IntentX — leading the charge of the on-chain derivatives trading revolution

Launched in November of 2023, IntentX has grown from strength to strength and has cemented itself as one of the premier frontends built on SYMMIO. From recent deployments on Mantle and Blast, crossing $2B in trading volume, establishing itself as SYMMIO’s flagship serviced frontend provider, and constantly shipping new updates, there’s plenty to be excited about in the world of IntentX (including an upcoming TGE).

0xDredge

Published in

SYMMIO Publication

7 min readMay 14, 2024

IntentX in a nutshell

IntentX is an OTC derivatives exchange, offering leverage trading on over 262 futures pairs.

The goal is to deliver a CEX-like experience on-chain by combining innovative technologies and continually developing and improving the user experience for traders.

IntentX utilizes SYMMIO’s intent-centric architecture, which enables the most liquid, diverse, and scalable markets on-chain. Trading on IntentX is permissionless, trustless, and non-custodial. Further upsides include trading incentives and an intuitive and seamless user interface, allowing for a smooth onboarding for traders perhaps more familiar with CEX’s.

To usher in this next-gen DeFi evolution, IntentX leverages the SYMMIO tech stack, redefining what was previously impossible for on-chain financial markets.

SYMMIO and IntentX: A Symbiotic Relationship

With SYMMIO laying the foundation with its intent-based, hyper-efficient infrastructure layer, IntentX carries the vision and concepts forward by continuously optimizing the trader experience and stimulating trading volume across its platform.

Simply put, in this symbiotic relationship, SYMMIO provides the settlement layer while IntentX facilitates OTC trades by matching order flows with Solver quotes. IntentX and SYMMIO share the vision of redefining derivatives trading, to match and improve the user experience of the more commonly utilized centralized exchanges, and continuing to innovate and disrupt the largest global financial market by bringing it on-chain.

“Our partnership with SYMMIO is pivotal for IntentX, as it embodies a shared vision for revolutionizing the on-chain derivatives market. IntentX is built from SYMMIO’s groundbreaking work in digitizing Over-the-Counter (OTC) derivatives on a decentralized, global scale. Together we are pushing the boundaries of what’s possible in decentralized finance.
The close collaboration mutually enhances our operational and technical capabilities, increasing our ability to transform the on-chain derivatives landscape. Together, we are setting new standards for pre-trade and post-trade processes, ensuring that our platform not only meets but also exceeds the expectations of traders and market makers.
This partnership is not just about achieving short-term goals; it’s about developing a future where on-chain derivatives trading is efficient, secure, and accessible to all.”
Levy, IntentX founder

Additionally, IntentX is actively assisting in developing and expanding the SYMMIO network. To date, they have connected SYMMIO to several prominent MarketMakers (solvers), as well as positioned themselves at the forefront of promoting SYMMIO adoption by taking on the role of a Serviced Frontend Provider.

Serviced Frontends can serve new frontend partners by assisting them in the onboarding process, developing the interface to their liking, adding additional UX tooling, and doing a lot of the heavy lifting by leaning on their experience gained when integrating with SYMMIO themselves. This service is optional for new frontends but can be appealing as they can then focus resources on other aspects.

IntentX is currently providing, or actively developing, a frontend service to the following protocols:

Thena
Core Markets
Based Markets
BeFi Labs
Fenix

To further solidify the partnership between our two protocols, SYMMIO and IntentX sealed a treasury token swap agreement, which will be executed once the TGEs for $SYMM and $INTX have taken place.

Read more about the SYMMIO x IntentX connection here.

Where it started, and where it’s going

Open Beta Launch

In November of 2023, IntentX launched its Open Beta. Users could trade 180 crypto futures markets and were incentivized through the Trade & Earn program, where 3M $INTX tokens will be shared after the TGE, based on points accumulated by traders.

Additional $xINTX can also be earned through the referral program, with a 15% bonus applied to traders using referral codes and the associated affiliates.

Accompanying this Open Beta, they also released an extensive tutorial, walking users through every step, from creating and connecting an account to opening and closing trades, monitoring account health, and more.

By the turn of the year, the platform already boasted some impressive metrics:

Over $370m total traded volume
Nearly $80k in platform revenue
Almost 30,000 trades
Over 3.6k users

Adding to the positive market response, a $2.5m Seed Round was closed. Magnus Capital, Prismatic Capital, MS2 Capital, and several others all invested in the future of IntentX, a statement of the belief in the IntentX team and their commitment to playing a major role in shaping the future of on-chain derivatives.

Launches, updates, and developments

IntentX continues to develop and innovate, making constant improvements to its product offering and adding tooling and functionality for its users.

V0.82 Update

At the end of 2023 a major upgrade was released, bringing the platform up to date with the latest SYMMIO version release. This update included:

Migrating to the V0.82 contracts
Introduction of funding rates
Changing to native USDC on Base chain as collateral assets

Major Update

February of this year saw yet another major update release, enhancing the trading experience and introducing new features and customizations. Some of these updates included:

Advanced account analytics
Customizable layouts
Grouping positions
Updated order status notification system
PnL trend chart

Stop Loss and Take Profit

A SL/TP feature was developed and implemented, a highly-requested feature that significantly improves the trading experience for users.

IntentX in numbers

The non-stop shipping is reflected in the numbers, with the growth of IntentX showing no signs of slowing down. With over 250 pairs available to trade and more being added every week, the metrics continue to impress:

Over $2B in total traded volume
Nearly $600k in platform revenue
120,000 trades
Nearly 15,000 users

2024 Roadmap

The Roadmap is focused heavily on improving user experience as well as new user acquisition through strategic multi-chain deployment:

Account Abstraction + Gas Sponsorship
Trading Incentives
5+ Multi-Chain Deployment
Token Generation Event
Onboarding New Solvers
Social Trading
Gamification
Enhanced Trader and Platform Analytics

2024 will be a pivotal year for IntentX to establish itself as a tier 1 DEX and push the boundaries of what is possible in perps trading on the SYMMIO tech stack.

Start trading today

Getting started on IntentX couldn’t be simpler. Follow this comprehensive guide and start trading over 262 futures markets, with up to 60x leverage, today.

Trade and Earn a host of incentives: