- Near Protocol introduces Chain Signatures, enabling Near account holders to access multiple blockchains seamlessly.
- Eigenlayer partners with Near, bolstering Chain Signatures network security.
- Chain Signatures pave the way for decentralized finance on networks including Bitcoin without asset bridging.
The Near Protocol, supported by the Near Foundation, has taken a significant leap forward in blockchain interoperability by introducing Chain Signatures. This innovative feature promises to simplify how users interact with various blockchain networks, using just their Near account.
A Leap Towards Seamless Interoperability
According to a press release, Chain Signatures, powered by a network of decentralized multi-party computation and safeguarded by Near’s validators, represent a breakthrough in cross-chain technology. This development not only enhances user convenience but also broadens the horizons for decentralized applications, especially in the realm of decentralized finance (DeFi).
Partnership with Eigenlayer
Near Protocol has joined forces with Eigenlayer, a restaking project on Ethereum. This collaboration underscores Near’s commitment to providing a robust and secure environment for its users, leveraging Eigenlayer’s expertise to fortify the network’s security.
Empowering DeFi Across Chains
With Chain Signatures, Near Protocol introduces a world of possibilities for DeFi, allowing for the creation of sophisticated financial products that leverage assets across different blockchains. This feature eliminates the need for asset bridging, making DeFi accessible on traditionally non-smart contract platforms like Bitcoin. Near’s ambition doesn’t stop there, as it aims to extend support to a wider array of networks, further integrating the blockchain ecosystem.
Simplifying Transactions with Multichain Gas Relayer
An integral part of Chain Signatures is the “Multichain Gas Relayer,” which addresses one of the key challenges in cross-chain transactions – the requirement for the native gas token of another chain. Now, users can conveniently pay for gas across any supported network using Near or NEP-141 tokens, streamlining the transaction process.
What’s Next for Chain Signatures
Currently in its testing phase on Near’s testnet, Chain Signatures is expected to make its debut on the mainnet by early May. This rollout is eagerly anticipated by the community, promising to make cross-chain interactions more intuitive and accessible.
