IBE-IBE: Intent-Based Execution through Identity-Based Encryption and Auctions

Peyman Momeni; Fig Smith

Paper 2025/241

IBE-IBE: Intent-Based Execution through Identity-Based Encryption and Auctions

Peyman Momeni, University of Waterloo, Fairblock

Fig Smith, Squid

Abstract

This paper introduces a decentralized and leaderless sealed bid auction model for dynamic pricing of intents across blockchain networks. We leverage Multi-Party Computation (MPC) and Identity-Based Encryption (IBE) to improve pricing while ensuring fairness and decentralization. By addressing the vulnerabilities of current centralized or static pricing mechanisms, our approach fosters transparent, secure, and competitive price discovery. We further enhance the confidentiality of intents through Multi-Party Computation (MPC), Fully Homomorphic Encryption (FHE), and Trusted Execution Environments (TEE). Our novel methodology mitigates the risks of frontrunning and centralization while preserving the rapid settlement times essential to decentralized finance (DeFi).

Metadata

Available format(s): PDF
Category: Applications
Publication info: Preprint.
Keywords: Multi-Party Computation Threshold Identity-Based Encryption Blockchain DeFi Auction Theory Mechanism design
Contact author(s): pmomeni @ uwaterloo ca
fig @ squidrouter com
History: 2025-02-17: approved; 2025-02-15: received; See all versions
Short URL: https://ia.cr/2025/241
License: CC BY-NC-ND

BibTeX

@misc{cryptoeprint:2025/241,
      author = {Peyman Momeni and Fig Smith},
      title = {{IBE}-{IBE}: Intent-Based Execution through Identity-Based Encryption and Auctions},
      howpublished = {Cryptology {ePrint} Archive, Paper 2025/241},
      year = {2025},
      url = {https://eprint.iacr.org/2025/241}
}