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ETH Beta Gold Rush Reignites, Detailed Explanation of New Cross-Chain Standard ERC-7683

BlockBeats2024/05/23 06:52
By:BlockBeats
Original title: " Ethereum ecosystem rekindled, detailed explanation of ERC-7683 led by Uniswap"
Original source: TechFlow



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


The recovery of mainnet transactions is bound to radiate to the 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...


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 chase hot spots, they may face different amounts of funds on each chain and need to cross funds. The experience and operation are not good.


Recently, as the big brother of DEX transactions on the ETH mainnet chain, Uniswap keeps up with current events and calls on everyone to pay attention to the new cross-chain intention standard --- ERC-7683 jointly formulated by it and Across on its official Twitter.


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 "cross-chain intention"?


Before explaining cross-chain intention, let's first introduce what "intention architecture" is:


Intent architecture is a design method in which users only need to specify the final state they want to achieve (i.e., intention) without worrying about the specific execution process. The system automatically finds and executes the best path to achieve this goal based on the user's intention.


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


Cross-chain intention refers to executing user-specified transactions between different chains. For example, if you have a USDC on Ethereum and you want to exchange it for MATIC on Polygon, in the cross-chain intention 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 intent system theoretically simplifies the complexity of traditional bridge cross-chain and becomes the main solution for users to interact across chains. However, the current key difficulty of these systems is the need for sufficient liquidity and an active filler network to perform 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 the current problems in cross-chain transactions through innovative ways:


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


2. Shared filler network: After the user signs the order through the standardized transaction interface, the order is propagated to multiple fillers through the network. Fillers grab orders through a bidding mechanism, providing the best quotes and efficient execution paths.


3. 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


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



Imagine that the behavior of users manually crossing chains through a cross-chain bridge is like the original logistics chain. If users want to send packages from A to B, they need to pack and weigh them, customize routes, and finally contact transportation channels. Finally, they have to track the packages themselves. In addition, there are different carrier capacity, different prices, and even lost items. There are many steps involved, and users need to understand the knowledge and factors to consider on their own.


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


Expectations from the project party


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


From the theoretical process point of view, Uniswap does provide a convenient cross-chain process for the intention of launching the ERC-7683 standard to 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.



At present, 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 a discussion meeting on ERC-7683 at 1:00 PM EST this Friday, where you can learn about the actual application of the ERC-7683 standard after it goes online and more information details.



Original link


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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