Near team launches a protocol to sign transactions on third-party blockchains

The Chain Signatures tool is created in partnership with the Eigenlayer protocol team

27.03.2024 - 10:15

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3 min

Last updated on Dec 5, 2024

What’s new? The Near Foundation, a non-profit organization, has launched Chain Signatures, a protocol that will allow users to sign transactions on third-party blockchains from a single Near account. It works in the Near testnet for now, with a launch on the mainnet expected in early May. Chain Signatures runs on a decentralized network using multi-party computation (MPC) technology to maintain privacy protected by Near’s blockchain validators.

Press release

What else is known? The Chain Signatures protocol, created in partnership with the Eigenlayer protocol team, allows Near accounts, including smart contracts, to sign transactions for any blockchain. Any Near account can control any number of addresses across all supported blockchains, opening up new possibilities for using decentralized finance (DeFi).

Thus, developers will be able to easily create DeFi products that utilize assets from other networks without having to transfer them using cross-chain protocols.

Chain Signatures currently supports Ethereum, Cosmos and blockchains based on it, Dogecoin, Bitcoin, and XRP Ledger (XRPL), with support for Solana, TON, and Polkadot to be added soon.

The protocol includes a Multichain Gas Relayer tool with which users will not need native tokens of other blockchains to pay transaction fees in them, fees can be paid in NEAR or NEP-141 tokens

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Earlier, investment firm Grayscale announced the launch of the GDIF staked exchange-traded fund (ETF), which will include nine assets, including the native token of the Near blockchain. Grayscale is also the issuer of one of nine spot bitcoin ETFs in the United States.

At the time of writing the news, NEAR ranks 22nd in the cryptocurrency ranking by market capitalization with a figure of $7,9 billion and is trading at $7,59, having lost 3,1% overnight. At the same time, the growth since the beginning of the year amounted to 108%.

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