap on-chain, finding the best liquidity source and lowest fees. 4. Hyperlane Facilitates Cross-Chain Transfer: Once the swap is done, Hyperlane securely moves the assets to the desired destination blockchain, completing the cross-chain swap.###nPhala Network: Extracting User Intent• One of the key innovations in Swint is how it uses the Phala Network. The Phala Network is a privacy-focused, decentralized compute cloud built on Substrate, designed for confidential smart contracts. • In Swint case, Phala Network is used to extract data from the user’s intent. This means that when a user wants to perform a cross-chain swap, the Phala network processes and interprets their request (intent) in a secure and privacy-preserving way. • By utilizing Phala’s off-chain computation capabilities, Swint can determine the best way to fulfill the user’s request (i.e., which routes, networks, or liquidity pools to use), while maintaining user privacy and reducing on-chain computation costs.Asset Swap and Transfer Mechanism• Once the user’s intent is understood, Swint uses two key technologies to facilitate the swap and transfer of assets: • 1inch: • 1inch is a decentralized exchange (DEX) aggregator. It searches multiple DEXs to find the most efficient swap routes and lowest fees for users. • In the context of Swint, 1inch helps with on-chain swaps, ensuring that when a user wants to swap one asset for another, the system finds the best deal across multiple decentralized exchanges. • Hyperlane: • Hyperlane is a cross-chain messaging protocol that enables interoperability between blockchains. • Swint leverages Hyperlane to transfer assets across different blockchains after the swap has been completed. Hyperlane provides the secure and efficient cross-chain communication needed to move the swapped assets from one chain to another.