Uniswap Introduces ERC-7683 Token Standard, UNI Enters Breakout Mode
Highlights
- Uniswap Labs collaborates with the Across Protocol to facilitate cross-chain intent.
- The two entities propose ERC-7683.
- UNI token's price chart shows an extended period of consolidation, with the token slightly up at press time.
Uniswap Labs, the company behind the decentralized crypto exchange Uniswap, has recently unveiled ERC-7683 for cross-chain intents, marking a monumental stride. In collaboration with the Across Protocol, a new proposal was brought to attention today, aiming to “establish a unified framework for intents-based systems to specify cross-chain actions.”
The two entities have collaborated to publish an Ethereum Request for Comment (ERC) on the Ethereum Magicians forum and propose the standard to the CAKE Working Group for further discussions and reviews.
ERC outlines the steps and standards tokens must meet to work with the Ethereum network and trade smoothly with other tokens. Here’s a closer look into the proposal.
Facilitating Cross-Chain Trade Execution Systems
The proposed standard allows for implementing an API for cross-chain trade execution systems. In context, developers aim to create a standard set of rules and interfaces that various blockchain networks can use to facilitate trading across them.
The proposed standard simultaneously calls for a generic structure called CrossChainOrder and defines a standard interface for a smart contract called ISettlementContract.
By establishing these standards, Uniswap Labs aims to streamline the process of trading assets across different blockchains. This will make it easier for users to engage in cross-chain transactions while also ensuring compatibility and interoperability between various systems.
Meanwhile, UNI, Uniswap’s governance token, remains poised to benefit substantially from the abovementioned development. However, its current market statistics make the token’s future uncertain.
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UNI Price To Rally?
Against the backdrop of sideways trading experienced by UNI, the token noted gains worth 0.40% in the past 24 hours, reaching $7.73. Its 24-hour lows and highs are $7.60 and $7.93, respectively.
Besides, Coinglass data illustrated a 1.54% dip in OI, reaching $85.50 million, followed by a 16.73% dip in derivatives volume to $175.85 million. This data further shrouds a cloud of negative market sentiments on UNI.
However, the RSI hovered at around 51, hinting that the asset is neither overbought nor oversold.
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