June 5, 2024
NEAR Introduces Multichain Transaction Feature
Latest Cryptocurrency News

NEAR Introduces Multichain Transaction Feature

The NEAR Foundation, the entity governing the layer-1 NEAR Protocol, recently unveiled a significant enhancement with the integration of chain signatures, facilitating multichain access directly from NEAR accounts. Eigenlayer, a restocking project operating on Ethereum, joins NEAR as a launch partner, contributing to the security of the chain signatures network, as per an official press release.

Illia Polosukhin, Co-Founder, NEAR Protocol (Stephen Lovekin/Shutterstock/CoinDesk)

Streamlined Web3 Access and Enhanced Liquidity

Illia Polosukhin, NEAR’s co-founder, stressed the platform’s dedication to simplifying Web3 access for developers and users alike. Chain Signatures represent a pivotal advancement in this endeavor, enabling seamless transactions across various blockchains while fostering liquidity across the ecosystem. Notably, developers can now construct decentralized finance (DeFi) solutions utilizing assets from diverse chains without the necessity of bridging said assets.

Towards Enhanced User Experience: NEAR’s Chain Abstraction Initiative

NEAR’s adoption of chain signatures aligns with its broader initiative of “chain abstraction,” aimed at ameliorating the user experience within the cryptocurrency realm. By streamlining the complexities inherent in a multichain environment, NEAR endeavors to mitigate hurdles and enhance accessibility for users. The native token of NEAR denoted as NEAR, has experienced significant growth in recent months, witnessing a seven-fold surge since October, with notable spikes, including a doubling within a week earlier in the current month.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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