An Analysis of Intent-Based Markets - Gauntlet
Authors
Tarun Chitra, Kshitij Kulkarni, Mallesh Pai, Theo Diamandis
March 7, 2024
Research
An Analysis of Intent-Based Markets
Key Takeaways
Recently, off-chain marketplaces, colloquially called ‘intent markets,’ have been proposed as a solution to suboptimal price execution for users, latency, and a worse user experience on DeFi mechanisms, when compared to their centralized counterparts.
In these markets, agents called solvers compete to satisfy user orders, which may include complicated user-specified conditions. This paper provides two formal models of solvers’ strategic behavior: one probabilistic and another deterministic.
Results show that the costs incurred by solvers result in restricted entry in the market. Further, in the presence of costly effort and congestion, results counter-intuitively show that a planner who aims to maximize user welfare may actually prefer to restrict entry, resulting in limited oligopoly.
Research
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