2024-05-21
On May 20, 2024, Uniswap Labs, in collaboration with Across Protocol, proposes a new Ethereum token standard called ERC-7683.
ERC-7683 standard focuses on cross-chain
interoperability, this can lower costs for users on Uniswap and other
decentralized exchanges.
It aims to establish a unified
framework for specifying cross-chain actions, which could potentially
revolutionize the way digital assets are traded across different blockchain
networks.
ERC-7683 addressing the complexities of
cross-chain interactions. It drafted as a standard for cross-chain trade
execution systems, it designed to facilitate seamless transactions across
different blockchain networks.
According to Across’ post on X:
“ERC-7683
proposes that all cross-chain intents follow the same order structure, so that
a universal, shared filler network can fulfill transactions.”
When orders follow the same standard,
the following benefits occur:
1. lower entry
barrier and lower costs for fillers.
2.
Apps
have access to a wider filler network.
3.
Users
enjoy those lower costs and a much better UX.
The essence of ERC-7683 lies in its
ability to provide a standardized API that can be implemented across various
platforms, thereby simplifying the process of cross-chain trading.
By offering a generic `CrossChainOrder`
struct and a standard `ISettlementContract` smart contract interface, ERC-7683
lays down the groundwork for a more interconnected blockchain ecosystem.
Uniswap will use the new token
standard for cross-chain swaps on the platform.
