- Uniswap Labs collaborates with Across Protocol to introduce ERC-7683, enhancing cross-chain trading on the Ethereum network.
- ERC-7683 aims to simplify transactions, providing guidelines for seamless interaction between different blockchain technologies.
Uniswap Labs, in partnership with Across Protocol, has introduced a new token standard known as ERC-7683, designed to enhance cross-chain trading capabilities. This initiative seeks to simplify the trading processes across different blockchain networks by providing a unified framework for transactions.
Say hello to ERC-7683 ✨
In collaboration with @AcrossProtocol, this ERC proposes a new standard for cross-chain intents
Solving fragmentation through a universal filler network 👇 pic.twitter.com/2BB3BfawBd
— Uniswap Labs 🦄 (@Uniswap) May 20, 2024
The announcement of ERC-7683 marks a development in the field of cryptocurrency, as it offers a set of guidelines and standards for tokens to interact seamlessly with the Ethereum network. By facilitating a smoother interface for cross-chain trades, this standard aims to improve the efficiency and ease of transactions for users involved in decentralized exchanges.
To bring this standard to the forefront, Uniswap Labs and Across Protocol have submitted their proposal to the Ethereum Magicians forum, a platform for discussing changes to the Ethereum network. They have also proposed the standard to the CAKE Working Group for further evaluation and review, emphasizing their commitment to thorough discussion and refinement.
The proposed ERC-7683 standard introduces a new API that could be adopted by various blockchain networks to facilitate easier and more reliable trading. This includes the creation of a generic structure known as CrossChainOrder and a standard interface for a smart contract labeled ISettlementContract.
These components are designed to ensure that assets can be traded smoothly across different blockchains, enhancing interoperability and compatibility across platforms.
As Uniswap Labs continues to innovate in the field of decentralized finance, the governance token of Uniswap, known as UNI, stands to potentially benefit from these developments. Despite this, the current market position of UNI remains uncertain, reflecting a complex sector of investor sentiments and market dynamics.
In recent trading activity, UNI showed a minor gain of 0.40% over the past 24 hours, with a trading price of $7.73. The token experienced fluctuations, with lows of $7.60 and highs of $7.93 within the same period.Â
However, broader market data from Coinglass indicates a decrease in open interest by 1.54%, totaling $85.50 million, and a reduction in derivatives volume by 16.73%, amounting to $175.85 million. These statistics highlight the challenges and cautious investor sentiment surrounding UNI in the current market environment.
This new standard proposed by Uniswap Labs, if adopted, could pave the way for more streamlined and efficient trading across multiple blockchain networks, potentially influencing the broader cryptocurrency trading.
