Author: Shenchao TechFlow
The expected approval of the Ethereum ETF has ignited the ETH Beta gold rush. .
The recovery of mainnet transactions is bound to radiate to the various L2 ecosystems of Ethereum. For example, Farcaster’s announcement of huge financing has attracted attention again to DEGEN, and everyone has begun to chase OP in the ETH Beta wave. ...
The total trading volume of L2 on the Uniswap protocol is about to reach 300 billion US dollars
But back to the actual operation, since instant hotspots appear randomly in each chain, when users want to quickly chase hotspots, they may face different amounts of funds in each chain and need to cross-chain funds. The experience and operation are not good.
Recently, as the big brother of DEX trading on the ETH main network chain, Uniswap keeps up with current events and calls on everyone on its official Twitter to pay attention to the new cross-chain intention jointly formulated by it and Across. Standard --- ERC-7683.
##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?
Before explaining the cross-chain intention, we first introduce what is "intent architecture":
Intent architecture is a design method in which users only need to specify the final state they want to achieve (i.e., the intention), and do not need to care about the specific execution process. The system automatically finds and executes the best path to achieve the goal based on the user's intention.
Understanding the intent architecture, the concept of "cross-chainintention" is no longer abstract:
Cross-chain intention refers to executing user-specified transactions between different chains. For example, you have a sum of 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 "Exchange USDC on Ethereum to MATIC on Polygon", and the system will automatically find the optimal path to complete the transaction, including cross-chain bridging and exchange.
The cross-chain intent system theoretically simplifies the complexity of traditional bridging cross-chains sex, becoming the main solution for users’ cross-chain interaction. However, the current key difficulty in these systems is the need for sufficient liquidity and an active filler network to execute cross-chain transactions.
As the number of chains and cross-chain requirements increase, when the flow is insufficient and the filler network scheduling is chaotic, users will experience higher cross-chain costs, longer waiting times, and higher failure rates.
Standardized transaction interface: ERC-7683 defines the standard CrossChainOrder and ResolvedCrossChainOrder structures to parse orders into an executable standard format for convenience Fillers understand and process so that different blockchain systems can interoperate between them. ERC-7683 proposes that all cross-chain intents follow the same sequential structure so that a common, shared shim network can complete transactions.
Shared filler network: After a user signs an order through a standardized transaction interface, the order is propagated to multiple fillers through the network, and the fillers compete for orders through a bidding mechanism. , providing optimal quotations and efficient execution paths.
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
##Safe fund custody: The settlement contract manages user funds through a standardized verification mechanism, and only after the transaction is confirmed to be successful Released to fillers.
Imagine that the user's manual cross-chain behavior through the cross-chain bridge is like the original logistics chain. The user wants to send goods from A To send a package to B, you need to pack and weigh it yourself, customize the route, contact the transportation channel, and finally track the package yourself. There are also cases where carriers have different capacities and asking prices, or even lost items. The steps are complicated and require users to independently understand and consider many factors.
ERC-7683 is like a mature express company, with a series of unified and complete standards including weighing pricing, route customization, capacity allocation, etc. For users, such "one-click cross-chain" saves worry and money.
The world has been suffering for a long time.
From a theoretical process point of view, Uniswap does provide a convenient cross-chain process for the purpose of launching the ERC-7683 standard to promote the progress of cross-chain technology.
Not only users, but also many project parties such as Optimism and Krystal have expressed their respect for the launch of ERC-7683. Everyone is looking forward to a good and fast cross-chain protocol to liberate Liquidity brings more vitality to the chain.
Currently, 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 an exchange meeting about ERC-7683 at 1:00 pm Eastern Time this Friday. At that time, you can learn about the actual application of the ERC-7683 standard after it is launched and more information and details. .
The above is the detailed content of The Ethereum ecosystem is rekindled, with a detailed explanation of ERC-7683 led by Uniswap. For more information, please follow other related articles on the PHP Chinese website!
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