ERC-7683 Standard Debuts On Uniswap, UNI Breaks Out

Uniswap Labs, the company behind the decentralized crypto exchange Uniswap, has recently introduced ERC-7683 for cross-chain intents, marking a significant milestone. Collaborating with the Across Protocol, they have unveiled a new proposal aimed at “establishing a unified framework for intents-based systems to specify cross-chain actions.

The two entities have jointly published an Ethereum Request for Comment (ERC) on the Ethereum Magicians forum and submitted the standard to the CAKE Working Group for further discussion and review. This ERC outlines the requirements and standards that tokens must meet to be compatible with the Ethereum network and facilitate seamless trading with other tokens. Here’s a closer look at the proposal.

The proposed standard aims to establish an API for cross-chain trade execution systems. This involves developing a consistent set of rules and interfaces that different blockchain networks can utilize to enable trading across various platforms. The proposed standard introduces a generic structure known as CrossChainOrder and establishes a standard interface for a smart contract called ISettlementContract.

Uniswap Labs Enhances Cross-Chain Trading

By setting these standards, Uniswap Labs seeks to simplify asset trading across multiple blockchains. This initiative will facilitate cross-chain transactions for users while ensuring system compatibility and interoperability.

Meanwhile, UNI, the governance token of Uniswap, stands to gain significantly from the aforementioned development. However, its future remains uncertain due to its current market statistics. Amidst the recent period of sideways trading, UNI saw a 0.40% increase in the past 24 hours, bringing its value to $7.73. During this time, the token’s price fluctuated between a low of $7.60 and a high of $7.93.

Additionally, Coinglass data indicated a 1.54% decrease in open interest, bringing it down to $85.50 million. This was accompanied by a 16.73% drop in derivatives volume, which fell to $175.85 million. These figures contribute to the prevailing negative market sentiment surrounding UNI. However, the RSI remained around 51, suggesting that the asset is neither overbought nor oversold.

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Furthermore, the author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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