Near Protocol has introduced a groundbreaking feature facilitating multichain transactions from a single account. This innovation, termed “Chain Signatures,” eliminates the need for native gas tokens on other chains for transactions, thanks to the integration of a “Multichain Gas Relayer.”
Powered by a decentralized multi-party computation (MPC) network and safeguarded by Near network validators, Chain Signatures enable users to access multiple chains using their Near account. Eigenlayer, a restaking project initially developed on Ethereum, has joined Near as a launch partner, bolstering the security of the chain signatures network.
Chain signatures, cryptographic signatures allowing users to sign transactions on one blockchain with a private key associated with an account on another blockchain, foster cross-chain interoperability. This breakthrough permits users to interact with various blockchains using a single wallet or account, thus opening up new possibilities in decentralized finance (DeFi).
Near’s Chain Signatures feature presently supports Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger, with plans for upcoming support for Solana, TON Network, Polkadot, and more networks. Users can cover gas costs across any chain using NEAR or NEP-141 tokens through the Multichain Gas Relayer, further enhancing usability.
This initiative is part of Near’s broader “chain abstraction” endeavor, aiming to simplify the crypto user experience by addressing the complexities inherent in a multichain ecosystem. While operational on Near’s testnet, the mainnet rollout is slated for early May, according to a Near spokesperson.
Despite a significant increase in the number of unique active wallets (UAW) engaging with Near’s Web3 app, Near Foundation has undergone a 40% reduction in its workforce, despite robust financials. The departure of former CEO Marieke Flament in 2023, after overseeing substantial growth in the organization’s treasury balance, marked a pivotal transition for Near Protocol.
