Uniswap Labs, the company responsible for the Uniswap decentralized exchange (DEX), received a Wells Notice from the US Securities and Exchange Commission (SEC), potentially leading to legal action.

Despite regulatory hurdles, Uniswap Labs partnered with Across, a cross-chain protocol, to introduce a fresh cross-chain standard for intents.

Collaboration Between Uniswap Labs and Across

The joint effort aims at establishing a standard for cross-chain intents that allows seamless interoperability among intent-driven systems through a universal filler network.

Cross-chain intents pertain to asset transfer and interaction across different blockchain networks.

Uniswap Labs and Across intend to present the proposed standard to the CAKE Working Group to advance discussions and review processes regarding the Ethereum Request for Comment (ERC) adoption.

Additionally, the upcoming UniswapX project by Uniswap Labs, focusing on cross-chain capabilities, will be the inaugural user of the novel ERC standard. UniswapX's integration of cross-chain features anticipates enhancing user satisfaction and widening its service spectrum.

Intent-Driven Systems

Uniswap Labs advocates that conventional cross-chain protocols have utilized distinct methodologies to link operations between blockchain platforms. Messaging-oriented frameworks were predominant yet encountered challenges of slow transaction finalization and high expenses.

Uniswap Labs supports the intents-based approach, which it deems a more effective solution. This innovation allows users to specify the desired chain state, offering a network of fillers the chance to compete and swiftly fulfill user objectives economically.

Historically, intent-driven systems have been isolated, creating latency and perceived centralization risks.

The proposed standard introduces regulations at Ethereum's application level, facilitating seamless interaction among autonomous intent-driven systems.

Reduced Fees and Swift Order Fulfillment

Key components of the standard, ‘CrossChainOrder’ and ‘CrossChainSettler,’ define user's order details and settlement requirements. These components ensure that settlement contracts satisfy specifications required for on-chain order resolution.

By conforming to this ERC standard, users can authorize cross-chain orders that align with a unified specification. UniswapX, Across, and other systems following this standard allow cross-chain applications to share filler networks through universal connectivity.

This standardized approach eliminates network siloes and minimizes dependency on a limited number of fillers, thus enhancing decentralization and minimizing centralized filler risks.

Uniswap Labs anticipates that establishing this universal standard for intent-driven systems will vastly enhance the end user experience, making dealings smoother for applications, fillers, and customers.

Uniswap Labs acknowledges that following the SEC's Wells Notice, the UNI token has seen a substantial price decline. In the past day alone, the token's value has dropped by over 21%, leading to a downwards trend of almost 35% in the last month, with the current trading price standing at $8.820.