aori ⑁ intern

Aori V1 is now live on Arbitrum Mainnet, the first of many chains we’ll be deploying to. Aori enables next-gen trading efficiency through the concept of “flash market making”, connecting CeFi/DeFi arbitrageurs to MEV searchers, solvers and DeFi-native market makers. 🧵⬇️:

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Chain Abstraction is Still a Myth I'm seeing lots of noise about the state of things in Chain Abstraction. People confuse future promises with reality and struggle to understand what really works and what doesn't. Chain Abstraction is a great vision: crypto users shouldn't need to know what chain they're on and should enjoy a seamless experience. But there's one big problem: liquidity rebalancing. The Rebalancing Problem is a Hot Potato tossed between different parts of the stack and nobody's fully solved it yet. ---- How the Chain Abstraction Stack works (in theory): - Users offload complexity to intent-based protocols - Protocols offload complexity to solvers who upfront their capital in exchange for fees - Solvers do the rebalancing and maximize capital utilization Sounds great, but it's still broken in practice. ---- Here's the Hot Potato: - Users want fast and cheap transfers, but the DeFi bridging market is very small (just $8B monthly) and bridges fiercely compete for orderflow. Recent price wars between @AcrossProtocol and @StargateFinance led to <5 bps fees. - Bridges struggle, often operating at a loss. They use token rebates to incentivize solvers to provide faster and cheaper fills. The problem gets worse with new fancy chains launching every week and it's a pain for intent-bridges to support uni-directional flows. - Cross-chain solvers often barely break even. <10 big solvers actually exist and a few of them are bridge-affiliated intent.markets/fillers. They offload complexity to other bridges and CEXs, but the rebalancing eats up most of the profit made by solving. - CEXs offer near-zero prices for multi-chain deposits/withdrawals but face idle inventory and complex manual rebalancing. They eat the costs and can't offload this complexity to anyone. Chain Abstraction now is just a pyramid where big players subsidize smaller ones - it's a zero-sum game. No meaningful efficiency gains, just tossing. --- What are the possible solutions? Sure, we can burn and mint tokens. But everybody is trying to create their own token standard, which makes the fragmentation only worse and doesn't work for ETH and stables (most of the volume). You can also grow the number of solvers and available liquidity. @khalani_network and others are trying, but solver unit economics are fundamentally broken. LPs want to provide high-risk capital at 40%+ APY and users want to pay <5 bps fees, and the two don't match. Superchains? Sure, OP is a great example, Elastic Chain is another, and hopefully Arbitrum will follow. But bridging between these, Solana, Tron, TON, etc. still needed. Plus, with appchains and RaaS booming, one big ecosystem isn't realistic. How about vertically integrated platforms like Coinbase-Base? To me, it's the closest to a truly great web3 UX and Chain Abstraction. However, there would always be massive capital flows going to other chains, even though Base might capture a large percentage of the US user base in the end game. And there are more; you can add yours. ---- However, for Chain Abstraction to work, there has to be a way to bring real efficiency gains to the whole system. Without solving the hot potato, this space is doomed and won't survive in the post-AGI world. @EverclearOrg has a part of the answer: clearing and netting of bi-directional flows is a net gain. But there are other great teams working on the problem. I'm hopeful seeing smart, ethical, execution-focused people at @AcrossProtocol, @hyperlane, @aori_io, @OmniFDN, @ParticleNtwrk and some other CA protocols. No one can solve this alone. Let's find the answer together and play positive-sum games.

We think intents are here to stay and HOT adopts an intent-based model with its flash swap feature. Flash swaps use a Request-for-Quote mechanism, where solvers like @aori_io and @furucombo are offered quotes for the right to unlock liquidity at a fair price.

How will L2s transform the crypto landscape for billions of users? Leaders from @ambergroup_io, @defi_raven, @Hyperlane, @aori_io , @BNBCHAIN , and @AirfoilStudio break down the future of L2s, Ethereum scaling & fragmentation. Join us in Bangkok! lu.ma/7pesuxv7

Introducing CAP Labs A stablecoin engine to save DeFi from self-consuming designs

The next 6 months in crypto will be the most important time of this cycle. Time to lock in.

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