The layer-1 Near Protocol can now support chain signatures; according to the Near Foundation, this development grants near-account holders access to multiple chains.
According to a press release, Eigenlayer, an Ethereum-based restaking project, has joined Near as a launch partner, enhancing the Chain Signatures network’s security.
The decentralized multi-party computation (MPC) network and Near’s validators provide security for the Chain Signatures feature.
Chain Signatures, which enable users to sign transactions on one blockchain with a private key associated with an account on another blockchain, are cryptographic signatures.
By enabling cross-chain interoperability, this functionality empowers users to utilize a single wallet or account to access and engage with multiple blockchains.
By allowing any Near account to manage an unlimited number of addresses across all blockchains, the new Chain Signatures feature enables the development of novel decentralized finance use cases.
According to the foundation, EigenLayer will provide additional security measures. As per the Near Foundation:
“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.”
Near reports that Chain Signatures is compatible with XRP Ledger, Ethereum, Cosmos, Dogecoin, and Bitcoin; support for Solana, The Open Network, Polkadot, and others is forthcoming.
The functionality integrates a “Multichain Gas Relayer,” which obviates the need for transactions to utilize the native gas token of an alternative chain. Users may employ NEAR or NEP-141 tokens to cover gas across any blockchain.
This product signifies Near’s continuous endeavor in its “chain abstraction” scheme, which aims to optimize the crypto user experience by resolving the intricacies intrinsic to multichain ecosystems.
As of early May, Near anticipates deploying Chain Signatures to its mainnet, which is presently operational on its testnet, according to a Near spokesperson.
A report by blockchain analytics platform DappRadar dated January 11 indicates that the number of unique active wallets interacting with Near’s Web3 application increased by 1,902%.
Despite its solid financial performance, The Near Foundation reduced its staff by 40%.
On September 21, 2023, The Near Foundation made public the termination of its CEO, Marieke Flament, without elaborating on the grounds for her departure. During her tenure from 2021 to 2023, Flament supervised the treasury balance of the organization increase to 330 million NEAR, equivalent to $350 million at the time of her resignation.
