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Uniswap partners with Across
Chart: Solana’s hits consecutive daily highs in REV
Uniswap and Across partner on cross-chain swaps
Uniswap and Across announced a partnership yesterday to power permissionless cross-chain swaps for the former.
With the rapid sprout of L2 rollups in recent years, trading cross-chain has proven increasingly frustrating as users have to manually bridge assets to different chains in order to trade specific assets or take advantage of deeper liquidity elsewhere.
The integration of Across’s intent-based bridging now allows traders to easily bridge and perform cross-chain swaps, all within Uniswap.
Across Protocol is built by Risk Labs, the team also behind the Universal Market Access (UMA) optimistic oracle.
Based on Risk Labs’ Dune dashboard, Across has bridged a cumulative $12.7 billion in lifetime volumes, with about $20-40 million in daily volumes over the last week.
According to Across’s blog, its bridging infrastructure is a “...robust, intents-powered solution that aims to execute certain L2-to-L2 transfers in just 3 seconds for transactions under $10,000 — which represent 99% of all L2 bridging activity.”
Nine EVM chains are included in the Across integration, which went live yesterday: Ethereum, Base, Arbitrum, Polygon, OP mainnet, Blast, ZKsync, Zora and the just-announced World Chain.
Initially supported tokens will include stablecoins, WBTC, and any native chain assets i.e., OP on Optimism, ARB on Arbitrum or ETH on Ethereum.
Uniswap and Across co-developed ERC-7683, a new cross-chain intent-centric token standard that would make it easier for cross-chain transactions to be executed by intermediary solvers/relayers on different chains.
As explained by Across CTO Nicholas Pai, ERC-7683’s goal “...is to shrink the scope of the problem so that Bridges and DEXs can use the standard today while maintaining composability with existing messaging networks.”
For Uniswap’s upcoming L2, Unichain, ERC-7683’s planned use is to enable cross-chain swaps for blockchain networks that fall outside of Optimism’s network of blockchains, dubbed the Superchain.
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan)
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Solana’s real economic value booms:
From Monday to Wednesday, Solana’s total daily real economic value (defined as transaction fees and MEV tips to Solana validators) climbed from $7.6 million, to $7.9 million, to $8.7 million. This marks consecutive all-time highs for three running days.
The bulk of these fees come from priority fees (tips) paid by users to validators for faster block inclusion, as well as tips to Jito validators. Jito’s “Jito-Solana” software client offers a third-party MEV blockspace auction market to make up for the lack of Solana’s blockspace market.
Presently, Jito makes 5% of all validators tips with no revenue-share to Jito DAO or JTO holders. The JIP-8 governance proposal, posted hours ago, is looking to change this by directing 2.85% of all MEV tips to the DAO’s treasury and 0.15% to NCN (Node Consensus Network) participants.
Unichain aims to establish a liquidity layer, potentially addressing fragmentation issues across L2s. The chain could significantly impact asset issuance dynamics and liquidity distribution across Ethereum and L2s. While Unichain offers potential benefits for UNI token holders through MEV revenue and staking, it could face challenges in attracting liquidity and competing with established L2 solutions. The success of the chain will depend on its ability to attract activity, volumes and liquidity onto the chain and navigate potential security risks associated with its architectural design.
EigenLayer's shift to permissionless AVS onboarding and token support promises enhanced flexibility but introduces new risks. Dynamic stake allocations create a fluctuating security landscape, requiring vigilant monitoring. The move towards an “ETF-like” restaking model opens doors for diverse, tradable portfolios. However, token volatility and a challenging vesting schedule loom large, threatening potential dilution. As EigenLayer navigates these waters, its success hinges on achieving exceptional adoption to offset supply expansion.
Is AI x crypto overhyped? Permissionless is bringing you the highest signal conversations at the nexus of these two nascent technology sectors.
Ink’s testnet will go live in 17 days.
The AI bot has another favorite memecoin.
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.