Written by: imToken
After the Layer2 solution Optimism announced the adoption of the ERC-7683 cross-chain standard and the decentralized trading platform Uniswap announced its blockchain Unichain joining the Optimism superchain ecosystem, in November 2024, Optimism once again partnered with Uniswap to launch the ERC-7802 cross-chain asset standard, bringing new prospects for enhancing cross-chain transaction efficiency.
Technical connotation of ERC-7802
The ERC-7802 provides a standardized technical framework for cross-chain transactions, which includes two key functions:
crosschainMint: Minting assets on the destination chain.
crosschainBurn: Burning assets on the originating chain and initiating cross-chain transfers.
These two key functions provide a standardized interaction interface for cross-chain transactions, enhancing the efficiency of cross-chain asset trading. Any cross-chain protocol that calls the ERC-7802 standard can utilize this standardized interaction interface, and the contract for the asset (Token) itself does not need to be revised for how to implement cross-chain transfers, greatly aiding the interoperability of the Ethereum ecosystem's application layer.
Application prospects of the ERC-7802 standard
Since 2024, Optimism has continuously deployed multiple technologies to enhance cross-chain asset interoperability, and the introduction of the ERC-7802 standard will play a crucial role in building the Superchain ecosystem.
● Promoting seamless flow of cross-chain assets: By mid-November 2024, Optimism further refined the Superchain's ecological architecture by introducing 'Native Interoperability' for fast and secure communication between chains. This technology combines a multi-chain fault-proof mechanism, providing a practical foundation for the implementation of the ERC-7802 standard.
● Promoting interconnectivity within the Layer2 ecosystem: Optimism optimized cross-chain intention-driven cross-chain systems, such as integration with the Across protocol, significantly reducing the time for asset transfers and achieving direct interoperability among multiple Layer2 networks, reducing users' reliance on the Layer1 mainnet as a hub. Therefore, users can transfer assets faster and at lower costs, while developers can provide more efficient cross-chain solutions. The ERC-7802 standard is highly compatible with the ERC-20 asset standard, greatly reducing the complexity of cross-chain operations and providing new opportunities for developers of DeFi protocols.
Learn more about the developing SuperchainERC20: It is developed based on the ERC-7802 standard, aiming to achieve asset interoperability within the Superchain ecosystem.
For related technical documents, please refer to them.
● Enhancing the economic benefits of Superchain: By optimizing inter-chain communication and resource utilization, the ERC-7802 standard provides faster settlement paths and more efficient Filler networks for Superchain, thereby reducing overall operational costs. These improvements will help attract more users and developers to participate in the Optimism ecosystem.
Data shows that as of late November 2024, the total locked value (TVL) of Optimism's assets was approximately $7.75 billion, an increase of nearly 37% since August 2024; the total locked value of Layer2 networks reached a historic high of over $51.5 billion. This surge reflects the importance of Layer2 solutions in scaling Ethereum by reducing congestion, transaction costs, and mainnet waiting times.
Future prospects
One of the most significant improvements in the Optimism 2024 roadmap is the changes and enhancements in interoperability.
Through the ERC-7802 standard, Optimism will further strengthen its technological competitiveness in the cross-chain field. This standard not only helps attract more developers from the cross-chain ecosystem but also enhances the technological synergy with major partners like Uniswap, positioning it more favorably in Layer2 scaling solutions.