Near Foundation Introduces Chain Signatures and Multichain Transactions

Last updated:

March 27, 2024 10:21 EDT
| 2 min read

The Near Foundation, which supports the Layer 1 Near Protocol, has announced that it now supports chain signatures. This advancement allows users to access multiple chains using their Near account, enhancing interoperability and user experience.

Chain signatures and multichain transactions have been made possible through a recent partnership with EigenLayer, a restaking project built on Ethereum. EigenLayer’s expertise and collaboration have contributed to the security and functionality of the Chain Signatures network, further strengthening Near Protocol’s ecosystem and capabilities.

Chain Signatures Revolutionize Cross-Chain Transactions on the NEAR Protocol

One small step for man.

One giant leap for Chain Abstraction.

Chain Signatures, secured by EigenLayer and NEAR stakers, enable transactions on any blockchain from your NEAR account.

Start building with Chain Signatures today ⛓️https://t.co/sUPvXw75yy pic.twitter.com/3cxb6eOtYM

— NEAR Protocol (@NEARProtocol) March 27, 2024

Near Foundation announced a partnership with Eigenlayer, unveiling the Chain Signatures protocol. This innovative technology empowers NEAR accounts and smart contracts to sign transactions for any blockchain, revolutionizing cross-chain interoperability and unlocking a myriad of use cases for mainstream users and Web3 builders.

Chain Signature and Multichain Structure on Near Protocol Source: Near

Chain Signatures, powered by a decentralized Multi-Party Computation (MPC) network, leverages NEAR staking and EigenLayer ETH restakers for robust security. Currently, the protocol supports major blockchains like Ethereum, Cosmos chains, DogeCoin, and XRP Ledger, with plans for integration with Solana, TON Network, Polkadot, and more in the future.

A key feature of Chain Signatures is the introduction of threshold signatures for any blockchain, controlled by NEAR accounts and smart contracts. This approach allows NEAR accounts, which can also operate as smart contracts, to request signatures for arbitrary payloads, such as transactions for other blockchains. This decentralized MPC network ensures that users have full control over transactions while eliminating the complexity of managing multiple addresses.

In addition to Chain Signatures, Near has introduced the “Multichain Gas Relayer” to its ecosystem, eliminating the need for native gas tokens on other chains for transactions. This enhancement enables users to utilize NEAR (NEP-141) tokens to cover gas fees across any chain, enhancing convenience and accessibility in the multichain environment.

These developments align with NEAR’s ongoing “chain abstraction” initiative, aimed at simplifying the user experience in crypto by addressing the complexities associated with multichain operations.

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

Near Foundation Cuts Workforce by 40% Despite Strong Performance

Near Protocol experienced a remarkable 1,902% surge in the number of unique active wallets engaged with its Web3 application, as reported by DappRadar on January 11. This surge reflects a significant uptick in user activity within the Near ecosystem.

However, despite the positive performance and robust financials, the Near Foundation made an unexpected decision to reduce its workforce by 40%. This development comes as a surprise, especially considering the Near ecosystem’s recent strong performance throughout the year.

Despite this workforce reduction, Near Protocol continues to maintain a strong 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 continued growth and adoption of Near’s technology and applications.

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