Near Protocol Unveils Chain Signatures for Seamless Cross-Chain Connections

The Near Foundation announces that Near Protocol now supports chain signatures, allowing users to access multiple chains using their Near account. This feature is powered by a decentralized MPC network secured by community validators and enables cross-chain interoperability for applications and users. The initial launch includes support for Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger, with more networks planned. The "Multichain Gas Relayer" eliminates the need for native gas tokens on other chains, and users can pay gas fees using NEAR or NEP-141 tokens. Chain Signatures is currently available on Near's testnet, with a mainnet rollout expected in early May.

Near Protocol Unveils Chain Signatures: Expanding Cross-Chain Interoperability

San Francisco, California - March 8, 2023 - The Near Basis, a non-profit organization supporting the layer-1 Near Protocol, has announced a breakthrough development that significantly enhances the protocol's capabilities. Chain Signatures, a groundbreaking feature, now empowers Near users with the ability to seamlessly access and interact with multiple blockchains through their Near accounts.

Chain Signatures leverages decentralized multi-party computation (MPC) and is secured by a network of community validators. This innovative mechanism enables users to generate cryptographic signatures on one blockchain while leveraging a private key associated with their account on another blockchain. This functionality unlocks unprecedented cross-chain interoperability, allowing users to engage with various blockchains utilizing a single wallet or account.

According to a press release from the Near Foundation, Eigenlayer, a pioneering restaking project built on Ethereum, has joined forces with Near as a launch partner, contributing to the stability of the Chain Signatures ecosystem.

The introduction of Chain Signatures holds immense promise for decentralized finance (DeFi) applications. By eliminating the need for bridging assets, users can now access DeFi products and services that leverage assets from different chains, including Bitcoin and Ethereum. This capability marks a significant milestone in the DeFi landscape, expanding its reach and accessibility across multiple blockchains.

Chain Signatures currently supports a wide range of networks, including Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger, with future plans to integrate Solana, TON Community, Polkadot, and more.

To further enhance user convenience, Chain Signatures incorporates a "Multichain Gas Relayer," which eliminates the requirement for native gas tokens for transactions on other chains. Users can conveniently utilize Near or NEP-141 tokens to cover gas fees across all supported chains.

This development aligns with Near's ongoing efforts towards "chain abstraction," a vision that aims to simplify the user experience in the complex multichain ecosystem. Chain Signatures is currently available on Near's testnet, with expectations for its mainnet rollout in early May, as confirmed by a Near spokesperson.

The Near Protocol has experienced a surge in popularity, with a 1,902% increase in the number of unique active wallets (UAW) interacting with its Web3 applications, according to a report from blockchain analytics platform DappRadar on January 11, 2023. However, despite its financial success, the foundation recently announced a significant workforce reduction of 40%.

In September 2023, the Near Foundation disclosed the departure of its CEO, Marieke Flament, without providing specific reasons. During her tenure from 2021 to 2023, Flament oversaw a substantial increase in the organization's treasury balance to 330 million Near, valued at approximately $350 million at the time of her resignation.