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IntentX: The Ascension Is Now Underway

April 15, 2024

In conclusion

GM to all intents enjoyooors and intents enjoyooors only!

For those of you who have been keeping up with blocmates, you guys know how much we love IntentX. We gave you the complete guide in December 2023, and since then, their growth has been exponential.

We hope you’ve been collecting some sweet xINTX along the way.

Today, we have even more exciting news. IntentX’s Ascension phase has begun. This means you can expect a full launch of the product and the token very shortly, in tandem with deployments on other chains.

So relax as we explain what the future holds for the next-gen perp DEX of crypto.

A little bit of background

IntentX launched its open beta trading platform on November 15th, 2023, on Base. I’ve been using it, and I must say it's a pretty smooth experience. You get over 200 pairs with high leverage and quick execution time. What more can you ask for?

Since then, the platform has done over $1.5B in total trading volume.

Fast forward to March 2024, and IntentX began its multichain expansion by deploying on Blast. The new layer 2 was built by the founders of the NFT marketplace Blur.

The launch on Blast was a resounding success, and IntentX has now set its foundation to begin the next phase of its product rollout. This new phase will be the full launch of IntentX, along with some other cool updates that I’m certain most of you will like.

The Ascension Phase

Just a few days ago, we introduced you to Mantle and all the cool stuff they have coming up.

The first part of this new phase will be the deployment of IntentX on Mantle.

Mantle is a budding L2. Activity on the chain has been picking up in a big way with their mETH product. A couple of memecoins have done really well, and as we know, make a couple of people rich off memecoins, and your chain has all the marketing it needs. The MNT token has been performing well, and in general, all usage metrics are up only.

IntentX is now deploying on Mantle to become the premier perp trading DEX of this budding ecosystem.

This will be done with the backing of the Mantle ecosystem fund, which has been used to aggressively grow their ecosystem by onboarding applications and supporting developers.

But the bigger headline here is that IntentX’s move to Mantle marks the beginning of its full launch.

Here’s what to expect with this full launch:

Platform overhaul

This full launch will come with a completely revamped UI/UX, which the team claims is significantly better than the current one. If you’ve been using the platform, then you know that’s a big statement because it’s already pretty damn good.

In addition, more pairs will be onboarded, and liquidity will be deepened to further enhance the trading experience and compete with DEXs and some CEXs.

Account Abstraction

They have built an account abstraction solution to further enhance the trading experience and also to make onboarding easier.

Users can onboard and create accounts through web2 credentials in just a few clicks, and this wallet also comes with complete gas management to simplify the experience for newcomers.

The INTX token

This is the big one that all you degenerate apes are here for.

With its move to Mantle, INTX will also deploy its token on the network. The TGE will happen shortly after their deployment on Mantle.

This also means airdrops for early platform users are just around the corner. If you’ve been using the platform and getting yourself some xINTX, expect a nice airdrop very soon.

The launch of the token will also mark the launch of the xINTX staking mechanism, which is designed to maximize value capture and redistribute revenue to holders in accordance.

Now, being an xINTX staker can be highly lucrative. They redistribute 85% of the platform's revenue to xINTX stakers. To put that into context, in just this open beta phase the platform has done $1.53B in total trading volume, through which they generated $430k in fees.

This fee generation will be distributed to xINTX stakers proportional to their stake. Now, imagine what will happen once the full launch is complete and the platform functions on multiple chains.

Over this, xINTX stakers also get 10% of the platform's front-end service provider fees. In essence, IntentX creates and operates front-ends for other products in the Symmio ecosystem. For this service, they charge a fee of which 10% will be given to xINTX stakers. Money printer go brrrr indeed.

With the staking mechanism, we will continue to see the incentive program operate wherein users of the platform receive xINTX rewards for completing tasks and simply using the platform. They have a few more surprises lined up for traders, which are currently secret, but I believe they will be worth your while.

Concluding thoughts

This is just the top-level overview of what's coming up for IntentX.

They have a lot more cooking behind the scenes, and if they’ve already been so successful before the full launch, one can only imagine what's to come in the near future after they start rolling out more products.

Their roadmap consists of enabling one-click trading, solver LP pools, trading competitions, different order types, and much more.

As always, there’s no better place to get all your updates and breakdowns than on blocmates. We will be covering everything IntentX for the foreseeable future.

It’s something we’re incredibly bullish on, and you should be, too.

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