Native ETH Swaps and Limit Orders with Delta

Delta now allows users to swap and create limit orders directly from native ETH without wrapping. When an order is created, ETH is automatically converted into deETH, an ERC-20 representation of ETH designed for intent-based execution. This allows orders to be managed without withdrawal gas while benefiting from MEV-resistant execution through Delta.

Wrapping ETH before trading has always been an awkward step in DeFi. If you wanted to swap or place a limit order, the typical flow looked like this:

1. Wrap ETH → WETH

2. Create the trade

3. Cancel the trade

4. Pay gas again to unwrap back to ETH

Velora’s Delta removes that step. Users can now swap or create limit orders directly from native ETH. When an order is created, the ETH is automatically converted into deETH, an ERC-20 representation of ETH designed for intent-based execution. This allows the order to move through Delta’s agent network without requiring manual wrapping.

Velora is an execution layer composed of two systems: Delta and Augustus. Delta is Velora’s cross-chain intent protocol responsible for agent-based execution and MEV-resistant settlement. The native ETH support described here is implemented within Delta.

What Happens When You Submit an ETH Order

When a user creates a swap or limit order using ETH, three things happen:

1. The ETH is automatically converted into deETH

2. The order is submitted as an execution intent

3. Agents compete to execute the order through Delta

This conversion step is automatic and invisible to the user. deETH is an ERC-20 token fully backed by ETH, similar to WETH, but designed to work inside the intent-based execution flow. Because the asset becomes an ERC-20 token, it can be handled by agents, settlement contracts, and order management logic without requiring the user to wrap ETH manually.

deETH: ETH for Intent-Based Execution

deETH behaves like WETH in terms of compatibility but is optimized for Delta’s execution model.

Key properties:

• ERC-20 representation of ETH

• Fully backed 1:1 with ETH

• Automatically created when an order is submitted

• Swappable back to ETH at any time

The difference is how it integrates with execution. Instead of asking the user to wrap ETH before interacting with the protocol, Delta performs the conversion as part of order creation. This removes a transaction while keeping full ERC-20 compatibility.

Cancel Limit Orders Without Withdrawal Gas

The biggest improvement appears when managing limit orders.

Suppose a user creates the order 1 ETH → USDC. When the order is submitted, the 1 ETH becomes 1 deETH.

If the user later soft-cancels the order, the 1 deETH remains in their balance and still represents exactly 1 ETH. There is no withdrawal transaction required and no unwrap gas to pay.

The user can immediately create another order, execute a swap, or convert the deETH back to ETH.

Many platforms require withdrawing wrapped assets after canceling orders. Delta keeps the asset in a reusable ERC-20 form instead.

Execution Through Delta

Once an order is created, execution is handled by Delta’s agent network.

Delta is Velora’s cross-chain intent protocol. It allows users to express what they want executed without specifying how the execution path must be built. Agents compete to fulfill the order.

This architecture provides:

• gasless order submission

• agent competition for pricing

• MEV-resistant execution

Because the order is handled as an intent rather than a direct transaction, the execution process avoids typical mempool exposure.

A Simpler ETH Trading Flow

The workflow becomes much simpler.

Traditional DeFi flow:

Wrap ETH → Create order → Cancel order → Unwrap ETH → Pay gas

With Delta:

Submit order with ETH → ETH becomes deETH → Cancel for free → Reuse or convert back to ETH

The wrapping step disappears and order management becomes cheaper.

FAQ

Why convert ETH to deETH?

ETH itself is not an ERC-20 token. Most on-chain trading infrastructure operates on ERC-20 assets. deETH provides ERC-20 compatibility while allowing orders to be created directly from native ETH.

Is deETH the same as WETH?

Both represent ETH as an ERC-20 token. The difference is that deETH is integrated directly into Delta’s intent-based execution system, so the conversion happens automatically during order creation.

What happens if I cancel my order?

If you cancel an order like 1 ETH → USDC, the 1 deETH remains in your balance. You can reuse it for another order, execute a swap, or convert it back to ETH.

Delta also allows users to cancel and withdraw in the same transaction. In this case the order is canceled and the deETH is converted back to ETH within the same transaction, returning native ETH directly to the user’s wallet.

Users can choose between:

• Cancel only → keep deETH for new orders

• Cancel + withdraw → receive ETH back immediately

No separate withdrawal step is required.