Transforming Web3 UX: Mantis Protocol, Cross-Chain Intents & Native Yield | Crypto, IBC, DeFi

Building Web3

Welcome to the Building Web3 Podcast! In this episode, Jax Dwyer interviews Omar, the founder of Mantis, a groundbreaking cross-chain intents protocol. Mantis aims to revolutionize Web3 by addressing the critical UX issues that hinder mass adoption. Dive deep into the world of crypto UX, Mantis, cross-chain technology, and intense protocols. Learn how Mantis utilizes IBC (Inter-Blockchain Communication) for trust-minimized settlement, enabling seamless interactions across Ethereum, Solana, and Polkadot ecosystems.
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Key Topics Covered:
Omar's Journey in Crypto: From discovering Bitcoin in 2012 to founding Mantis.
Challenges in Crypto UX: Simplifying on-chain activities for everyday users.
IBC & Cross-Chain Solutions: Expanding IBC from Cosmos to Ethereum and Solana.
Trust-Minimized Settlement: Ensuring secure and efficient cross-chain transactions.
Intents and Solvers: Automating complex crypto tasks with ease.
Native Yield & Chain Abstraction: Maximizing user benefits without the complexities.
Highlights:
The inspiration behind Mantis and the importance of good UX in Web3.
How Mantis simplifies interactions with crypto applications.
The role of IBC in creating a trust-minimized settlement layer.
The future of cross-chain intents and their impact on Web3 adoption.
Real-world applications and potential of the Mantis SDK for developers.
Omar shares his journey in crypto, starting from his early days in 2012 when he discovered Bitcoin and became deeply invested in the crypto world. He discusses the evolution of the space, including significant milestones like Ethereum, Polkadot, and Cosmos. His experiences as an early DeFi user and his interactions with protocols like Curve and Sushi shaped his understanding of the space's complexities and inspired the creation of Mantis.
Mantis is part of the Composable Foundation, focusing on solving the UX challenges that plague the crypto world. Omar highlights the importance of good UX in driving Web3 adoption and how Mantis is working backward from the user experience to build the necessary technical solutions. He compares this approach to how Robinhood democratized access to equities, emphasizing the need for a user-friendly interface in crypto.
The podcast delves into the technical aspects of Mantis, particularly the use of IBC for cross-chain communication. Omar explains how Mantis expanded IBC from Cosmos to other major ecosystems like Ethereum and Solana, providing a trust-minimized solution for bridging assets. This expansion required significant engineering efforts, including building light clients and relayer infrastructure to ensure secure and efficient cross-chain transactions.
The conversation also explores the concept of intents and solvers. Intents allow users to specify what they want to achieve, while solvers find the best way to execute these tasks across different chains. This dynamic system ensures users get the best possible outcomes, whether they are looking for high yields or low loan interest rates. The solvers are incentivized to provide the best solutions and are penalized for routing users to unsafe protocols.
Mantis' focus on chain abstraction and native yield is another highlight. By abstracting the complexities of different chains, Mantis provides a seamless experience for users. The native yield component ensures users benefit from staking rewards without leaving their funds idle, enhancing the overall user experience.
Omar shares insights into the challenges faced while building Mantis, from expanding IBC to maintaining a commitment to trust minimization. He offers valuable advice to aspiring Web3 builders, emphasizing the importance of delivering a product that meets existing needs while maintaining a long-term vision.