Intents x Levered
On-chain leverage powered by intents
Project Description
On-chain leverage is broken!
Perpetual futures protocols offer a very limited number of markets (assets), present inherent system stability risks (deviation from spot prices), heavily rely on oracles for executing liquidations, can be costly depending on funding rates, and pose a front-running risk for large trades.
Leveraged tokens provide an alternative means of acquiring leverage on-chain, but there are only a few of these tokens available, with fixed parameters (e.g., 2xETH), maintained by third-party providers.
Margin trading using lending protocols involves a complex series of swaps and supply-borrow loops, which are cumbersome to manage and automate, even for developers, and even more so for traders.
"Intents x Levered" addresses these issues by abstracting away all the complexity, allowing users to take leveraged positions in tokens (and DeFi pools) against any other token at any ratio.
Its solver architecture identifies the optimal execution path and consolidates all necessary actions into a single transaction. Additionally, account abstraction facilitates the automatic maintenance of margin levels.
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How it's Made
Testing of contracts (calldata required for intent-based architecture which leads to finding the bugs in a later stage)
We wanted to store our funds in a Safe contract and execute the tx directly from there. When taking a flash loan with balancer there is an external function “receiveFlashLoan”. We were familiar with modules to manage funds from the vault and directly interact with other contracts without having to wait for signatures from multiple owners (multi sig) but the balancer contract is calling the address which is taking the loan which in our case is the safe address. After consultation with the safe team we learned about the fallback handler which extends the functionality of the safe. When someone calls a function in the safe which is not implemented it will fallback to this contract
