[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  d3h3d.sui 「🦑」 [@d3h3d_](/creator/twitter/d3h3d_) on x 8456 followers Created: 2025-07-22 00:17:58 UTC here's the big problem with near intents, and why you can't build a real product on it, only a proof of concept (poc) it's about participation, visibility and control of liquidity on a centralized exchange you have: X. open participation - professional mms and retail can provide liquidity (anyone can submit orders) X. full visibility - visibility on liquidity (live public order book) X. centralized control - complete control of a centralized entity on access to trades and liquidity, they make the rules on a dex you have: X. open participation - professional mms and retail can provide liquidity (anyone can fund a pool) X. full visibility - visibility on liquidity (on-chain liquidity pools) X. decentralization - no control of a centralized entity on access to trades and liquidity, the rules are in the smart contract near doesn't provide any information on how liquidity works on near intents, who provides it, or how much liquidity exists (red flag) my best guess is they either have a deal with a market maker, or they are providing mm services themselves through one of their shadow orgs (proximity labs, pagoda, near one, near foundation, there are probably more near shadow orgs than teams building on near...) but regardless of what's going on behind the scenes, this is the bottom line with near intents, and its way worse than cexes and dexes: X. closed participation - only near decides who can add liquidity and how, no one knows who they are and how they do it X. no visibility - no straightforward way of understanding how much liquidity there is at any given moment, and how trades affect available liquidity X. centralized control - complete control of a centralized entity on access to trades and liquidity, they (near) make the rules how can you build a real product, not a poc, with so many blind spots? right now you can't swap $100k into btc, and you can't buy XX eth or XXX sol or 3000 sui, there's just not enough liquidity. maybe tomorrow it will be double the available liquidity, maybe it will be half. maybe a few users on another app suck up all the available liquidity and then your users don't have any left. there's zero predictability and zero understanding of if, when and how this becomes predictable. @surgecodes did an amazing work on this poc at but if someone tries to use his interface to get X doge or X zec (zcash) or X trx (tron), which are right there on his interface, they won't be able to do it, because there's zero liquidity. maybe the mm decided to stop providing liquidity for those tokens, maybe it was all used up by some other user. nobody (including surge) knows why there's no liquidity, or if, when and how much liquidity will be available again. now, there could be many reasons why near decided to build intents this way, technical, business, risk-related, but i think a big one is - powering real sustainable solutions is not the north star for near, powering pocs is the north star. the people at near are super smart and have been around long enough to understand crypto hype cycles. a poc can look cool, have a slick ui, spark the imagination, get people excited, and by the time people realize it can't materialize into anything real - there's a shiny new narrative that new shiny pocs can be built around. so, you're a builder, and a poc is nice, but you wanna build something real. what's the solution? well, if you're really excited about the potential of native multi-chain swaps, you need to solve the important (and hard) problem - the liquidity problem. and @ikadotxyz gives you the dwallet, a super useful low-level primitive, only available on sui, that allows you to come up with different and innovative designs, and build an actual solution, instead of a cool poc. @NEARProtocol is a great place to vibe code a cool poc @SuiNetwork is a great place to build generational companies XXXXXX engagements  **Related Topics** [infra](/topic/infra) [nearprotocol](/topic/nearprotocol) [visibility](/topic/visibility) [poc](/topic/poc) [bitcoin](/topic/bitcoin) [coins layer 1](/topic/coins-layer-1) [coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem) [coins pow](/topic/coins-pow) [Post Link](https://x.com/d3h3d_/status/1947451016670249271)
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d3h3d.sui 「🦑」 @d3h3d_ on x 8456 followers
Created: 2025-07-22 00:17:58 UTC
here's the big problem with near intents, and why you can't build a real product on it, only a proof of concept (poc)
it's about participation, visibility and control of liquidity
on a centralized exchange you have: X. open participation - professional mms and retail can provide liquidity (anyone can submit orders) X. full visibility - visibility on liquidity (live public order book) X. centralized control - complete control of a centralized entity on access to trades and liquidity, they make the rules
on a dex you have: X. open participation - professional mms and retail can provide liquidity (anyone can fund a pool) X. full visibility - visibility on liquidity (on-chain liquidity pools) X. decentralization - no control of a centralized entity on access to trades and liquidity, the rules are in the smart contract
near doesn't provide any information on how liquidity works on near intents, who provides it, or how much liquidity exists (red flag)
my best guess is they either have a deal with a market maker, or they are providing mm services themselves through one of their shadow orgs (proximity labs, pagoda, near one, near foundation, there are probably more near shadow orgs than teams building on near...)
but regardless of what's going on behind the scenes, this is the bottom line with near intents, and its way worse than cexes and dexes: X. closed participation - only near decides who can add liquidity and how, no one knows who they are and how they do it X. no visibility - no straightforward way of understanding how much liquidity there is at any given moment, and how trades affect available liquidity X. centralized control - complete control of a centralized entity on access to trades and liquidity, they (near) make the rules
how can you build a real product, not a poc, with so many blind spots? right now you can't swap $100k into btc, and you can't buy XX eth or XXX sol or 3000 sui, there's just not enough liquidity. maybe tomorrow it will be double the available liquidity, maybe it will be half. maybe a few users on another app suck up all the available liquidity and then your users don't have any left. there's zero predictability and zero understanding of if, when and how this becomes predictable.
@surgecodes did an amazing work on this poc at but if someone tries to use his interface to get X doge or X zec (zcash) or X trx (tron), which are right there on his interface, they won't be able to do it, because there's zero liquidity. maybe the mm decided to stop providing liquidity for those tokens, maybe it was all used up by some other user. nobody (including surge) knows why there's no liquidity, or if, when and how much liquidity will be available again.
now, there could be many reasons why near decided to build intents this way, technical, business, risk-related, but i think a big one is - powering real sustainable solutions is not the north star for near, powering pocs is the north star. the people at near are super smart and have been around long enough to understand crypto hype cycles. a poc can look cool, have a slick ui, spark the imagination, get people excited, and by the time people realize it can't materialize into anything real - there's a shiny new narrative that new shiny pocs can be built around.
so, you're a builder, and a poc is nice, but you wanna build something real. what's the solution?
well, if you're really excited about the potential of native multi-chain swaps, you need to solve the important (and hard) problem - the liquidity problem. and @ikadotxyz gives you the dwallet, a super useful low-level primitive, only available on sui, that allows you to come up with different and innovative designs, and build an actual solution, instead of a cool poc.
@NEARProtocol is a great place to vibe code a cool poc
@SuiNetwork is a great place to build generational companies
XXXXXX engagements
Related Topics infra nearprotocol visibility poc bitcoin coins layer 1 coins bitcoin ecosystem coins pow