Vitalik Buterin, the famous Ethereum co-founder, has given his blessings for a proposal by DeFi protocols Uniswap and Across aimed at bringing a new Ethereum standard. This proposal, ERC (Ethereum Request for Comment)-7683, will ensure secure and efficient cross-chain decentralized trading. The proposal was posted on the Ethereum Magicians forum and describes how it can make the trading process between protocols operating in the broader Ethereum ecosystem efficient. That includes multichain applications functioning on Ethereum layer 2s and scaling solutions. Vitalik Buterin called the proposal “an open standard for marking cross-chain orders.” In a video posted by Across, he explains how the proposal will work if implemented, mentioning cross-chain transactions between Ethereum and the
Topics:
Suraj Manohar considers the following as important: defi, News
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
Vitalik Buterin, the famous Ethereum co-founder, has given his blessings for a proposal by DeFi protocols Uniswap and Across aimed at bringing a new Ethereum standard. This proposal, ERC (Ethereum Request for Comment)-7683, will ensure secure and efficient cross-chain decentralized trading.
The proposal was posted on the Ethereum Magicians forum and describes how it can make the trading process between protocols operating in the broader Ethereum ecosystem efficient. That includes multichain applications functioning on Ethereum layer 2s and scaling solutions.
Vitalik Buterin called the proposal “an open standard for marking cross-chain orders.” In a video posted by Across, he explains how the proposal will work if implemented, mentioning cross-chain transactions between Ethereum and the networks scaling it or between the scaling solutions requiring committing an ERC-7683 transaction.
With that, a trade executed between two chains will involve assets from one chain held in a ‘lockbox’ until the counterparty on the other chain commits their transfer. Smart contracts will ensure this escrow-like function works automatedly.
Of course, the transaction process involves complex mechanisms under the hood, specifically batching and Merkle proving, aimed at increasing efficiency during cross-chain trade execution. The proposal includes other elements like the CrossChainOrder struct code and the ISettlementContract code. These additions will ensure further efficiency and simplicity during cross-chain interactions.
For a long time, developers have worked on making the blockchain ecosystem efficient and interoperable. The Ethereum ecosystem has been ahead of the rest in pushing the limits of blockchain technology. This proposal seeks to take it one step further. It mentions the motivation behind introducing ERC-7683, “By implementing a standard, cross-chain intents systems can interoperate and share infrastructure such as order dissemination services and filler networks, thereby improving end-user experience by increasing competition for fulfilling user intents.”