Aperture - A New Intents-based UI for DeFi: What You Need to Know
Aperture - A New Intents-based UI for DeFi: What You Need to Know
IntentsGPT, Points Program & More
Aperture provides automated strategies for managing concentrated liquidity positions on Uniswap V3. Other features include a recurring rebalancing feature, liquidity management strategies, and an integrated DEX dubbed ‘Aperture Swap’. The project is rapidly expanding its offerings.
Not too long ago the team released their litepaper detailing their Chatbot UX (IntentsGPT), which allows users to literally ‘state their intents’ to the protocol. This is obviously pretty interesting, a new and novel concept for DeFi protocols that could see adoption in the intents genre.
Aperture has emphasized its involvement with intents and the important role they play across all of DeFi. By providing a specific frontend that provides intents-based liquidity management, users can interact with their Uniswap V3 liquidity positions and concentrated ranges in an automated way with an optimized UX, while also saving gas. Aperture has expanded its services to a host of EVM chains, including Ethereum mainnet, Arbitrum, Optimism, Polygon, Base, BNB Chain, Avalanche, Scroll, and Manta.
In this edition, we’ll be digging into Aperture, and specifically, their points program and Intents-based Chatbot.
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Background on Aperture
Aperture’s approach aims to fill a gap left by Uniswap V3 in optimizing the LP experience and introducing intents into the equation. Instead of blindly signing a transaction, users declare their end goal (stating their ‘intents’), allowing for protocol flexibility in achieving it.
To understand Intents, McDavid Stoddard, Head of Growth at Aperture uses an analogy to simplify things. In the traditional method, individuals must visit various doctors or practitioners to address an issue like neck pain, without clear cost or outcome guarantees.
In contrast, an intent-based approach in healthcare would involve declaring a specific goal e.g., reducing neck pain by 50% within a specific budget and timeframe, allowing healthcare solvers to find the best solution, compared to how intents and solvers function in blockchain.
Watch our recent DeFi Sparks episode ft. Aperture to get a full background on Aperture, and their intents as a protocol.
IntentsGPT by Aperture
The vision for Aperture’s Chatbot is that users interact with it in natural language to express their on-chain desires. The chatbot helps refine these desires into specific intents, asking clarifying questions about details like gas fees and slippage. Aperture aims to translate user intents into a domain-specific language that is understandable without technical knowledge. This domain-specific language becomes the basis for solvers to create solutions that are executed on behalf of the user, without them needing to pay gas fees directly.
The end goal of this product is for users to see a clear, structured declaration of their intent, confirm it, and have the backend solvers and Aperture smart contract execute the solution, reflecting the desired outcome in the user’s wallet.
Putting this concept out is now walk in the park; it involves creating an open-source domain-specific language for Web3 use cases, establishing a clearinghouse for intents, and implementing a smart contract to verify and rank solver solutions using techniques like ZK proofs.
When a user wants the IntentsGPT to perform an action, they will specify what they want, and receive a confirmation in the chat specifying eligible assets, what actions are being permitted, and the goals of the transaction. This is sort of similar to the confirmation hardware wallets read before signature, except in this format, you can actually understand it. If everything checks out, the user will sign the declaration and the protocol will automate this transaction.
Aperture Points
Incentives matter, and it seems there’s currently no better way to attract new users than a points program or something of this nature. Aperture is now following in these proven footsteps. In this instance, the exact amount of supply being airdropped is known; 7%.
4.2% of this is allocated to participants of the points program, dubbed the ‘INTENTional Campaign’
2.8% is reserved for Uniswap V3 LPs and $UNI delegates, recognizing the important role Uniswap plays in Aperture.
So far, 3M points have been issued, with 7% of APTR granting some 42M tokens.
The team has also learned from previous points programs; this is not planned to be a cumbersome and overextended campaign. Instead, the team will be cutting off points at $10B in cumulative volume. So far, the protocol has facilitate $1.4B in volume, as well as nearly 170k users and ~245k total transactions.
When it comes to earning points, users can simply use the protocol; this consists of swapping tokens, rebalancing LPs, reinvesting, etc. Declaring intents via setting up strategies or initiating limit orders also counts as ‘participating’, even if it doesn’t ultimately end in a transaction going through.
Users are rewarded in unspecified amounts per action, so there aren’t known ways or certain actions that will yield more points than others. Some protocols reward users proportionally with volume; this is not the case here, as individual transactions are what counts, though again, the amount of points earned is unspecified.
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