On Wednesday, the SEC served a Wells Notice to Uniswap Labs, the tech firm responsible for Uniswap’s decentralized exchange (DEX). A Wells Notice is a warning from the US Securities and Exchange Commission (SEC) that they are considering taking enforcement action.
In the face of regulatory hurdles, Uniswap Labs collaborates with Across, a cross-chain methodology, to put forth a fresh, cross-chain intention standard.
Uniswap Labs And Across Collaboration
On Thursdays announcement, a new common standard for cross-chain intentions was presented. This standard facilitates seamless communication and compatibility between various intent-based systems through a unified network.
Cross-chain intents involve transferring or interacting with assets and protocols across multiple blockchain platforms.
Uniswap Labs and Across aim to start the procedure of proposing a new Ethereum Request for Comment (ERC) regarding this standard. They intend to bring it before the CAKE Working Group for deeper examination and evaluation.
Additionally, UniswapX, the next venture by Uniswap Labs, will be an early implementer of a new Ethereum Request for Comments (ERC) standard. This innovation enables cross-chain compatibility, enhancing user experience and broadening the reach of UniswapX’s offerings.
Intent-Based Systems
The Uniswap Labs team explained that when it comes to connecting activities between different blockchain networks, cross-chain protocols have employed several strategies. Although messaging-based methods have gained popularity, they come with the downside of lengthy confirmation times and expensive fees.
Intents-based methods provide a more productive solution for software development firms: according to Uniswap Labs, these systems let users define their desired goal for the network, resulting in multiple service providers competing to deliver the outcome swiftly and affordably.
Up until now, every intent-based system functioned independently within their networks, leading to potential delays and concerns over centralization, as stated by the company.
The announcement adds that the suggested Ethereum standard sets guidelines for interaction at its application level, enabling autonomous and purpose-driven systems to work seamlessly together.
Lower Costs And Faster Order Delivery?
The “CrossChainOrder” and “CrossChainSettler” components play a pivotal role in the suggested standard. The “CrossChainOrder” blueprint lays out essential details of a user’s order, such as the due date for order completion or transfer, the contract that safeguards user funds for settlement, and implementation-specific data.
The “CrossChainSettler” interface outlines the required functions for settlement contracts, enabling them to handle and initiate on-chain resolution of implementation-particular orders.
Following this ERC standard allows users to sign orders for multiple chains that adhere to a single specification. This means users can easily interact with various platforms like UniswapX, Across, and more, as they all use the same standard. Consequently, cross-chain applications can exchange filler sets over a common network.
Using this method, we can break down the isolated communication channels and lessen our dependence on a select few key players. As a result, we enhance the system’s decentralization and minimize potential risks linked to relying excessively on centralized figures.
In the long run, Uniswap Labs is convinced that setting a common intent-based system standard will lead to a much better application experience for developers and fillers, as well as for end users. They made this clear in their conclusion.
Fillers offer easier access and lower expenses, allowing them to handle a larger volume of orders instead of focusing on one specific use. In turn, applications can route user requests through a broader, more competitive marketplace. Ultimately, users benefit from quicker fills and reduced costs due to the fillers’ efficient use of capital.
Uniswap Labs received a warning notice from the SEC, resulting in a substantial impact on the UNI token. This has caused a significant decline in the token’s value over the past day, with the price dropping by over 21%.
Over the past month, this trend has continued to decrease by approximately 35%, leading to its current trading price at $8.820.
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2024-04-12 06:12