As a seasoned crypto investor with a keen interest in decentralized exchanges and cross-chain technologies, I find Uniswap Labs’ latest collaboration with Across Protocol to be an exciting development. The proposed ERC-7683 standard for cross-chain intents holds the potential to revolutionize how we approach trading assets across various blockchains.
As an analyst, I’m excited to share that Uniswap Labs, the team behind the decentralized crypto exchange Uniswap, has made a significant move forward with the introduction of ERC-7683 for cross-chain purposes. In partnership with Across Protocol, we are proposing a framework to define cross-chain actions within an integrated system. This is an important step towards establishing a unified approach for intents-based systems.
The two parties have teamed up to release a proposal for an Ethereum Request for Comment, or ERC, on the Ethereum Magicians discussion platform. This standard will then be presented to the CAKE Working Group for more examination and deliberation.
The Ethereum Request for Comments (ERC) specifies the requirements and guidelines tokens need to adhere to in order to function seamlessly within the Ethereum ecosystem and transact efficiently with other tokens. Let’s delve deeper into this proposition.
Facilitating Cross-Chain Trade Execution Systems
Developers are working on establishing a common standard for building APIs (Application Programming Interfaces) that enable cross-chain trade executions. This means creating a unified set of guidelines and interfaces for different blockchain networks, allowing them to seamlessly facilitate trades between the platforms.
As a crypto investor, I would explain it this way: The proposed framework introduces a common design called CrossChainOrder and lays out the guidelines for a specific type of smart contract named ISettlementContract.
Through setting these benchmarks, Uniswap Labs intends to simplify the experience of exchanging tokens over multiple blockchains. Users will benefit from a more seamless process for conducting cross-chain trades, along with enhanced compatibility and connectivity among various platforms.
In the meantime, UNI, Uniswap’s governance token, stands to gain significantly from these upcoming developments. Yet, uncertainty surrounds its future due to its present market data.
UNI Price To Rally?
Amidst the sideways movement observed in UNI over the past day, the token managed to register a small increase of 0.40%, hitting a value of $7.73. The lowest and highest points during this period were recorded at $7.60 and $7.93 respectively.
As a crypto investor, I’ve noticed that the data from Coinglass revealed a decrease of 1.54% in open interest (OI), which now stands at $85.50 million. Moreover, there was a significant drop of 16.73% in derivatives volume, bringing it down to $175.85 million. These numbers add to the growing uncertainty and bearish sentiment surrounding UNI in the market.
However, the RSI hovered at around 51, hinting that the asset is neither overbought nor oversold.
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2024-05-20 19:09