Near Protocol unveils Chain Signatures to unite cross-chain DeFi and Bitcoin News โธ NEAR Protocol โธ Technology
Near Protocol unveils Chain Signatures to unite cross-chain DeFi and Bitcoin
Near's Chain Signatures to redefine DeFi and cross-chain transactions.
2 min read
Updated: Aug. 8, 2024 at 5:08 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
NEAR Protocol has unveiled a technology called Chain Signatures, which allows smart contracts to sign transactions across any blockchain without relying on cross-chain bridges, according to an Aug. 8 statement shared with CryptoSlate.
Chain Signatures enables NEAR account holders to interact with nearly any blockchain โ including Bitcoin, Ethereum (and any EVM chain), Dogecoin, XRP, Cosmos, and Polkadot. The blockchain network plans to extend support to Solana, TON, and others by the end of the year.
Additionally, the feature supports bridgeless Omnichain DeFi and the creation of Omnichain tokensโone token that can be issued on multiple chains.
Chain Signatures
The technology employs an innovative threshold signature protocol. NEAR’s MPC nodes sign transactions on behalf of users, removing the need for multiple cross-chain bridges or separate accounts and wallets. With this, NEAR users no longer need to manage various native tokens for gas fees.
Moreover, it enhances the DeFi experience and broadens asset liquidity and utility across blockchains. It will also enable DeFi activities on blockchains like Bitcoin, which were not initially designed to support smart contracts.
Kendall Cole, CEO of Proximity Labs, a key contributor to Chain Signatures, highlighted the technology’s role in addressing the fragmented Web3 ecosystem. He added that Chain Signatures would be crucial for overcoming interoperability issues and creating a unified layer for crypto users.
NEAR Protocol co-founder Illia Polosukhin emphasized that Chain Signatures will act as a single DeFi layer for all blockchains. Polosukhin noted that this innovation will create new opportunities for Web3 financial applications, benefiting both seasoned crypto users and newcomers.
He added:
“There is no more need for dozens of wallets and addresses, manual bridging, and paying gas fees in every token. Instead, all of DeFi is accessible from wherever users already are. Itโs all possible because smart contracts can now sign transactions for any blockchain, even Bitcoin.”
Chain Signatures has already gained traction, with over 6 million users adopting the technology across 15 projects.
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Posted In: NEAR Protocol, Technology
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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NEAR is a decentralized development platform built on top of the NEAR Protocol, which is a public, sharded, developer-friendly blockchain.
Solana
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Bitcoin
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Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Cosmos
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Cosmos is a blockchain ecosystem where thousands of dApps interoperate to create the foundation for a new token economy.
