Vitalik Buterin backs proposed ERC-7683 for cross-chain trade standards

Uniswap Labs and Across Protocol have collaborated to introduce ERC-7683, a proposed standard for cross-chain trade execution.

The initiative, highlighted in a recent X post by Uniswap Labs, introduces the new standard’s aim to create a unified framework for cross-chain intents and to improve interoperability between decentralized networks.

The proposal has been made publicly available for review on the Ethereum Magicians forum, seeking to create a structure that various decentralized platforms can adopt to improve user experience and trade efficiency.

Related: Coinbase L2 Base hosts 80% of active Uniswap traders — Token Terminal

Vitalik Buterin support for ERC-7683

Ethereum co-founder Vitalik Buterin expressed his support for the new standard, describing ERC-7683 as “an open standard for marking cross-chain orders.”

Buterin elaborated on the functionality, explaining that if a user wants to move coins from one blockchain, like Polygon, to another, such as Base, the process would involve publishing an ERC-7683 transaction.

The transaction sends the coins from Polygon into a secure “lockbox,” which can only be claimed by someone who can prove they sent the coins to the location on the Base side.

Buterin also noted that the standard incorporates advanced mechanisms such as batching and Merkle proving, which improve the efficiency of cross-chain transaction processes.

Related: Uniswap cites Chevron in another urge for SEC to drop bid to rule over DeFi

Finer details of the new standard

ERC-7673 introduces the CrossChainOrder struct code to simplify cross-chain order management by defining essential parameters.

As mentioned in the X post, the new standard ensures that cross-chain orders follow the same structure uniformly, creating a smoother multi-blockchain interaction process.

The proposal also includes a standard “ISettlementContract” code smart contract interface to further improve cross-chain efficiency.

Related: Memecoin dumps, then pumps after Vitalik Buterin sells unwanted airdrop

Buterin moves $8 million to new wallet

On Aug. 9, Buterin’s wallet address transferred 3000 Ether (ETH) worth over $8 million to a new multisignature wallet.

According to an X post by Lookonchain, the transfer details could suggest that Buterin “possibly” intends to donate the funds.

The funds were sent to the unknown wallet “0xfEB,” potentially belonging to a charitable organization, but this is still unconfirmed.

Magazine: How Chinese traders and miners get around China’s crypto ban