Uniswap (UNI) To Integrate ERC-7683 In Bid To Solve Chain Fragmentation
Highlights
- Uniswap has revealed plans to integrate new update dubbed ERC-7683
- Uniswap plans to boost its cross-chain functionality with these integration
- Uniswap price is on tandem to surge in the coming weeks
In a strategic move, Uniswap (UNI) has decided to integrate ERC-7683 to solve chain fragmentation challenges.
Uniswap Propose EIP-7683 with Across Protocol
According to an X post, Uniswap Labs noted that the future is heading towards cross-chain. The protocol also sees EIP-7683 as the gateway to achieving this future.
The EIP-7683 is a proposal introduced by the decentralized exchange in collaboration with Across Protocol about two months ago. It was designed for cross-chain intents. It is meant to “establish a unified framework for intents-based systems to specify cross-chain actions.”
The future is cross-chain and ERC-7683 helps us get there ✨
This new standard proposes that all cross-chain intents follow the same order structure
Solving fragmentation with a universal filler network 👇 pic.twitter.com/nfI3KgNd9z
— Uniswap Labs 🦄 (@Uniswap) July 15, 2024
Amongst other functionalities, the proposed standard favors the implementation of an API for cross-chain trade execution systems. This means that developers can create a standard set of rules and interfaces that various blockchain networks can use to facilitate trading across them. Alongside the proposed standard is the calls for a generic structure called CrossChainOrder and defined standard interface for a smart contract called ISettlementContract.
In the long run, all the decentralized exchange aims to achieve with the EIP-7683 proposal is a streamlined process of trading crypto assets across blockchains. This is in addition to providing the users of the protocol with ease, compatibility and interoperability between various systems.
The recent post about the solution highlighted that Uniswap is looking to solve fragmentation challenges with a universal filler network which happens to be the EIP-7683. It was finally confirmed that Uniswap will adopt the standard once it goes cross-chain with UniswapX. More exciting is the fact that the standard can be implemented by anyone.
Uniswap Key Metrics Soars
Uniswap native token UNI may have reacted to the news of the upcoming implementation of the EIP-7683 standards. At the time of this writing, UNI was trading at $8.43 after registering a 2.78% surge within the last 24 hours. The token’s trading volume is up by 14.18% while its market capitalization equally surged by 2.95%.
Noteworthy, with a trading volume of $135,833,698 and a market cap of $5.05 billion, UNI ranks as the 22nd largest cryptocurrency. Before now, the crypto’s price level was a concern to many investors as it saw some declines. However, it began to recover recently as Uniswap whales pumped funds into acquiring more UNI.
There are expectations that the current price rally will continue for the next few weeks.
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