This is a similar state to the spot trading volume observed in early DeFi summer (2020) before the innovation of Uni V2, Sushiswap, and other AMM forks igniting continued on-chain adoption.
The on-chain derivatives market is also poised for similar uptick in growth. However, existing decentralized derivatives exchanges have failed to accomplish this because their trading experience simply cannot compete with those offered by centralized exchanges.
IntentX is aims to facilitate the adoption and migration of crypto derivatives on-chain by elimination of existing constraints with key innovations:
Liquidity and Transaction Efficiency: IntentX's unique trading architecture will allow for CEX like trade execution on-chain at a competitive fee-basis.
User Experience Focus: DeFi is currently not a user friendly experience compared to centralized exchanges. Users unfamiliar with wallets, gas, and contract interactions face friction in migration on-chain. IntentX's innovation in account abstraction, gas management, fiat on / ramps, and one click trading will allow for retail adoption.