Uniswap and Across Collaborate
Despite facing an SEC investigation, Uniswap Labs has teamed up with Across to propose a new standard for cross-chain transactions. This standard aims to make it easier for users to transfer assets and interact with protocols across different blockchains.
Intent-Based Systems
Uniswap Labs believes that intent-based systems are a more efficient way to handle cross-chain transactions. These systems allow users to specify the desired outcome of their transaction, and a network of “fillers” can compete to complete the order quickly and cost-effectively.
Cross-Chain Standard Proposal
The proposed standard includes two key components:
- CrossChainOrder: Defines the parameters of the user’s order, including the deadline, settlement contract, and implementation-specific data.
- CrossChainSettler: Specifies the functions that settlement contracts must implement to resolve and initiate orders on-chain.
Benefits of the Standard
By adhering to this standard, users can sign cross-chain orders that conform to a unified specification. This enables cross-chain applications to share filler sets through a universal network.
- Lower entry barriers for fillers
- Reduced costs for fillers
- Wider, more competitive network for applications
- Faster fills and lower costs for users
Impact on UNI Token
The SEC investigation has significantly impacted the price of UNI, Uniswap’s native token. Over the past 24 hours, UNI has dropped by over 21%. This downward trend has extended to nearly 35% over the past month.
