DeFi Aggregators Shift to Intent-Based Trading as KyberSwap Surges Ahead
The DeFi aggregator market is undergoing a significant shift towards intent-based trading, where users declare their desired outcome and a network of competing solvers figures out the best way to deliver it. This approach flips the traditional model on its head, where trades are broken into predetermined routes across various liquidity pools.
KyberSwap has taken the lead in this space, capturing around 31% of DEX aggregator market share despite a 40% decline in aggregator trading volumes. The platform's edge comes from its infrastructure breadth, aggregating liquidity from more than 420 sources across 17 different chains.
CoW Swap pioneered much of the intent-based approach with its batch auction model, but its narrower chain coverage limits its ability to match KyberSwap's cross-chain reach. 1inch has been pushing its own intent-based product through 1inch Fusion, using a Dutch auction mechanism to let resolvers compete for order fills.