Uniswap Labs and Across Protocol have teamed up to propose a new standard for cross-chain trading, called ERC-7683. Announced in a recent X post by Uniswap Labs, ERC-7683 aims to create a unified system for cross-chain transactions. This standard seeks to improve how different decentralized networks interact, making them more compatible with each other.
Public Review and Support
The proposal is now available for public review on the Ethereum Magicians forum. The goal is to have various decentralized platforms adopt this standard to enhance the user experience and make trading more efficient.
Ethereum co-founder Vitalik Buterin has voiced his support for the new standard, calling it “an open standard for marking cross-chain orders.”
How ERC-7683 Works
Buterin explained that the new standard simplifies the process of moving coins from one blockchain to another. For example, if a user wants to transfer coins from Polygon to Base, they would initiate an ERC-7683 transaction. This transaction locks the coins in a secure “lockbox” on Polygon, which can only be accessed by proving that the coins were sent to a specific location on the Base blockchain.
The new standard also includes advanced features like batching and Merkle proving, which make cross-chain transactions more efficient.
Key Features of ERC-7683
ERC-7683 introduces a CrossChainOrder struct code to manage cross-chain orders more easily. This code defines essential parameters that ensure all cross-chain orders follow the same structure, making interactions across multiple blockchains smoother.
Additionally, the proposal includes a standard smart contract interface called “ISettlementContract” to further improve the efficiency of cross-chain transactions.
