NEAR Introduces Multichain Transactions from a Single Account

NEAR Foundation CEO Ilya Polosukhin has unveiled Chain Signatures, a solution that grants access to multiple networks through a single account on the NEAR blockchain.

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

The feature is implemented using a decentralized multiparty computation protocol, with security ensured by the EigenLayer restaking protocol technologies.

NEAR users can now sign transactions across multiple networks, including:

• Bitcoin;
• Ethereum;
• Cosmos ecosystem chains;
• Dogecoin;
• XRP Ledger.

Developers have announced that support for Solana, TON Network, Polkadot, and others will be added “soon.”

“The first-of-its-kind Chain Signatures technology represents a significant leap forward in DeFi adoption, enhancing cross-chain interaction and opening new use cases for everyday users and Web3 developers,” the statement reads.

The concurrently launched Multichain Gas Relayer solution eliminates the need to hold tokens for gas fees on other blockchains. NEAR or other NEP-141 standard coins are used instead, even for non-EVM compatible chains.

NEAR Foundation noted that the tools effectively enable cross-network interaction without a cross-chain bridge. Several projects, such as the DeFi application SWEAT Economic, the L2 protocol East Blue, and the NFT platform Mintbase, have already utilized these options.

Back in January, NEAR Foundation announced the layoff of approximately 40% of its staff.