After Layer2 solution Optimism announced the adoption of the ERC-7683 cross-chain standard and decentralized trading platform Uniswap announced that its blockchain Unichain will join the Optimism hyperchain ecosystem, in 2024 In November, Optimism once again joined forces with Uniswap to launch the ERC-7802 cross-chain asset standard, bringing new prospects for improving the efficiency of cross-chain transactions.

Technical connotation of ERC-7802

ERC-7802 provides a cross-chain transaction Standardized technical framework, there are two key functions within this technical standard:

crosschainMint: minting assets on the arrival chain.

crosschainBurn: Destroy assets on the starting chain and initiate cross-chain transfers.

These two key functions give cross-chain transactions a standardized interactive interface, which can improve the efficiency of cross-chain asset transactions. Because any cross-chain protocol that calls the ERC-7802 standard can use this standardized interactive interface, and the contract of the asset (Token) itself does not need to be revised on how to implement cross-chain transfer, which is very important for improving Ethereum. Interoperability at the ecosystem application layer is extremely helpful.

The application prospects of the ERC-7802 standard

Since 2024, Optimism has been improving cross-chain A number of technical deployments have continued in terms of asset interoperability, and the proposal of the ERC-7802 standard will also play an important role in Optimism's creation of a Superchain ecosystem.

●Promote the seamless flow of cross-chain assets: In mid-November 2024, Optimism further improved the ecological architecture of Superchain by introducing "native interoperability" (Native Interoperability), realizing fast and secure communication between chains. This technology combines a multi-chain fault-proof mechanism to provide a practical basis for the implementation of the ERC-7802 standard..

● Promote the interconnection of Layer2 ecology: Optimism optimizes the cross-chain intention-driven cross-chain system, such as the integration with the Across protocol, which significantly shortens the time of asset transfer. Reduce, realize the direct interoperability between multiple Layer2 networks, and reduce the need for users to rely on the Layer1 main network as the hub. As a result, users can transfer assets faster and at lower cost, and developers can provide more efficient cross-chain solutions. The ERC-7802 standard is extremely compatible with the ERC-20 asset standard, which greatly reduces the complexity of cross-chain operations and provides new opportunities for developers of DeFi protocols.

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Learn more

SuperchainERC20 under development: It is developed based on the ERC-7802 standard and aims to achieve asset interoperability in the Superchain ecosystem.

Related technologies Documentation, please check:

https://docs.optimism.io/stack/interop/assets/superchain-erc20

●Improve Superchain Economic benefits: By optimizing inter-chain communication and resource utilization, the ERC-7802 standard provides Superchain with a faster settlement path and a more efficient Filler network, thereby reducing overall operating costs. These improvements will help attract more users. and developers participating in Optimism Ecosystem.

Data shows that as of late November 2024, Optimism’s total asset lock-up (TVL) was approximately US$7.75 billion, which was 8% higher than that of 2024. It has grown nearly 37% since last month; the total amount of assets locked in the Layer2 network has reached an all-time high, exceeding $51.5 billion. This surge reflects the growth of Layer2. The solution extends Ethereum’s importance by reducing congestion, transaction costs, and mainnet wait times

Future Outlook

One ​​of the most significant improvements in Optimism's 2024 roadmap is the changes and improvements in interoperability.

And through ERC -7802 standard, Optimism will further strengthen its technical competitiveness in the cross-chain field. This standard will not only help attract more developers in the cross-chain ecosystem, but also enhance its technical collaboration capabilities with major partners such as Uniswap. In Layer2 Take a better position in scaling solutions