The Intent-Centric
Bull Case

A comprehensive analysis of Anoma, the transition from imperative transactions to declarative intents, and the re-architecture of value settlement.

Core Paradigm
Intent-Centric

Users define 'What', Solvers define 'How'

Settlement Layer
Anoma Pay

Asset-agnostic, privacy-preserving

Infrastructure
Barter

The premier matching engine

Institutional
Tplus

TradFi settlement integration

01. EXECUTIVE SUMMARY

The Inevitability of Generalized Settlement

The current blockchain landscape is plagued by fragmentation and imperative complexity. Users are forced to navigate a maze of bridges, gas tokens, and specific smart contract interactions to achieve simple goals. This imperative model—where the user must define every step of the "how"—is the primary bottleneck to mass adoption.

Anoma represents a fundamental architectural shift to Intent-Centricity. By allowing users to sign "Intents" (declarative statements of desired outcomes) rather than transactions, Anoma outsources the complexity of execution to a decentralized network of Solvers.

This report outlines why Anoma is not merely "another L1," but a universal coordination layer that unifies liquidity across chains, enables privacy by default, and creates a new economic engine via Solver competition.

02. ARCHITECTURE

Imperative vs. Declarative: The Core Pivot

Fig 1: Routing Architecture Comparison

Standard Mempool

The "Dark Forest"
  • × User reveals intention publicly before execution.
  • × Susceptible to Sandwich Attacks & MEV extraction.
  • × Must manually manage bridges and gas tokens.

Anoma Solver Network

Optimized Settlement
  • User intent is matched via private gossip.
  • Solvers compete to offer the best price.
  • Cross-chain complexity abstracted by the protocol.

"In the intent paradigm, the network serves the user, rather than the user serving the network constraints."

The Limits of "Smart Contracts"

In Ethereum and similar chains, users authorize specific paths. If a user wants to swap ETH for USDC, they must select the Uniswap router, pay gas in ETH, and accept the slippage of that specific pool. This is Imperative Execution. It is rigid, leaks value to MEV bots, and requires high user sophistication.

The Anoma "Intent" Machine

Anoma introduces a generalized intent machine. A user simply signs: "I possess 1 ETH, I want at least 1800 USDC." This intent is propagated to a P2P network.

Solvers (specialized off-chain agents) see this intent. They compete to fill it. One solver might route it through Uniswap; another might match it directly with another user (Coincidence of Wants); a third might use their own inventory. The user accepts the best offer. The complexity is abstracted, and the "MEV" that usually goes to block builders is captured by the user in the form of price improvement.

03. PRODUCT DEEP DIVE

Anoma Pay: The Killer Application

The Old Way

Sender must hold the exact token the Receiver wants. Sender must hold gas tokens. Privacy is non-existent.

Anoma Pay

Sender pays in ANY asset. Receiver gets desired asset. Solvers handle the swap and gas. Privacy preserved via ZK.

Anoma Pay is the consumer-facing manifestation of the intent engine. It solves the "Payment Problem" in crypto. Currently, paying someone in crypto requires coordinating on the currency. Anoma Pay decouples the sending asset from the receiving asset.

Privacy as a Public Good

Unlike transparent chains where every payment graphs your social network, Anoma employs Information Flow Control. Users can selectively disclose data. A merchant can verify you have funds without knowing your total net worth. This is achieved via zero-knowledge primitives deeply integrated into the state machine, not as a bolted-on privacy mixer.

04. ECOSYSTEM ALPHA

Critical Infrastructure: Barter & Tplus

Ecosystem Depth

Modular Components

Key Focus
Solver Specialization

The Anoma ecosystem is not vaporware; it is built on modular components that are already defining the standard for intent-based applications.

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Barter: The Solver Engine

Barter is the "Google Search" of liquidity. It is a specialized infrastructure project building the matching engine for intents.

  • Coincidence of Wants (CoW): Barter specializes in finding P2P matches (Alice wants A, holds B; Bob wants B, holds A) which eliminates the need for AMM fees entirely.
  • Solver Coordination: It provides the framework for solvers to communicate and settle complex bundles of intents.
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Tplus: Institutional Settlement

While Barter targets DeFi, Tplus targets TradFi. Traditional finance operates on T+2 (two-day) settlement cycles due to reconciliation lag.

  • The Thesis: Tplus uses Anoma's atomic settlement to bring T+0 settlement to traditional assets wrapped on-chain.
  • Risk Reduction: By using Anoma's intent validity predicates, Tplus eliminates counterparty risk—assets only move if the payment is verified atomically.
05. CONCLUSION

The Bull Case Summary

Anoma is betting that the future of blockchain interaction is not "faster L1s" but "smarter coordination."

As liquidity fragments across L2s and app-chains, the value of a generalized coordination layer increases exponentially. Anoma captures this value by being the credibly neutral layer where intents from all chains meet to be solved.

Final Verdict

With Anoma Pay driving retail utility, Barter ensuring efficient execution, and Tplus bridging institutional capital, Anoma is positioned to become the TCP/IP of value transfer—invisible, ubiquitous, and essential.