Ethereum ecosystem is rekindled. Learn about ERC-7683 led by Uniswap in one article

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深潮TechFlow
half a month ago
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The world has suffered from cross-chain issues for a long time.

Original author: TechFlow

Ethereum ecosystem is rekindled. Learn about ERC-7683 led by Uniswap in one article

The expected approval of the Ethereum ETF has reignited the gold rush for ETH Beta.

The recovery of mainnet transactions will inevitably radiate to various L2 ecosystems of Ethereum. For example, Farcaster announced a huge amount of financing, which made DEGEN attract attention again. In the ETH Beta wave, everyone began to chase OP...

Ethereum ecosystem is rekindled. Learn about ERC-7683 led by Uniswap in one article

The total transaction volume of L2 on the Uniswap protocol is about to reach 300 billion US dollars

But returning to the actual operation, since instant hot spots appear randomly on each chain, when users want to quickly follow the hot spots, they may face different amounts of funds on each chain and need to cross-chain funds, which is not a good experience and operation.

Recently, as the big brother of DEX transactions on the ETH mainnet chain, Uniswap has been keeping up with current affairs and called on everyone to pay attention to the new cross-chain intention standard ERC-7683 jointly developed by it and Across on its official Twitter.

Ethereum ecosystem is rekindled. Learn about ERC-7683 led by Uniswap in one article

The execution process of cross-chain transactions under the ERC-7683 standard

Will this inject more vitality and catalyst into various ETH DeFi 1.0 projects?

Cross-chain is easy to understand, but what is the cross-chain intention?

Before explaining the cross-chain intention, let us first introduce what is the intention architecture:

Intent architecture is a design approach where users only need to specify the end state they want to achieve (i.e., intent) without having to worry about the specific execution process. The system automatically finds and executes the best path to achieve that goal based on the users intent.

Understanding the intent architecture, the concept of cross-chain intent is no longer abstract:

Cross-chain intent refers to executing user-specified transactions between different chains. For example, you have a USDC on Ethereum, and you want to exchange it for MATIC on Polygon. In the cross-chain intent system, you only need to tell the system to exchange USDC on Ethereum to MATIC on Polygon, and the system will automatically find the best path to complete the transaction, including cross-chain bridging and exchange.

ERC-7683, the first cross-chain intent standard

The cross-chain intention system theoretically simplifies the complexity of traditional cross-chain bridging and becomes the main solution for users to interact across chains. However, the current key difficulty of these systems is that they require sufficient liquidity and an active filler network to execute cross-chain transactions.

As the number of chains and cross-chain demand increases, when liquidity is insufficient and filler network scheduling is chaotic, users will experience higher cross-chain costs, longer waiting times, and higher failure rates.

ERC-7683 standardizes cross-chain intentions and optimizes the cross-chain transaction process, solving current problems in cross-chain transactions through innovative methods:

  • Standardized transaction interface: ERC-7683 defines the standard CrossChainOrder and ResolvedCrossChainOrder structures, parsing orders into executable standard formats that are easy for fillers to understand and process, making different blockchain systems interoperable. ERC-7683 proposes that all cross-chain intentions follow the same order structure so that a universal, shared filling network can complete transactions.

  • Shared filler network: After the user signs the order through the standardized trading interface, the order is propagated to multiple fillers through the network. The fillers grab the order through the bidding mechanism, providing the best quotation and efficient execution path.

  • Automated processing: Users only need to enter the specified transaction intention, and the system automatically completes complex cross-chain operations, reducing costs and time. Users enjoy lower costs + better user experience

  • Secure fund custody: User funds are held in custody through a settlement contract with a standardized verification mechanism, and are released to the filler only after the transaction is confirmed to be successful.

Ethereum ecosystem is rekindled. Learn about ERC-7683 led by Uniswap in one article

Imagine that the behavior of users manually crossing chains through the cross-chain bridge is like the original logistics chain. If users want to send a package from A to B, they need to pack and weigh it, customize the route, contact the transportation channel, and finally track the package themselves. In addition, there are carriers with different capacity and prices, and even lost items. The steps are complicated and require users to understand many knowledge and consider many factors.

ERC-7683 is like a mature courier company, with a series of unified and complete standards including weighing pricing, route customization, capacity allocation, etc. For users, such a one-click cross-chain is worry-free and cost-saving.

Expectations from the project side

The world has suffered from cross-chain issues for a long time.

From a theoretical perspective, Uniswap does provide a convenient cross-chain process for its intention to launch the ERC-7683 standard and promote the advancement of cross-chain technology.

Not only users, but also a number of project parties such as Optimism and Krystal have expressed respect for the launch of ERC-7683. Everyone is looking forward to a good and fast cross-chain protocol to liberate liquidity and bring more vitality to the chain.

Ethereum ecosystem is rekindled. Learn about ERC-7683 led by Uniswap in one article

Currently, ERC-7683 is in the review and discussion stage and has not yet been officially launched. It is expected to be officially implemented after further improvement and approval.

Uniswap and AcrossProtocol will hold an exchange meeting on ERC-7683 at 1:00 p.m. Eastern Time this Friday. At the meeting, participants will learn about the actual application of the ERC-7683 standard after its launch and more information details.

Ethereum ecosystem is rekindled. Learn about ERC-7683 led by Uniswap in one article

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