The Near Foundation has introduced a groundbreaking feature in the Near Protocol, enabling users to manage transactions across multiple blockchains from a single Near account.
This development, powered by Chain Signatures, leverages a decentralized multi-party computation (MPC) network underpinned by Near’s validators, enhancing cross-chain interoperability and streamlining the user experience within the decentralized finance (DeFi) landscape.
A Leap Towards Cross-Chain DeFi
In partnership with Eigenlayer, a restaking project on Ethereum, Near’s Chain Signatures feature represents a significant step towards seamless cross-chain interactions.
It allows users to sign transactions on one blockchain using a private key associated with their Near account, thereby facilitating a unified access point to diverse blockchain ecosystems.
One small step for man.
One giant leap for Chain Abstraction.
Chain Signatures, secured by EigenLayer and NEAR stakers, enable transactions on any blockchain from your NEAR account.
Start building with Chain Signatures today ⛓️https://t.co/sUPvXw75yy pic.twitter.com/3cxb6eOtYM
— NEAR Protocol (@NEARProtocol) March 27, 2024
With Chain Signatures, Near accounts gain the capability to control addresses on various blockchains, heralding a new era for DeFi applications that can now leverage assets across networks without the need for traditional asset bridging.
“Decentralized finance (DeFi) on non-smart contract chains is now possible for the first time on many networks, including Bitcoin. Developers can easily build DeFi products that utilize assets from other chains without bridging these assets,” the Near Foundation highlighted.
Widespread Blockchain Compatibility and the Multichain Gas Relayer
This innovative feature is compatible with Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger, with future expansions to include Solana, The Open Network, Polkadot, and others.
A notable aspect of the Chain Signatures functionality is the “Multichain Gas Relayer,” which obviates the need for the native gas token of another chain, allowing transactions to be covered using Near or NEP-141 tokens.
Towards Mainnet Launch and Near’s Web3 Growth
Currently available on Near’s testnet, the Chain Signatures feature is slated for a mainnet launch in early May.
This move aligns with Near’s “chain abstraction” initiative, aiming to simplify the complexities of navigating the multichain ecosystem for users.
Near has demonstrated significant engagement within the Web3 space, reporting a 1,902% increase in unique active wallets interacting with its Web3 applications.
Despite these strides and robust financial standing, the Near Foundation recently announced a 40% reduction in its workforce and the departure of CEO Marieke Flament, under whose leadership the treasury balance grew to 330 million NEAR.
As the Near Protocol embarks on this ambitious journey to bridge the gaps between diverse blockchain networks, the crypto community eagerly anticipates the broader implications for DeFi accessibility, efficiency, and innovation.
