The new Ethereum token standard ERC-7683, developed by Uniswap Labs and Across Protocol, aims to streamline interoperability and cross-chain transactions.
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- ERC-7683 is introduced by Uniswap Labs & Across Protocol to improve cross-chain interoperability.
- ERC-7683 addresses relayer fragmentation and lowers transaction costs by establishing a universal filler network.
- In order to facilitate cross-chain swaps with AMMs and liquidity sources, Uniswap adopts ERC-7683 for UniswapX.
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An improved method for managing transactions between various blockchains is introduced by the new standard. By establishing a common network between these blockchains, it resolves the issue of having disparate systems that don’t function well together. Additionally, ERC-7683 reduces expenses and streamlines the procedure for all parties.
Improving Communication Across Chains
The adoption of ERC-7683 by Uniswap Labs has improved trading between automated market makers (AMM) and other liquidity sources for cross-chain swaps on UniswapX.
“ERC-7683 proposes that all cross-chain intents follow the same order structure, so that a universal, shared filler network can fulfill transactions,” Across Protocol noted.
Transferring assets between different blockchains can be costly and complicated due to the differences in how each one handles transactions. By standardizing this procedure, ERC-7683 hopes to lessen the requirement for every blockchain to have its own system. By reducing fees and expediting transactions, this standardization benefits users by increasing the efficiency and cost-effectiveness of cross-chain interactions.
In an effort to get feedback and spark more conversation, Uniswap Labs and Across Protocol have posted their proposal on the Ethereum Magicians forum. Uniswap’s native token, UNI, saw a 2.43% increase in value after its announcement, trading at $7.79.
Technical Specifications of ERC-7683
The CrossChainOrder structure and the ISettlementContract interface are the two main features introduced by ERC-7683. These characteristics produce a unified and adaptable system for managing trades between various blockchains. The new standard preserves a uniform framework while enabling developers to tailor the way transactions are handled.
With the release of ERC-7683, Uniswap Labs and Across Protocol tackle some of the most significant issues with cross-chain transactions, like making sure there is adequate liquidity and streamlining the procedure. Fair competition among transaction processors, or fillers, is encouraged by ERC-7683 by standardizing the handling of transactions. Better user request fulfillment and more profitable trades result from this. All things considered, ERC-7683 is a major advancement toward increasing the effectiveness and accessibility of blockchain technology.
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