This document gives a detailed explanation of MIki. Please use it as a reference when explaining Miki during fundraising and marketing. (Updated as needed)

This is not just an explanation of MIki but also includes surrounding knowledge and background, so please skip parts you already understand.

Intro


Chain Abstraction

Chain Abstraction can be considered to have two definitions depending on the nature of the user.

For the mass layer, it is "the ability to touch Dapps without being conscious of the chain". This means that even if assets, NFTs, and Dapps exist on any chain, you can use the target Dapps without caring about Bridge. This is similar to being able to use credit cards overseas. When using an existing Bridge, you have to exchange currency to use it, but in the case of credit cards, transactions are possible without burdening the user with currency exchange. And from the fact that this mechanism is now taken for granted, it is "Chain Abstraction is normal" for the mass layer.

Another case is Degen. In the case of Degen, it is normal to manage assets in multiple chains, and rather, it is not a problem to be conscious of Dapps (chain). On the other hand, it is still a cumbersome procedure to bring assets deliberately like the existing Bridge. Therefore, Chain Abstraction can be considered as something that eliminates this complexity, so "Chain Abstraction makes better UX".

Although the definition varies depending on the user, at least Chain Abstraction is important in not making users aware of the trouble of the existing Bridge. That trouble is 1) Moving assets to any chain, 2) Moving assets to any address, 3) Needing to have the gas fee of the chain executing the transaction. Regarding 1), it refers to the fact that when using an existing Bridge, you need to move assets from Chain A to Chain B and then execute any transaction on Chain B. Regarding 2), it mainly refers to the need to deliberately specify a different address and send assets when the VMs are different. Regarding 3), it refers to the need to have tokens for gas fees on the chain that sends the transaction. It is a major role of Chain Abstraction to not make users aware of these three troubles (abstract them).

However, Chain Abstraction is just a mental model, not a technical approach. Chain Abstraction is positioned as there are technical approaches such as Intents and Account Abstraction to realize it.

https://x.com/kurt__larsen/status/1801342168852009262

Intents

As mentioned earlier, Chain Abstraction is just a mental model, and there are technical approaches such as Intents and Account Abstraction to realize it, but here we will explain Intents and solvers as the part most involved in Miki.

Intents refer to the user's intention to express the desired result and are expressed not in actual transactions but in signatures. For example, I want to exchange ETH for 100 USDC at the best possible price. And another actor (= solver) executes that Intents as a transaction instead. And in the world of Chain Abstraction, it targets not only single-chain but also cross-chain. For example, I want to use ETH in Optimism to receive 100 USDC at Base at the best possible price.

https://prod-files-secure.s3.us-west-2.amazonaws.com/003b2f48-03d7-4b86-bc3a-92372f750d45/cee7b09d-219d-4eff-ad7b-7f851e8d33aa/Untitled.png

https://docs.everclear.org/concepts/background/intents

Please refer to the above figure for the lifecycle of Intents. Here it is a cross-chain bridge.

  1. The user declares Intents to the Intents protocol and deposits assets
  2. The solver receives the deposit event
  3. The solver sends assets to the Intents protocol of the destination chain