ERC-7683 Proposed to Address Ethereum’s Fragmentation Challenges
The Ethereum ecosystem faces significant fragmentation challenges due to the rapid growth of Layer-2 (L2) solutions, which have improved transaction speeds and reduced costs. Key points include:
- Ethereum has expanded from 15 transactions per second to thousands, with costs dropping from $50 to cents.
- Over 50 L2s have emerged, complicating user experiences as they must navigate multiple networks.
- Fragmentation threatens Ethereum’s future by trapping liquidity and complicating development.
To address these issues, a new standard, ERC-7683, has been proposed by Across and Uniswap Labs. This standard allows users to perform complex cross-chain actions seamlessly. Key features include:
- Standardizes multi-step cross-chain transactions into a single request.
- Supported by over 50 protocols, including Arbitrum, Base, and Optimism.
- Enables a one-click process for actions across chains, improving user experience.
ERC-7683 aims to unify the Ethereum ecosystem by allowing developers to create applications that function across all L2s without managing network switches or bridges. The standard is already in production, having processed over $18 billion in cross-chain volume.
Looking ahead to 2025, ERC-7683 envisions a unified Ethereum where users manage assets effortlessly across chains. By resolving fragmentation, it enhances accessibility and capital efficiency, positioning Ethereum as a leader in Web3.
Broad support from over 45 teams indicates readiness within the community to adopt ERC-7683. Embracing this standard is crucial for developing a cohesive and scalable Ethereum ecosystem.