Coinbase Payments joined the Open Intents Framework in order to standardize and streamline cross-chain assets transfers between Ethereum and Layer 2 networks.
The following is a summary of the information that you will find on this page.
- Coinbase has joined over 30 other contributors in advancing permissionless and secure cross-chain operation.
- Open Intents Framework enables you to create intent-based software quickly by using the modular components, such as smart contracts and UI templates.
- Solvers can execute transactions automatically, allowing users to move data and assets seamlessly between Ethereum L2s.
Coinbase Payments joins the Open Intents Framework The OIF is a major contributor and collaborates with many L2 teams on the development of open standards to ensure secure permissionless asset transfers across chains.
Through the OIF, developers and projects on Ethereum can leverage OIF’s modular components—such as solvers, smart contracts, and UI templates—to quickly build and deploy intent-based applications without creating infrastructure from scratch.
Users can easily move assets and data between Layer 2 and Ethereum solutions. The user can easily express their thoughts. “intent,” Solver is an agent who executes the transactions for you.
“The framework is a critical step toward mainstream applications like ecommerce, where cross-chain payments can feel as seamless as today’s web experiences, while benefiting from the security of the Ethereum network,” said Coinbase on X.
Coinbase Open Intents Framework
Launched The OIF, launched by the Ethereum foundation in February 2018, aims at unifying the Ethereum layer 2 ecosystem. The OIF is based on ERC-7683 standards, which describe how intentions are executed and settled. This allows for fast and seamless operations between Ethereum and other blockchains. L2 networks.
Coinbase is the latest participant in the project, which now includes over 30 participants, such as major Layer 2 protocols, like Optimism and Scroll as well as LI.FI, a cross-chain protocol. Others, including Wonderland Taiko and Across ProtocolThe OIF module has been integrated to facilitate asset transfers across chains and allow for the experimentation of new order types such as Dutch cross-chain auctions.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
