Coinbase joins Ethereum Foundation to back Open Intents Framework for cross-chain interoperability

Coinbase Funds has joined the Open Intents Framework to assist with standardizing and simplifying cross-chain asset transfers in Ethereum and the Layer 2 networks.

Coinbase funds have joined the Open Intent Framework (OIF) as a core contribution, along with dozens of L2 groups to develop open requirements for secure, permissionless cross-chain property transfers.

By way of the OIF, builders and tasks on Ethereum can use the modular parts of OIF-such as options, good contracts and onion-template-to-build and implement it deliberately primarily based on functions with out creating infrastructure.

For customers, which means that property and knowledge can transfer seamlessly between totally different Ethereum networks and Layer 2 options. They will simply categorical an ‘intention’, such because the change of tokens about chains, and a specialised agent, referred to as a solver, performs the transaction robotically.

“The framework is a vital step in direction of common functions comparable to e-commerce, the place cross-chain funds can really feel as seamlessly as in the present day’s net experiences, whereas making the most of the safety of the Ethereum community,” ” said Coinbase in a message on X.

Coinbase Open Intentes Framework

The OIF was launched by the Ethereum Basis in February and needs to unite the Ethereum Layer 2 -Ecosystem. It builds on requirements comparable to ERC-7683, which decide how intentions are made, executed and organized, in order that quick, seamless cross-chain operations in Ethereum and its L2 networks are saved doable.

Coinbase marks the most recent addition to the initiative, which has grown to greater than 30 contributors, together with necessary Layer 2 options comparable to arbitrum, optimism, ZKSync and Scroll, in addition to cross-chain protocols comparable to Li.fi. Different contributors, comparable to Wonderland, Taiko, and concerning the protocol, have built-in OIF modules to simplify cross-chain property transfers and experiment with new order sorts, comparable to Dutch cross-chain auctions.