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Uniswap introduces ERC-7683 token standard, UNI enters breakout mode
Uniswap Labs, the company behind the decentralized crypto exchange Uniswap, recently unveiled ERC-7683 for cross-chain intent, marking a monumental step forward. In collaboration with the Across Protocol, a new proposal was brought to attention today, which aims to “establish a unified framework for intent-based systems to specify cross actions.”
The two entities 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 discussion and review.
The ERC outlines the steps and standards that tokens must meet to work with the Ethereum network and trade seamlessly with other tokens. Here’s a closer look at the proposal.
Facilitate cross-chain trade execution systems
The proposed standard allows you to implement 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 exchanges with each other.
The proposed standard simultaneously requires a generic structure called CrossChainOrder and defines a standard interface for a smart contract called ISettlementContract.
By establishing these standards, Uniswap Labs aims to simplify the process of exchanging assets across different blockchains. This will make it easier for users to engage in cross-chain transactions while ensuring compatibility and interoperability between various systems.
Meanwhile, UNI, Uniswap’s governance token, remains poised to benefit significantly from the aforementioned development. However, current market statistics make the future of the token uncertain.
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UNI price to rally?
Against the backdrop of sideways trading experienced by UNI, the token recorded gains of 0.40% over the past 24 hours, reaching $7.73. Its 24-hour lows and highs are $7.60 and $7.93, respectively.
Additionally, data from Coinglass showed a 1.54% decline in OI, reaching $85.50 million, followed by a 16.73% decline in derivatives volume to $175.85 million . This data further shrouds a cloud of negative market sentiment about UNI.
however, the CSR it settled at around 51, suggesting that the asset is neither overbought nor oversold.
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