Users Don’t Want Transactions — They Want Outcomes - Mariia Keiko

Transcript

Users don't want transactions. They want outcomes. Hi everyone. My name is Maria and I'm core contributor of Cow Dao. You also might know it as Cow Swap. And that's really a pleasure to be here today with all of you in such a beautiful location and present you more information about what is the present and also what the future holds. So, the core idea, something what I always like to start with when I provide a presentation is like what is this exactly will be about. DeFi is evolving from manual infrastructure operation to autonomous intent fulfillment. Something what we don't need to think about, something what will be very intuitive and we don't

need to know all the UX behind to ensure that we can use the products itself. Users, indeed, they don't want to have like to be routers or to be risk managers or execution optimizers. All they want, they want to have a simple, straightforward product they can use and they can benefit out of it. They want the results. So, the future DeFi system that fulfill user intentions, not system that make users operate as they are financial advisers and know everything, they know how to operate every single detail.

Nobody wakes up excited to sign transactions or almost nobody. Sometimes I do, but hundreds of DeFi apps, you really need to know where to go, you really need to know what to click, how to click, where to bridge, how to connect everything and so on. So, there are lots of complication and infrastructure is sometimes might be overwhelming for the users. People simply want results. DeFi still makes users do the work behind the screen. And what the people really want, they really want to go to the platform and make it simple for them. They want swap tokens, access

capital, yield, simple, fast, and done. They don't want to remember and know everything what's happening around. What DeFi demands nowadays as manual routing, chain switching, slippage, MEVs, you really need to be aware how to and and what to do and lots of other things. The gap users are forced to act as they are infrastructure operators. Who here has done all of this?

I'm sure that maybe not all of that, but some of that you have you you certainly face and something where you're just like, "Why is it happening? Why do I need to app to open those 10 10 10 tabs and to click on all of those items, right?" So, there are lots of things happening and sometimes they need to do lots of things manually and to go through lots of steps and be careful, mindful what they click, how they click, and they need to know all the details before execute the transaction, before visit some app and so on. So, there are lots of technicalities involved into making one simple transaction or anything around that.

Imagine explaining this to the normal people. And we are all normal people, but who I call normal people, someone who is not involved in the web street. Someone who doesn't have an idea what is it all about. It's quite complex and it takes time to educate to ensure that people are well aware and so on. And also, we do have very different techni- technicalities levels, even if with those people who already involved in the web three. Some of them, they know more. Some of them, they know less, right? But we still expect that they take care of the transactions they have, that they benefit out of um using their the platforms and so.

The real problem is not actually complexity of the products. The complexity will be there, and it's something what is needed. But what is actually the real problem is the cognitive overload. Like, routing engine, users must mentally commute the best path across the axes, and chains in the real time. The risk managers, they take lots of security on their shoulders. And also, the execution optimizer. So, we expect them to execute, to know about every single detail. And this is something what not every single user who even already using the web three products can uh understand how it works.

Why execution feels broken? There are many aspects on that we can tell about fragmentic liquidity across the axes. We can uh speak about slippages, failed executions, MEV extraction, information leaked, and bridges uh with delay at risk, and many, many, many, many other things on top of that. DeFi push execution to the users by assumptions. The users are the one who optimize the road. The users are the one who manage the risk. The users are the one who predict markets. But actually, they can't, and they shouldn't. All they need to do, they need to ensure that they can use the DeFi as the product, as an

invisible layer, and they can trust, they can benefit, and be happy. So, instead of building all of new things, what is important is to take care of all we have already and to ensure that we take in that to the next level. Ensure that we make it in more user-friendly, simple, secure, and so. I really like this picture, by the way. It's very linked to the user execution. So what?

Very often users are doing the market jobs. Every time a user open the file, they they make a decision and they have to be very mindful on what decision they are making. What users actually want? They want best swaps, safe execution, after balances, simple, fast, and intuitive trades. And the best example of the shifts in practice is intent-based trading, which is already for a while on the market. Some of you already might know what is intent-based trading and I wouldn't dive deep into that. I will just provide very high level of overview and of course, feel free to ask me any questions if you

would have after. So, what is intent-based trading is when the users they don't need to think about all the things when they trade, where to take the liquidity from, where to I mean, what is MEV's is and and so. What they do, they just submit their intent and the solvers, the one who are the third parties, I would say, executing the best possible trade for the users. Also, in CowSwap, that's the model which we use and we protect on top of that users from the MEV's, so they are not get sleep any slippage

or sandwich attack and so. And in the end of the transactions, users are the one who receive the best possible price with also the surplus on top of that. So, in traditional DeFi, you specify how to execute trade. And solvers do really their best to provide the best outcomes for the users and provide them the best path for that. It's like an ordering a ride. In traditional DeFi, you you drive yourself to the place you want to get. Basically, you rent the car. And in intent-based trading, which is an example of the cow swap, what you do, you tell the driver where you want to get, and you don't get You don't actually care the way how they

will get there. Solvers are the one who who are taking care of your execution and ensuring that you have the fastest route, the best possible the best price, and so. You state the destination, and the market does all for you. Solvers compete on execution quality. So, in behind of that trade with intent base, there is a solver competition. And the solvers There are multiple solvers, and their interest is provide the best price possible for the users. And the reason why There are many many reasons behind, but one of them because they really want to ensure that users are the one who benefits out of that. But also,

they compete with the other solvers to ensure that they can get uh benefit out of that because every single solver solver who provide um who execute the transaction who execute the best possible price for the users, and they win, they receive as well the benefits. They receive uh uh some um some benefits out of it, I would say. Intent-based tradings uh and cow swap involves uh core mechanism as fair computer auction. So, the solver competition actually happens in the fair computer auction. In the past, we had batch auction, which is very classic

one. Since the last year, we do um June, if I'm not mistaken, to be very specific, we do have the fair computer auction. And what's the change, you might ask? The change is uh that there are many things around. You I can also share the CAP written in the end of the of the talk, so we can go more in details. But, the point is that there can be many few bids. The solvers can submit few bids, and there can be few multiple solvers instead of one solver. So, different solvers can provide different solutions, and those solutions at the same time can win and in one transaction executed on chain to uh the user, right?

So, all the solver competition and batch auction uh and fair computer auction happens off chain, and the execution of the transaction happens already on chain. And also, another uh core mechanism is coincidence of wants. It's actually what COW stands for. Many of you knows COW because of the iconic moo sign. Uh it's still iconic, but the name is stands for a coincidence of wants. It's when you have what I want, I have what I what you want, and what we can do, we can swap.

And uh important is protecting from the MEV's, ensuring that the users are not um attacked with the MEV's, and they are not paying anything extra on top of that. If you speak about the fair computer auction, it's uh very powerful, but it's also very complex. What is good about that? That this complexity actually goes not to the users, but actually goes to the solvers, the one who are executing the trade for the users. So, they take all the all those complexity and they need to figure out how to provide those prices for the users and have to submit their bids and what best route and so

on. Believe me, solver competition is very very complex and the good thing as I said it's not going to the users, it's going to the solvers. Yeah. So, you can see what the solver competition is. There are lots of things around. I wouldn't provide much information about that. It's a very high level. If you would like to go in more details, would be happy to provide it later. And let's talk more about the future.

So, we speak about already what is working well, what is the issue we are kindly we are we are currently facing, what is the the past, what would be the future. The shift intent based system is just the beginning. Every layer of the DeFi is converging toward a single principle. Users express intent, infrastructure handles execution. Simple, straightforward and without additional overhead for the users. Every great system removes complexity from the users. If you think about the web two products which financial products which uh users use, they don't need to think

about what to do have to do. Everything is handled for them. They don't understand even how does the complexity of the UX or the back end works in general. Intent only. Users, all they need to do they express what they really want. The future of DeFi isn't more powerful tools for the users to operate. It's a system sophisticated enough that users never have to think about operating it at all. Sounds like a dream, right?

I hope it's going to be reality in all the levels and we see it very soon. What else? DeFi is um like there are many things happening. The protocols abstractions and agents being built today and laying the groundwork for the financial system that operates beyond the cool human intervention. One where outcomes replace operations and infrastructure becomes invisible. So, they use the product so simple and so intuitive that they even don't understand that this is so complex.

That's something what becomes really invisible fast and easy for all of them. Removing complexity, what does it mean? Every great system in history has exceed by removing complexity from the user. DeFi is not different to be very frank. It's actively constructing layers of abstraction that progressively hide the machinery underneath. Execution layers, coordination layers, interface layers intend only. Users simply express what they want, nothing more.

Another one is autonomous execution which optimize outcomes, react to the markets, compete for for efficiency. Right? So, the solvers and agents compete driving quality and cost improvements through the open markets. Always on, adaptive and invisible. In autonomous execution system, the friction of step-by-step interaction disappears entirely and the mental overhead of managing DeFi is offload to the system that never sleeps. Some something what can never miss an opportunity, of something what has much more information than the user and they don't need even search for that.

What user no longer do, they choose execution roads manually, um, sign step-by-step transactions, monitor positions and rebalance. What execution becomes, this is important point, always on, running continuously without user input, adaptive, responding to real-time market conditions and invisible. I really want that we remember this, memorize this word this word. This is something what is extremely important if you think about more in depth, operating entirely below the surface. Like when they don't need to be that much mindful of every single step. This shift isn't just the X, it's fundamental

redesign of who or what operates financial infrastructure. The next one, you might heard and you also might, uh, already experience uh, this boom of AI agents, AI in general and so. So, how can actually can AI come close to DeFi and or opposite or what's actually the system between AI agents and DeFi? So, AI agents are becoming, uh, the primary users of DeFi, not humans. So, if you look in the few years from now, it's actually AI agents who are operating on on behalf of the users and also taking all the care of the

very important parts they need to remember, they need to pay attention to and so. They hold capital, execute intents, optimize portfolios of the users and, uh, users feel secure, they train, they provide them rights, information and so. So, AI agents is also a big revolutionary step which uh would um um society uh perhaps more interact with, benefit with, and so. Who of you already experienced with the AI agents so far?

Okay. What's your experience so far? Good? Not? Like like this. Yeah, I also feel the same cuz um AI agents is still in the process of developing, and I feel like that there are still few years to for them to become more and more um sophisticated, powerful, and so, but it still takes some time, right? So, um that's what we are talking about, the future. And I can say that the the future might be in 5 years, but maybe actually the future would be already in 2 years or 1 years or in 10 years, no one knows. But that's the way how uh we can operate, we can give the prediction, and we can also understand what we can

do already to ensure that that we are making the DeFi better place for the users and for everyone around us. Invisible DeFi, I perhaps mentioned this word today 10 times. I will mention it one more time, and uh the reason why I'm saying that is uh it doesn't mean that they will disappear. I'm saying that it will be so invisible for the users to use that, like chain swaps, that they even wouldn't think that they are using the chain, that even wouldn't think that they are using the swap, right? That would be automated for them, no bridges, not opening 15 uh

15 tabs at the same time, but something which is straightforward and easy for them to understand and to use. Execution is the product. This is the keyword for today presentation as well. So, what we are selling, we actually selling the product. We are not selling the small details around that, right? Very often when you use the product, you can feel like, "Okay, so it has been made by engineers and for the engineers." What we want to ensure that we are making the product by engineers and selling to people as the product.

So, they can see it as a final result, which is straightforward and simple for them and speedy simple like following the simplicity principles in general. From the transactions to the invisible finance, you can see the steps uh here and where we land with the invisible finance. You The users of the DeFi Sorry, the user of the future does less, but benefit more. It sounds good, right?

What replaces all that what you see on this uh slide, users simply express express the goals what they want to achieve and from all of those products and everything else happens automatically for them. The shift is profound from operator to principal. You set the destination and the system handles every mile of the journey. Humans stop operating financial infrastructure. Markets and after normal agents operated on their behalf, faster, cheaper, and without an error. This is the distant vision. The primitives still exist today and the transition The transition is already underway. No

builders who design for agents, not humans, will architect the next generation of DeFi. Users don't want transaction, they want outcomes. Thanks, everyone. My name is Maria and it was really a pleasure to be with you today. Please scan this QR code if you would like to be in touch with me or with us and um I'll give you just one a few more seconds and then I have another thing to mention. We actually caring at CowSwap for the developers, integration engineers, visual designers. If you would like to apply if the role is suitable for you which is here. This is this another QR code. Please feel free to Okay, you want

another previous one? I'm sorry. Okay, can I? Okay. So, there are many roles open. If you feel like the some of your friends are interested in those jobs, we also have the referral program which is up to 6 K USD if the person is hired by us. There are lots of things happening right now in the in the DeFi. Sorry, I feel like it's really nice if you would help the other people. I just share the openings. Some other people might learn. Thank you so much. That was really a pleasure. Enjoy the rest of the conference and giant

kudos to the organizers. Alex, Joel, Joseph, Camilla for making this this event happen. Thank you so much for all of you.