Author: Yue Xiaoyu
To conclude briefly, in a nutshell: ERC-7802 is a cross-chain standard that expands new features for existing ERC-20 tokens, and calling the ERC-7802 interface can achieve standard cross-chain functionality.
Background
ERC-7802 is a cross-chain token standard jointly proposed by the Optimism team and the Uniswap team, aimed at maintaining a unified standard for tokens during cross-chain transfers.
We can see that the cooperation between Uniswap and Optimism is deepening: the Unichain that Uniswap previously announced to launch is part of the OP Superchain ecosystem, and today they have proposed this cross-chain standard together.
The proposal of ERC-7802 is aimed at standardizing cross-chain operations, which is very important for DEXs (decentralized exchanges) like Uniswap and L2 solutions like Optimism.
Token standards on Ethereum have been evolving, from ERC-20 to ERC-721, ERC-1155, and so on. ERC-7802 is part of this evolution, focusing on solving the specific problem of cross-chain.
Design principles
Overall, the design principle of ERC-7802 is 'bridge agnosticism': in cross-chain scenarios, tokens contracts should be separated from specific cross-chain bridging technologies or protocols as much as possible.
This is a modular design that effectively shifts the complexity to the cross-chain bridge, separating the cross-chain logic from the token contract, making the structure of the token contract simpler and more modular.
The implementation of the token only needs to focus on its basic functions, without having to consider the specific implementation of cross-chain transfer.
Bridging protocols handle all complexities related to cross-chain transfers, including transaction verification, asset locking and releasing, cross-chain communication protocols, and more.
ERC-7802 defines a standardized interface for how tokens interact with cross-chain bridges, but does not concern itself with how these bridges are specifically implemented.
Any bridging protocol that complies with ERC-7802 can use this interface for cross-chain operations without modifying the token contract itself.
Specific implementation
ERC-7802 defines a standardized interface, which contains two key functions:
crosschainMint: Minting tokens on the target chain for the recipient as a result of burning tokens on the source chain.
crosschainBurn: Burning tokens on the source chain and initiating a cross-chain transfer, usually the starting point of a cross-chain transfer.
It should be noted that cross-chain minting and burning are different from local minting and burning. In cross-chain operations, the total circulating supply across all chains remains unchanged, as tokens are transferred between chains rather than actually being created or destroyed.
ERC-7802 contracts support ERC-165, which is an interface detection standard that allows smart contracts to declare which interfaces they support. This helps ensure compatibility of contracts for cross-chain operations.
More importantly, ERC-7802 is compatible with ERC-20.
ERC-20 is a widely used fungible token standard on Ethereum, so compatibility with ERC-20 is very important for the new standard, making it easier for existing tokens to cross-chain into new ecosystems.
In this way, existing tokens can exist as ordinary ERC-20 tokens, and then achieve cross-chain functionality through the ERC-7802 interface.
Protocol value
Addressing the experience issues of multi-chain is a major trend, and ERC-7802 actually establishes a cross-chain standard from the very bottom layer of the protocol, which complements the narrative of 'chain abstraction'.
ERC-7802 directly supports the goals that chain abstraction aims to achieve by providing a standardized cross-chain token transfer protocol, allowing assets to flow seamlessly across different chains.
The implementation of chain abstraction requires the synergy of various technical standards and protocols, and ERC-7802 can be seen as one of the key building blocks.
It can be said that ERC-7802 provides a concrete solution for chain abstraction at the technical level, addressing the technical issues of token cross-chain transfer, while chain abstraction utilizes these solutions to provide a higher-level user experience and application development framework.
More importantly, this standard proposed by OP also lays the foundation for interoperability within the OP Superchain ecosystem.
This protocol standard is currently still in the discussion stage, and we can continue to monitor it.
(The above content is excerpted and reprinted with authorization from our partner PANews, original link | Source: Yue Xiaoyu)
Disclaimer: The article only represents the author's personal views and opinions, and does not represent the views and positions of Block客. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Block客 will not bear any responsibility for direct or indirect losses formed by investor transactions.
"What is the new standard 'ERC-7802' jointly proposed by Optimism and Uniswap?" This article was originally published on (Block客).
