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Introducing Meta-Intent Flow Auction: Launching with PancakeSwap

90% of BNB Chain Integrate Meta-Intent Flow Auction

October 04, 2023

Introduction

In the realm of DEXs, Protocol Aggregators and Wallets, there’s an ongoing pursuit for innovation to make trading more efficient for users by reducing the value that leaks out of the system, often captured as MEV.

At Wallchain, our primary focus is to redistribute MEV back to protocols and originators. To achieve this, we have developed the Meta-Intent Flow Auction. This auction system allows for seamless MEV capture by integrating directly into dApps and wallets and utilizing user transactions and intents. Wallchain serves as a marketplace that connects those with transactions and intents, referred to as order flow providers, with those seeking the best MEV opportunities, known as searchers. By bundling user intents, transactions and MEV searcher strategies into a single transaction, we streamline the process, minimize risks, and enhance outcomes for all parties involved. This marketplace design fosters better MEV redistribution and optimizes MEV capture.

This is the first launched MEV auction that takes place as close to the user as possible in the MEV supply chain.

90% of BNB Chain Integrate Meta-Intent Flow Auction

Meta-Intent Flow Auction is already being integrated with PancakeSwap, ApeSwap, ZeroSwap, LiFi, and BabyDoge, which represents more than 90% of the BNB chain's order flow. Our goal is to return as much value back to communities of EVM-based chains. For BNB, we’re looking to combat the $95 million in yearly losses attributed to MEV attacks on the BNB chain.

Launch Partners

What is Meta-Intent?

Along with the intent of the trade or any kind of general DeFi action, the user has a Meta-Intent. If a transaction creates value for someone else, the sender's Meta-Intent is to get as much of that value as possible without diminishing the value of the original transaction. To achieve this, Wallchain is gradually building a decentralized, permissionless Meta-Intent Flow Auction.

From the beginning, Wallchain operated with MEV on the application layer. We help users and protocols to construct the right transaction before signing. As noted earlier, it's the user's intention not to lose money to MEV, and we help them at the moment of structuring their transactions.

Intents vs Meta-Intents

Meta-Intents and Intents are distinct tools that serve different purposes. Actions in DeFi are all about creating value. Intents aim to get the best execution price. However, they often fall short as protocols tend to leak value.

Meta-Intents offer a solution to this problem by optimizing value capture. Unlike regular Intents, Meta-Intents enable users to capture MEV that may be leaked through intent-based protocols or regular transaction-based protocols. Meta-Intents do not replace the Intents.

Meta-Intents are a new and innovative way to capture value in DeFi. They have the potential to make DeFi more fair and efficient for many protocols, bringing MEV redistribution as close to the user as possible in the MEV Supply Chain. Meta-Intents aim to capture extra leaked value from any protocols and even intents.

Meta-Intents Advantages

  • On top of MEV supply chain: Meta-Intents operate at the application level to help users and protocols construct the right transactions before they’re signed. It reduces the need for custom RPCs, as the Meta-Intent Auction itself formulates the appropriate function calls to capture leaked MEV. Meta-Intents extract the MEV before any OFA, RPCs, sequencers, validators etc. This is critically beneficial for searchers. If you want to search on $2.6B swap volume, you're welcome to our MEV searcher onboarding page.

  • Multichain Adaptability: Our protocol-level solution allows for easy deployment across EVM chains, be it L1, L2, or L3.

  • Cost-Effectiveness: Our operational efficiency is one of our standout features. By focusing on transaction-level operations and avoiding interactions with external validators, we eliminate the need for extra gas/bribe payment. Here is a detailed example where Wallchain extracted $1,267 in MEV paying only $0.46 and 0 bribes.

Transaction Life-cycle in the Meta-Intent Flow Auction

How it Works

  1. Before the transaction is submitted to the mempool, its raw CallData is sent to the Meta-Intent Auction Service.

  2. Searchers participate in the auction process and the highest validated bid is selected for execution.

  3. On the client side, a new transaction is created. It has the original user transaction CallData and searcher CallData. Unlike other OFAs, the bundling of CallDatas happens inside a single transaction, which helps to abstract out the execution infrastructure.

  4. User CallData gets executed.

  5. Finally, the searcher CallData is executed. MEV is captured and redistributed.

About Wallchain

Started in 2021, Wallchain is dedicated to optimizing blockchain transactions and mitigating MEV losses.

Wallchain MEV rebate stats

With over 24,000 MEV rebate transactions successfully executed across four EVM chains, we offer a unique intent-level approach to transaction formulation, reducing the need for custom RPCs. Our platform maximizes MEV rebates for users and doesn’t share rewards with validators.

An example transaction that combines swap and MEV capture can be found here.

What's Next

  • Generalization to support all types of intents, transactions and AA user operations.

  • Gasless & private execution and aggregation of custom RPCs like MEV-Blocker/MEV-Share/Kolibrio etc.

  • Decentralizing Meta-Intents infrastructure using Gelato.

  • Sufficient decentralization through deployment on decentralized counterparty discovery networks such as Anoma or SUAVE (or a separate chain).

  • Distributed Auction Technology based on Distributed Validator Technology and Distributed Sequencer Technology.