The Near Foundation, a nonprofit organization supporting the Near Protocol, has announced that the protocol now has the capability to offer chain signatures. This advancement allows users to access multiple chains using their Near account. Eigenlayer, a restaking project developed on Ethereum, has partnered with Near to enhance the security of the chain signatures network. The Chain Signatures feature is made possible by a decentralized multi-party computation (MPC) network and is secured by Near network validators. Chain signatures are cryptographic signatures that enable users to sign transactions on one blockchain using a private key associated with an account on another blockchain. This feature allows for cross-chain interoperability, granting users the ability to access and interact with multiple blockchains using a single wallet or account.
By introducing the Chain Signatures feature, users can control multiple addresses on all blockchains using any Near account. This opens up new possibilities in decentralized finance (DeFi) and allows for the development of DeFi products that make use of assets from other chains without the need for bridging these assets. The Near Foundation has stated that non-smart contract chains, including Bitcoin, can now support DeFi.
Near’s Chain Signatures currently works with Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger, with plans to include support for Solana, TON Network, Polkadot, and other networks in the future. The feature incorporates a “Multichain Gas Relayer,” eliminating the necessity for the native gas token of another chain for transactions. Users can utilize NEAR or NEP-141 tokens to cover gas costs across any chain. This development is part of Near’s ongoing efforts to simplify the user experience in the crypto industry by addressing the complexities associated with a multichain ecosystem.
Chain Signatures is already operational on Near’s testnet, and the mainnet rollout is expected by early May. In January, Near reported a significant increase of 1,902% in the number of unique active wallets engaged with its Web3 app, as noted by blockchain analytics platform DappRadar. Despite its financial success, the foundation made workforce cuts of 40%. The departure of Near Foundation’s CEO, Marieke Flament, was announced on September 21, 2023, without providing specific reasons. Flament, who served from 2021 to 2023, played a key role in growing the organization’s treasury balance to 330 million NEAR, valued at $350 million at the time of her resignation.
