A proposed decentralised exchange from DFINITY could combine multi-chain trading, margin positions and artificial intelligence in a way that its creator believes could push decentralised finance into new territory.
Dominic Williams, founder and chief scientist of the Internet Computer project, has outlined plans for a platform called MULTI/DEX, describing it as a potential next-generation DeFi application built on the Internet Computer network.
The proposal, shared on X, is still at the concept and demonstration stage, with Williams seeking community feedback on whether DFINITY should proceed with development. A new demonstration video is expected within the coming week.
According to Williams, MULTI/DEX would be designed as a fully on-chain application running on Internet Computer infrastructure. He said the platform would allow users to deposit and withdraw assets directly from their native blockchains, avoiding the bridging processes that often add complexity and security risks to cross-chain transactions.
The proposed exchange would combine an order book system with a conventional swap interface. Traders could place market orders through a familiar swap mechanism while the platform routes transactions through underlying markets. Spot trading and leveraged margin trading would both be supported, allowing users to take long and short positions.
One of the platform’s more unusual features is its approach to liquidity. Williams said MULTI/DEX would employ an automated market maker that uses Internet Computer outcalls to reference external pricing data. Delayed matching against limit orders is intended to reduce opportunities for arbitrage traders to extract value from liquidity providers, an issue that has affected some existing decentralised exchanges.
The design would also replace the common model of maintaining separate liquidity pools for each trading pair. Instead, liquidity would be managed through a unified vault, which Williams argues could improve capital efficiency and make liquidity available across a broader range of markets.
Users would be able to earn returns by contributing capital to the liquidity vault or to an insurance pool intended to absorb losses arising from failed margin liquidations. Under the proposal, the insurance pool would receive five per cent of liquidation proceeds.
Williams contrasted the project with some existing exchange infrastructure, arguing that MULTI/DEX would be entirely open source and governed through the Internet Computer’s Network Nervous System, or NNS. If adopted, future upgrades and management decisions would be controlled through the network’s decentralised governance process rather than a central operating entity.
The most attention-grabbing aspect of the proposal centres on artificial intelligence. Williams said the exchange would be built using a forthcoming Motoko framework that embeds AI capabilities directly into software applications.
Under this model, AI systems would be able to access and analyse real-time application data, generate custom queries and perform actions within defined permissions. Rather than relying solely on traditional trading interfaces, users could interact with the platform through conversational AI.
Examples provided by Williams range from simple requests such as checking prices, market depth and expected slippage, to more advanced portfolio management tasks. Traders could potentially ask an AI assistant to analyse positions, adjust market exposure and account for risks linked to upcoming events or social media sentiment before presenting a proposed strategy for approval.
The proposal reflects a broader vision outlined by Williams for DFINITY’s future. He said the organisation is moving towards becoming what he describes as an “agentic organisation”, where AI creates and updates applications on demand rather than relying on conventional software development cycles.
In this model, enterprise applications would form part of a larger AI-driven system capable of drawing insights from extensive operational data and executing complex actions. Williams argues that this approach could eventually position the Internet Computer to compete in mainstream cloud computing markets, extending its focus beyond blockchain infrastructure and decentralised finance.
While the proposal presents an ambitious roadmap, questions remain around adoption, regulatory considerations and the practical performance of AI-assisted trading systems. As with many emerging DeFi concepts, the platform’s success would ultimately depend on execution, security and user confidence.
For now, MULTI/DEX remains a proposal, but it offers a glimpse into how DFINITY sees the intersection of blockchain, cloud computing and artificial intelligence evolving in the years ahead.
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