Uniswap Labs has made significant strides by introducing ERC-7683 for cross-chain purposes.
Uniswap Labs, the company behind the decentralized cryptocurrency exchange known as Uniswap, has made significant progress. They have recently introduced ERC-7683 for cross-chain purposes.
Today, the Across Protocol developed a new proposal. The proposal’s objective is to “establish a unified framework for intent-based systems to specify cross-chain actions.
Uniswap Collaborates For ERC
“The collaboration between the two organizations has resulted in the publication of an Ethereum Request for Comment (ERC) on the Ethereum Magicians forum.
We have also proposed the standard to the CAKE Working Group for further debates and opinions. Tokens must comply with the steps and standards outlined by the Ethereum Relay Chain (ERC) in order to utilize the Ethereum network and engage in seamless trading with other tokens.
This is a more in-depth examination of the proposition. This standard enables the implementation of an application programming interface (API) for cross-chain trade execution systems.
To facilitate communication and trading across various blockchain networks, the developers aim to establish a standardized set of rules and interfaces.
The proposed standard requires a generic structure known as CrossChainOrder, which also establishes a standard interface for a smart contract known as ISettlementContract.
The proposed standard accomplishes both of these requirements simultaneously. Uniswap Labs intends to simplify the process of trading assets across a variety of blockchains by establishing these standards.
In addition to ensuring compatibility and interoperability between different systems, this will make it simpler for consumers to engage in transactions that span multiple chains.
UNI, Uniswap’s governance token, stands to benefit significantly from the progress previously discussed. Nevertheless, the token’s future is questionable due to the existing market statistics related to it.
Over the course of the last 24 hours, the value of the UNI token has increased by 0.40%, reaching $7.73. This occurred against the backdrop of sideways trade for UNI.
It has reached a low of $7.60 and a high of $7.93 over the course of 24 hours. In addition, the data offered by Coinglass demonstrated a decrease of 1.54% in OI, which reached $85.50 million, followed by a decrease of 16.73% in derivatives volume, which reached $175.85 million.
These statistics further blur a veil of negative market views toward UNI. However, the relative strength index (RSI) remained at approximately 51, which suggests that the asset is neither overbought nor oversold.