NEAR Protocol Unlocks Cross-Chain Transactions and Enhanced Interoperability with Chain Signatures

NEAR Protocol Co-Founder and NEAR Foundation CEO Illia Polosukhin unveiled Chain Signatures at BUIDL Asia in Seoul, Korea. This feature empowers NEAR accounts and smart contracts to sign transactions for any blockchain. Leveraging a decentralized MPC network secured by NEAR Protocol staking and Eigenlayer ETH restakers, Chain Signatures support multiple blockchains and introduce a threshold signature mechanism controlled by NEAR accounts.

NEAR Protocol Unveils Chain Signatures for Cross-Chain Transactions and Enhanced Interoperability

Seoul, South Korea – NEAR Protocol Co-Founder and NEAR Foundation CEO Illia Polosukhin unveiled Chain Signatures at the BUIDL Asia event in Seoul, a groundbreaking feature that empowers NEAR accounts, including smart contracts, to sign transactions for any blockchain.

Cross-Chain Transactions: Breaking Down Blockchain Boundaries

Chain Signatures utilize a decentralized Multi-Party Computation (MPC) network, leveraging NEAR Protocol staking and Eigenlayer ETH restakers for robust security. Supported chains include Bitcoin, Ethereum, Cosmos, Dogecoin, and XRP Ledger, with plans for Solana, TON Network, Polkadot, and others to join the roster.

The mechanism works through threshold signatures controlled by NEAR accounts and smart contracts. NEAR validators or MPC nodes can sign arbitrary payloads, such as transactions for other blockchains, upon request from a NEAR account. This account-based MPC network streamlines cross-chain interoperability without the burden of managing multiple addresses on various chains.

Multichain Gas Relayer: Simplifying DeFi Transactions

Chain Signatures and the Multichain Gas Relayer enhance DeFi adoption by simplifying cross-chain interoperability. This unlocks diverse use cases for mainstream users and Web3 developers. For instance, users can collateralize XRP to borrow USDC or trade DOGE for SOL. By serving all ecosystems from a single interface, Chain Signatures eliminate the need for developers to commit to a specific chain or liquidity pool.

Eigenlayer Partnership and Permissionless Network

Eigenlayer partners with Chain Signatures to secure the MPC network, with plans for a permissionless network of node operators based on staking requirements. The launch also introduces the Multichain Gas Relayer, enabling users to cover gas fees on any chain using NEAR Protocol or NEP-141 tokens.

Web3 Design Patterns and Multichain Account Abstraction

Chain Signatures introduce new Web3 design patterns, allowing smart contracts on NEAR to custody assets on any chain. This facilitates bridgeless cross-chain DeFi applications, such as RFQs, order books, AMMs, and lending protocols. Additionally, Multichain Account Abstraction enables a single NEAR account to manage accounts on various chains, simplifying user experiences and expanding addressable markets for developers.

NEAR's Commitment to Web3 Accessibility

"NEAR Protocol is committed to simplifying Web3 access for developers and users," said Polosukhin. "Chain Signatures mark a significant step towards defragmenting liquidity across the ecosystem, enabling decentralized apps to deliver more powerful experiences and address the entire Web3 market."

Several projects within the NEAR ecosystem are already leveraging Chain Signatures to introduce innovative design patterns and experiences. With Chain Signatures, Web3 developers can explore new use cases and expand the landscape of multichain apps and experiences.

The NEAR Protocol

The NEAR Protocol is an open-source platform for building decentralized applications with unparalleled speed, convenience, and security. NEAR applications are fast, scalable, equipped with secure financial components, and resistant to centralized attacks. NEAR is the native cryptocurrency of the NEAR blockchain, used for delegated staking.

Conclusion

Chain Signatures on NEAR represent a transformative advancement in cross-chain interoperability, providing users and developers with frictionless access to liquidity across multiple blockchains. This innovation reinforces NEAR's dedication to simplifying Web3 access and advancing the vision of Chain Abstraction.