Uniswaps Labs and Across Protocol introduce token standard ERC-7683 for better cross-chain interoperability
Quick Take Uniswap Labs and Across Protocol introduced a new Ethereum token standard called ERC-7683. ERC-7683 aims to create a universal filler network for all cross-chain intents to follow in their order structure, tackling relayer fragmentation. This would result in lower costs for fillers, a broader filler network for apps to use and lower costs passed onto users.
Uniswaps Labs and Across Protocol have introduced a new Ethereum token standard called ERC-7683 for better cross-chain interoperability.
ERC-7683 aims to create a universal filler network for all cross-chain intents to follow in their order structure, tackling relayer fragmentation, Across Protocol explained on the social media platform X. Orders adhering to identical standards enable lower costs for fillers, a broader filler network for apps to use and lower costs passed onto users.
Uniswap will use the new token standard for cross-chain swaps on the forthcoming platform UniswapX, Uniswap UNI +1.29% Labs added on X. Introduced in July 2023, UniswapX provides trading throughout automated market makers (AMMs) and other liquidity sources.
"Intents-based interoperability is winning," Across Protocol wrote. "Today, however, when a protocol adopts intent-based execution, they are required to build, attract and retain their own relayer or filler ecosystem. As intents-based apps increase, this is unsustainable."
A filler network describes an intermediary blockchain that facilitates transactions between two other chains. A relayer also acts as a bridge between two blockchain networks for cross-chain transfers.
Uniswap Labs develops the Uniswap decentralized exchange. The DEX's native token UNI traded at $7.79 at 12:54 p.m. ET (16:54 UTC) on May 20 after seeing a 2.43% 24-hour increase, according to The Block price page for the token.
ERC-7683 and cross-chain intents
Across Protocol develops an intents-based cross-chain interoperability platform. Intents focus on outcomes, rather than execution path, for orders.
"The arrival of rollups and L2s scaled Ethereum but damaged end user UX in every way except price. Developers building on L2s must choose which silo they want to build on. Users must become experts in the interoperability tooling landscape simply to use dapps," Across Protocol wrote in the developer documentation . "This fragmentation will continue as more rollups and app-chains come online. Across' thesis is that an intents-based design paradigm is the solution to the interoperability challenges developers and users face today."
In November 2022, Across Protocol raised $10 million in funding via private token sales with Hack VC, Placeholder and Blockchain Capital.
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