Challange

The market still lacks a universal engine capable of connecting all major liquidity layers, such as CEXs, DEXs, institutional providers, private liquidity, and resolvers, into one coherent execution infrastructure.

Market liquidity remains deeply disunited and concentrated across numerous isolated venues. This is fragmented liquidity that becomes a challenge.

As a result, fragmentation creates frictions for traders:

• Manually routing transactions across chains performing multi-step swaps and bridging assets

• Managing multiple exchange accounts and wallets, repeating KYC procedures across platforms, plus completing on-chain approvals

• Holding gas tokens for different networks

• MEV exposure

• Price impact on large trades

• Higher execution costs for high-volume orders

The market is attempting to address the issue. However, projects still encounter several challenges. Most DEX aggregators do not have direct access to centralized exchange liquidity. The architecture of such systems is complex and, as a result, execution often takes a significant amount of user time. Transactions typically require multiple signatures\confirmations and additional fees, creating delays and obstacles that negatively affect the user experience.

Even when cross-chain functionality is available, routing remains limited by the fragmented liquidity across networks. CEX aggregators operate within closed infrastructures and rarely unify order books or combine CEX and DEX liquidity. Liquidity providers and broker-like services typically focus on specific asset domains or institutional clients, offering deep liquidity but only to a restricted group of participants and a narrow set of top assets. Intent-based execution systems, while improving execution efficiency, remain constrained by their own scope and reliance on external liquidity sources.