Written by: imToken
Following the announcement of the adoption of the ERC-7683 cross-chain standard by the Layer2 solution Optimism and the announcement of the addition of Uniswap's blockchain Unichain to 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 improving the efficiency of cross-chain transactions.
Technical implications of ERC-7802
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 transfer.
These two key functions provide a standardized interactive interface for cross-chain transactions, enhancing the efficiency of cross-chain asset trading. This allows any cross-chain protocol that calls the ERC-7802 standard to utilize this standardized interactive interface, without requiring the asset (Token) contract itself to revise how to implement cross-chain transfers, greatly aiding interoperability at the application layer of the Ethereum ecosystem.
Application prospects of the ERC-7802 standard
Since 2024, Optimism has continued to deploy multiple technologies to enhance cross-chain asset interoperability, and the introduction of the ERC-7802 standard will play an important role in building the Superchain ecosystem for Optimism.
● Promoting seamless flow of cross-chain assets: In mid-November 2024, Optimism further improved the ecological architecture of Superchain by introducing 'Native Interoperability', enabling 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.
● Facilitating interconnectivity within the Layer2 ecosystem: Optimism has optimized cross-chain intent-driven cross-chain systems, such as integration with the Across protocol, significantly reducing the time for asset transfers and achieving direct interoperability between multiple Layer2 networks, reducing users' reliance on Layer1 mainnet as the central hub. As a result, users can transfer assets more quickly and at lower costs, while developers can provide more efficient cross-chain solutions. The ERC-7802 standard has a high degree of compatibility with the ERC-20 asset standard, greatly reducing the complexity of cross-chain operations and providing new opportunities for DeFi protocol developers.
Learn more about the developing SuperchainERC20: It is developed based on the ERC-7802 standard and aims to achieve asset interoperability within the Superchain ecosystem.
For related technical documents, please refer to.
● Enhancing the economic efficiency of Superchain: By optimizing inter-chain communication and resource utilization, the ERC-7802 standard provides faster settlement paths and a more efficient Filler network for Superchain, thereby reducing overall operating costs. These improvements will help attract more users and developers to participate in the Optimism ecosystem.
Data shows that by late November 2024, the total value locked (TVL) in Optimism was approximately $7.75 billion, an increase of nearly 37% since August 2024; while the total value locked in Layer2 networks reached a historical high of over $51.5 billion. This surge reflects the importance of Layer2 solutions in scaling Ethereum by reducing congestion, transaction costs, and mainnet wait 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 technical competitiveness in the cross-chain field. This standard will not only help attract more developers from the cross-chain ecosystem but also enhance technical synergy with key partners like Uniswap, positioning it more favorably in Layer2 scaling solutions.
