Near makes DeFi across chains a reality with Chain Signatures

Near Foundation has released Chain Signatures, a protocol that will allow users to put their signatures on transactions carried out on intermediary blockchains. This will be made possible from a sole Near account. 

As per a spokesperson representing Near, currently, Chain Signatures has been positioned live on Near’s testnet. The mainnet introduction will, in all probability, occur towards the beginning of May 2024. 

Chain Signatures is boosted by a decentralized multi-party computation (MPC) network, which is harnessed by the validators of the Near network. 

From the viewpoint of the Foundation, it makes provision for Near, along with smart contracts, to put their signatures on transitions carried out on all blockchains. This paves the way for fresh use cases involving decentralized finance. In the upcoming days, EigenLayer will provide added safety layers. 

According to Near Foundation, presently, there will be the possibility of decentralized finance (DeFi) on non-smart contracts to be on multiple networks such as Bitcoin and a whole lot of others. Builders will be in the position of conveniently developing DeFi-related items that take the help of assets belonging to different chains sans the bridging of these assets. 

Currently, Chain Signatures is known to back Ethereum, Cosmos chains, Dogecoin, and Bitcoin, and XRP Ledger. In the upcoming days, it will also be backing Solana, TON Network, Polkadot, and more. 

It comes with a multi-chain gas relayer that helps in eradicating the necessity of having the conventional gas token of different chains for carrying out transactions. They are now provided the option of utilizing Near and NEP-141 tokens for covering gas on every chain.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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