What is Uniswap Labs and Across's cross-chain trading execution standard ERC-7683?
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Uniswap development company Uniswap Labs and cross-chain technology protocol Across recently jointly proposed a new cross-chain intents standard, aiming to establish a unified framework for intent-based systems to specify cross-chain operations. With the introduction of this new standard, Uniswap Labs and Across have co-released an Ethereum Request for Comment (ERC) on the Ethereum Magicians forum and submitted the standard to the CAKE Working Group for discussion and review.
This new standard can enable cross-chain transaction execution systems to implement standard APIs. The standard provides a generic CrossChainOrder structure and a standard ISettlementContract smart contract interface.
Why ERC-7683 is Needed?Uniswap Labs stated that intent-driven systems have become the primary solution for end-user cross-chain interactions, as they can abstract away the complexity and time constraints of traditional cross-chain transactions. However, a major challenge of cross-chain intent systems is how to obtain sufficient liquidity and active fillers networks on different chains. With an increasing number of chains, this challenge may further intensify. Ultimately, this could result in poor user experience, including rising costs, longer wait times, and higher failure rates.
Enhancing User ExperienceBy implementing this standard, cross-chain intent systems can achieve interoperability and share infrastructure such as order propagation services and fillers networks. This not only enhances user experience but also improves it by increasing competition to meet user intents.
The new standard from Uniswap Labs and Across is expected to bring a more efficient and seamless experience to cross-chain transactions, laying a new foundation for the development in related fields.
Full article: Uniswap and Across Collaborate to Introduce Intent Cross-Chain Standard ERC-7683