Uniswap Labs’ New Collaboration And Proposed Standard For Cross-Chain Intents
Uniswap Labs, the software development company behind the decentralized exchange (DEX) Uniswap, recently joined forces with Across, a cross-chain protocol, to introduce a groundbreaking standard for cross-chain intents. This collaboration aims to enhance interoperability between intent-based systems through a universal filler network.
Unveiling The New Standard For Cross-Chain Intents
The innovative proposal unveiled by Uniswap Labs and Across on Thursday introduces a fresh standard for cross-chain intents. This standard facilitates the seamless transfer and interaction of assets and protocols across multiple blockchain platforms.
- The standard will be presented to the CAKE Working Group for further discussion and review.
- UniswapX, a project by Uniswap Labs focusing on cross-chain functionality, will be the first to adopt the new ERC.
- The integration of cross-chain functionality aims to enhance user experience and broaden the services offered by UniswapX.
The Concept Of Intent-Based Systems
Historically, cross-chain protocols have employed various methods to connect activities across blockchain networks. While messaging-based designs have been prevalent, they are hindered by slow transfer finalization and high costs. In contrast, intent-based systems offer a more efficient solution.
- Intents-based systems enable users to specify desired end-states, allowing fillers to competently and cost-effectively fulfill user outcomes.
- Previously, each intent-based system operated independently, resulting in delays and centralization risks.
- The proposed standard establishes guidelines at Ethereum’s application layer to promote seamless interoperability among intent-based systems.
Enhanced Efficiency And Order Delivery
The proposed standard revolves around the ‘CrossChainOrder’ and ‘CrossChainSettler’ components, central to streamlining cross-chain orders and settlements. The ‘CrossChainOrder’ struct defines crucial order parameters, while the ‘CrossChainSettler’ interface specifies functions for settlement contracts.
- Adhering to the ERC standard ensures users can sign cross-chain orders that adhere to a unified specification.
- This approach fosters collaboration among different systems, eliminating siloed networks and reducing dependence on centralized fillers.
- By enforcing a unified standard, users can expect improved decentralization, enhanced capital efficiency, and a superior user experience.
Impact Of SEC Notice On Uniswap Labs And UNI Token
Following the reception of a Wells Notice from the Securities and Exchange Commission, Uniswap Labs encountered a significant setback that adversely impacted the UNI token. This regulatory development has coincided with a notable price decline, with the token experiencing a 21% drop in the past 24 hours and a 35% decrease over the last month.
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