Uniswap Labs and Across Protocol are breaking new ground in the cryptocurrency space with the proposal of the new ERC-7683 standard, which seeks to establish a unified framework for specific interaction-based operations, which could significantly improve the efficiency and reliability of transactions between different blockchains.
In a constantly evolving cryptocurrency ecosystem, interoperability between different chains is a crucial topic that has captured the attention of developers and users alike. In this context, UniswapLabs y Across Protocol They have launched the proposal for the standard ERC-7683, which seeks to improve the execution of trade orders across multiple blockchains.
This new standard not only promises to simplify cross-chain interactions, but also has the potential to transform the user experience by reducing costs and wait times.
ERC-7683: A standard for Ethereum interoperability
The increasing diversity of blockchains on Ethereum’s Layer 2 has led to fragmentation in the way users interact with different platforms. Traditional solutions, such as blockchain bridges, often present significant challenges, including long wait times, high costs, and failure rates.
En este sentido, The ERC-7683 standard is presented as an innovative solution by offering a unified framework for intent-based trading systems.This approach allows users to define trading actions across multiple chains more efficiently and effectively.
Through X, Uniswap Labs emphasized that the structure that implements this standard solves the fragmentation of liquidity in the Ethereum ecosystem.
The ERC-7683 proposal includes a cross-chain order type, CrossChainOrder, which allows users to specify essential details about their trading orders, including settlement contracts, token exchange addresses, and deadlines for order execution. This standardized structure not only facilitates interoperability between different L2 chains, but also improves user experience by increasing competition among order execution service providers.
An innovative system based on intentions
Implementing an intent-based interoperability system, such as that proposed by ERC-7683, allows users to abstract away the complexity of interactions between blockchains.
Instead of dealing with multiple complicated steps and procedures, Users can simply express their intention to make a transaction, and the system takes care of the rest. This translates into a smoother and faster experience, which is especially important in a market where speed and efficiency are essential.
On the other hand, the ERC-7683 standard allows order execution systems to share infrastructure, such as order broadcasting services and fulfillment networks. This not only optimizes resource usage, but also improves the liquidity available for transactions, resulting in lower costs and faster execution times.
The ERC-7683 standard's key to cross-chain interoperability
As mentioned above, the ERC-7683 standard introduces key structures, such as CrossChainOrder y ResolvedCrossChainOrder, to address the problem of lack of interoperability in the blockchain ecosystem. The first of these structures is essential for the creation and management of trading orders, while the second is used to break down and validate those orders without needing to know the specific details of the implementation.
The structure CrossChainOrder includes fields that specify the address of the settlement contract, the address of the user initiating the transaction, and the deadlines for order execution. On the other hand, the ResolvedCrossChainOrder It breaks down the order into its essential components, allowing fulfillment providers to complete the transaction. According to Uniswap Labs, this disaggregation is critical to improving integration between different platforms and facilitating cross-chain trading.
Technically, this structure allows fulfillment providers to assess and complete orders more efficiently, regardless of the chain they are in.
The strategic partnership between Uniswap Labs and Across Protocol
The collaboration between Uniswap Labs and Across Protocol to develop the ERC-7683 standard is a great initiative towards Improving interoperability in the Ethereum ecosystemUniswap, known for being one of the largest and most popular decentralized exchange platforms in the crypto ecosystem, brings its experience and extensive user base to this initiative. Meanwhile, Across Protocol, specialized in blockchain interoperability solutions, complements this partnership with its focus on efficient cross-chain order execution.
Together, these two projects are establishing a new paradigm in the way transactions are conducted in the cryptocurrency space.
The ERC-7683 proposal not only seeks to solve current liquidity and cost issues, but also establishes a framework that can be adapted and scaled as the blockchain ecosystem continues to evolve. This could open up new opportunities for developers and users, facilitating the creation of more robust and efficient applications that operate seamlessly across different chains.
Finally, Uniswap Labs developers revealed that the new standard will be implemented by the DeFi protocol when it launches. UniswapX cross-chain. However, currently, any project can implement ERC-7683 to improve interoperability in the blockchain ecosystem.
