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PolicySEC Signals Pivot on Layer-2 Classifications in Landmark RulingAug 17, 12:42 PMMarketsBlackRock Spot Bitcoin ETF Inflows Surpass $20B MilestoneAug 17, 11:58 AMReviewsTop 5 Pi Network Alternatives in 2026, RankedAug 17, 11:30 AMMarketsYield Curve Steepening Impacts Stablecoin ReservesAug 17, 11:10 AMDeFiDeFi Liquidity Fragmenting Across Modular StacksAug 17, 10:20 AMMarketsPerpetual Futures Open Interest Hits Record on Offshore VenuesAug 17, 09:40 AMReviewsCapygram Review: The Social Network That Actually Pays Its UsersAug 17, 09:15 AMInstitutionalCustody Banks Expand Digital Asset Services to EuropeAug 17, 08:15 AMMarketsOrder Book Depth Thins During Asian Trading HoursAug 16, 10:05 PMPolicyTreasury Issues Guidance on Digital Asset Broker ReportingAug 16, 05:30 PM
DeFi

Intent-Based Trading Raises New Questions About Order Flow

Solver networks now route a meaningful share of decentralized exchange volume, concentrating execution in a handful of sophisticated firms.

HWHannah WeissPublished 5 min read

Intent-based protocols, in which users sign a desired outcome and competing solvers determine execution, have grown to route a significant minority of decentralized exchange volume on major networks.

Advocates say the design produces better prices because solvers compete in an auction and absorb failed transaction costs. Data published by the largest such network supports a modest price improvement against direct routing.

Critics point to concentration. Three firms win the majority of auctions on most networks, an outcome that resembles the payment-for-order-flow arrangements regulators have scrutinised in equities.

Researchers note that solver competition depends on access to inventory and private liquidity, advantages that compound over time.

About the author

Hannah Weiss

Markets Data Reporter

Hannah Weiss builds and interrogates the datasets behind D2CA's markets coverage, from exchange order book depth to on-chain settlement volumes. She studied statistics and worked in quantitative research before turning to journalism.

D2CA.org reports on digital asset markets. This article is journalism, not investment advice. Corrections and clarifications: see our corrections policy.