<

Near Foundation launches multi-chain trading feature from one account

The Near Foundation, a key supporter of the Layer 1 Near Protocol, has unveiled its latest feature: chain signatures. This development empowers users to seamlessly navigate across multiple chains using their Near account, thereby enriching interoperability and enhancing the overall user experience.

Thanks to a recent collaboration with EigenLayer, a restaking project operating on Ethereum, the Near Foundation has introduced chain signatures and multichain transactions. EigenLayer’s specialized knowledge and collaborative efforts have bolstered the security and functionality of the Chain Signatures network, thereby reinforcing the Near Protocol’s ecosystem and expanding its capabilities.

NEAR Protocol’s Cross-Chain Transactions Revolutionized with Chain Signatures

The Near Foundation has forged a partnership with Eigenlayer, revealing the Chain Signatures protocol. This cutting-edge technology enables NEAR accounts and smart contracts to sign transactions across various blockchains, marking a significant advancement in cross-chain interoperability. This development opens up a host of possibilities for mainstream users and Web3 builders alike.

Chain Signatures, propelled by a decentralized Multi-Party Computation (MPC) network, harnesses NEAR staking and EigenLayer ETH restakers to ensure robust security. Presently, the protocol extends support to major blockchains such as Ethereum, Cosmos chains, DogeCoin, and XRP Ledger, with plans for integration with Solana, TON Network, Polkadot, and more in the pipeline.

A standout feature of Chain Signatures is the introduction of threshold signatures for any blockchain, under the control of NEAR accounts and smart contracts. This novel approach empowers NEAR accounts, which can also serve as smart contracts, to solicit signatures for diverse payloads, including transactions for other blockchains. By leveraging this decentralized MPC network, users retain complete control over transactions while sidestepping the complexities associated with managing multiple addresses.

In tandem with Chain Signatures, Near has introduced the “Multichain Gas Relayer” to its ecosystem, obviating the necessity for native gas tokens on other chains to facilitate transactions. This advancement allows users to utilize NEAR (NEP-141) tokens for covering gas fees across any chain, thereby enhancing convenience and accessibility in the multichain landscape.

These innovations align with NEAR’s ongoing “chain abstraction” initiative, aimed at streamlining the user experience in crypto by tackling the intricacies inherent in multichain operations.

With Chain Signatures and the Multichain Gas Relayer, users can seamlessly transact across both smart contract and non-smart contract chains using a unified account or interface.

Near Foundation has decided to reduce its workforce by 40%

Near Protocol saw an extraordinary 1,902% surge in the number of unique active wallets engaging with its Web3 application, according to DappRadar’s report on January 11. This surge reflects a significant increase in user activity within the Near ecosystem.

However, despite the positive performance and strong financials, the Near Foundation has unexpectedly decided to reduce its workforce by 40%. This decision has come as a surprise, especially given the Near ecosystem’s recent strong performance throughout the year.

Despite the reduction in workforce, Near Protocol maintains a robust presence in the Web3 space, with three of its applications ranking among the top ten in Web3. Additionally, the ecosystem boasts a record number of daily users, indicating sustained growth and adoption of Near’s technology and applications.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like