short range protocol Introducing a groundbreaking feature that allows users to perform multi-chain transactions from a single account, eliminating the need for native gas tokens from other chains. This innovation, called “chain signature,” opens up a realm of possibilities in the blockchain space.
Strengthening multi-chain connections with Near protocol
Recently, the Near Foundation, the driving force behind the Near protocol, revealed a way to integrate chain signatures into the protocol. This development revolutionizes the way users interact with multiple blockchains using their Near accounts. In particular, Eigenlayer, a re-staking project running on Ethereum, has joined Near as a launching partner to strengthen the security of the Chain Signatures network.
Unlock cross-chain interoperability
At the core of Chain Signatures is a decentralized multi-party computation (MPC) network secured by Near’s validators. This innovation in cryptography allows users to sign transactions on one blockchain using the private key associated with their Near account, promoting cross-chain interoperability. Users can now seamlessly navigate across multiple blockchains using a single wallet or account, paving the way for innovative decentralized finance (DeFi) solutions.
Near’s chain signature feature is compatible with a variety of major blockchains, including: ethereum, Cosmos, Dogecoin, Bitcoin, XRP Ledger. Near also plans to expand support for additional networks such as Solana, The Open Network, Polkadot, etc. to provide a comprehensive multichain experience.
Running on Near’s testnet, this innovative feature is scheduled for mainnet launch in early May, marking an important milestone in Near’s mission to simplify the complexities of multichain ecosystems. According to a report from blockchain analytics platform DappRadar, Near has experienced significant growth amid technological advancements, recording a remarkable 1,902% increase in unique active wallets associated with Web3 apps.
Despite this progress, Near Foundation recently cut its workforce by 40%, signaling an internal restructuring. Additionally, the departure of former CEO Marieke Flament in September 2023 marks a significant transition for the organization and highlights the evolving landscape of Near Protocol leadership.