Uniswap Labs and Across have introduced ERC-7683, a new token standard designed to simplify cross-chain asset trading. This innovative system aims to create a more streamlined experience for users, from developers to everyday participants.
The standard leverages a unique “filler network” concept that makes placing and executing cross-chain orders easier than ever before. Essentially, it provides a universal guidance system that guides both users and applications towards the correct destination chain. Here’s how it works:
Users initiate cross-chain trades. Funds are then safely locked in a settlement contract.
Fillers (order matching entities) compete to fulfill orders on the intended chain. The fastest and most efficient filler wins, automatically releasing funds.
This approach not only improves speed but also levels the playing field by standardizing intent-based systems.
A recent example from Uniswap’s CEO highlights the impact of their new V4 custom fee feature: a USDC/USDT pool with just $6 million in total value locked (TVL) experienced a staggering $300 million trading volume within 24 hours, all thanks to a remarkably low 0.001% custom fee.
This demonstrates the significant potential of V4’s flexibility.