Uniswap Labs and Across Protocol team up to propose ERC-7683, a new standard for cross-chain intents, which establishes a unified framework for intents-based systems to specify cross-chain actions. The standard for cross-chain intents lets UniswapX, Across, and other intents-based systems interoperate according to the same process through a unified network. Developed by two pioneers in intents-based interoperability, ERC-7683 benefits applications, fillers, and end users while making the cross-chain ecosystem more connected and decentralized. With a unified standard fillers benefit from a lower entry barrier and lower costs, applications can plug into a wider filler network, and users enjoy lower costs and an improved UX.
NEW YORK, May 21, 2024 /PRNewswire-PRWeb/ -- Uniswap Labs and Across Protocol team up to present ERC-7683 a new Ethereum standard for cross-chain intents – establishing a unified framework for intents-based systems to specify cross-chain actions.
The proposed standard for cross-chain intents lets UniswapX, Across, and other intents-based systems interoperate according to the same process through a unified network.
Key takeaways:
- Uniswap Labs and Across have joined forces to propose a standard for cross-chain intents, allowing intents-based systems to interoperate through a universal filler network.
- Developed by two pioneers in intents-based interoperability, the new standard benefits applications, fillers, and end users while making the cross-chain ecosystem more connected and decentralized.
- With a unified standard fillers benefit from a lower entry barrier and lower costs, applications can plug into a wider filler network, and users enjoy lower costs and an improved UX.
- The standard can be reviewed in full at erc7683.org.
Uniswap Labs and Across Protocol, two leading projects building at the frontier of cross-chain interoperability with intents, present Ethereum's first standard for cross-chain intents, ERC-7683.
The standard unifies the manner in which Ethereum-based cross-chain systems specify cross-chain intents. This means any application that originates intents can route their users' requested actions to a shared filler network, benefiting applications, fillers, and end users.
Uniswap Labs and Across Protocol both pioneered intents-based architectures to improve UX and market efficiency on their Ethereum-based protocols. With ERC-7683, the two projects have moved towards establishing processes for Ethereum applications to follow, which allows for more interoperability between intents-based systems.
Why Ethereum needs an intents standard
Cross-chain interoperability is one of the biggest challenges in the crypto ecosystem today. "Bridges" sought to solve this problem, with different solutions taking different approaches to enable interoperability.
With intents-based systems, users express their desired action – such as a token transfer or swap – and a third party known as a filler steps in to fill their order on their behalf at the destination.
The intents model pioneered by UniswapX and Across has proven to be extremely effective compared to approaches like messaging. But until now, every intents-based system has fulfilled users' intents through independent networks. This creates centralization risks (where a small number of sophisticated fillers fill orders) and delays (where there are too few fillers to provide capital for orders).
UniswapX and Across both use intents-based designs to enable cross-chain interoperability. UniswapX lets users express intents as part of an auction-based aggregation protocol for token swaps, while Across invites users to articulate their desired action such as a swap or transfer between Ethereum and Layer 2 chains.
With the standard for cross-chain intents, users sign a cross-chain order that follows one standard. Whether they express their intent through UniswapX, Across, or another intent-based system, their request always conforms to the same standard.
This creates new possibilities for cross-chain applications as they can share filler sets through a universal network. It means applications can plug into a wider, more robust, and more capital-efficient network. Fillers, meanwhile, have a lower entry barrier, lower costs, and a wider network to capture order flow. Users also benefit from faster fills and lower costs because the network is more capital efficient.
Accelerating the cross-chain future
While UniswapX and Across are the first to adopt ERC-7683, any system that supports cross-chain transfers can plug into it now.
The intents model answers to what the user wants, leveraging independent parties to fill orders at a high speed and low cost. As UniswapX and Across have proven, intents are the winning solution to the cross-chain interoperability problem.
The standard for cross-chain intents proposed by UniswapX and Across further accelerates cross-chain interoperability and makes the ecosystem more connected.
To learn more about how the Standard for Cross-Chain Intents, ERC-7683, is powering the interoperable future, please visit erc7683.org.
For more information, contact Bridgett Frey at [email protected] at Uniswap Labs and Amanda Yoo at [email protected] at Across.
About UniswapX
UniswapX is an auction-based protocol developed by the team behind the leading decentralized exchange Uniswap. Launched in July 2023, UniswapX lets users express their intent for a token swap, while fillers compete in Dutch auctions to fill orders. UniswapX launched on Ethereum, offering gasless, MEV-protected swaps, but will expand to support cross-chain execution in the future.
About Across
Across is a cross-chain interoperability platform powered by intents. Across launched as a bridge to connect Ethereum and Layer 2 chains, adopting an intents-based model to facilitate high-speed, low-cost transfers. With Across V3, the protocol launched hooks and cross-chain intents settlement, meaning applications can plug into the platform and users can seamlessly execute actions between chains. Developed by the team behind UMA, Across is secured by Web3's optimistic oracle.
Media Contact
Amanda Yoo, Across Protocol, 1 604-786-3889, [email protected], across.to
Bridgett Frey, Uniswap Labs, [email protected], uniswap.org
SOURCE Across Protocol
Share this article