Uniswap Labs Unveils ERC-7683 for Boosting Cross-Chain Interoperability
- A new proposal was brought to light today, in partnership with the Across Protocol.
- Uniswap Labs created these standards to make asset trading between blockchains easier.
In a huge step forward, Uniswap Labsthe firm behind the decentralized cryptocurrency exchange Uniswaphas introduced ERC-7683 for cross-chain purposes. A new proposal was brought to light today, in partnership with the Across Protocol, with the purpose of establishing a unified framework for intents-based systems for defining cross-chain actions.
By working together, the two groups have posted an Ethereum Request for Comment (ERC) on the Ethereum Magicians forum and submitted the proposed standard to the CAKE Working Group for further evaluation and debate.
Easing Cross-network Transactions
Tokens cant just exist on the Ethereum network and start trading with each other without first meeting the requirements laid forth in the ERC. Application programming interfaces (APIs) for cross-chain trade execution systems are possible with the suggested standard. In this setting, developers are working toward a standardized set of rules and interfaces that different blockchain networks might use to ease cross-network transactions.
The proposed standard specifies a common interface for smart contracts, ISettlementContract, and concurrently requests a generic structure, CrossChainOrder.
Moreover, Uniswap Labs goal in creating these standards is to make asset trading between blockchains easier. Also, this will guarantee interoperability and compatibility across different platforms and make cross-chain transactions easy for consumers.
In the meanwhile, the aforementioned development is still going to be very beneficial to UNI, Uniswaps governance token. Moreover, a Wells warning has been received by the decentralized exchange Uniswap from the US SEC. The warning from the regulator was confirmed on April 10 by Marvin Ammori, chief legal officer of Uniswap, on X.
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Read more: https://thenewscrypto.com/uniswap-labs-unveils-erc-7683-for-boosting-cross-chain-interoperability/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
