Uniswap, in collaboration with Across, has announced the new ERC-7683 standard designed to simplify asset trading across different blockchains.
Cross-Chain Operations: Issues and Solutions
Currently, moving assets between different blockchains can be challenging due to numerous protocols, bridges, and liquidity issues. These factors can confuse even the most experienced users, rendering cross-chain operations complex.
How ERC-7683 Works
The new ERC-7683 standard is crafted to ease cross-chain operations through a universal 'filler network'. The operation of this system is as follows:
1. Users sign a cross-chain order. 2. Their funds are securely locked in a settlement contract. 3. Fillers (order matchers) compete to execute the order on the destination chain. 4. The fastest and most efficient filler completes the transaction, and the funds are automatically released.
Potential of the New Standard
The ERC-7683 standard not only enhances speed but also levels the playing field for all participants. By standardizing how intent-based systems operate, ERC-7683 makes the process more predictable and accessible.
The new ERC-7683 standard from Uniswap and Across represents a significant step towards addressing liquidity issues and improving user convenience when working with assets across different blockchains.
