Near Foundation Unveils Chain Signatures and Multichain Transactions

Chain Signatures and Multichain Transactions Introduced by Near Foundation


By Hassan Shittu
Published on March 27, 2024, 10:21 EDT
| 2 min read


The Near Foundation, a supporter of the Layer 1 Near Protocol, has announced the integration of chain signatures into its system. This new feature allows users to access multiple chains using their Near account, improving interoperability and enhancing the user experience.
The collaboration with EigenLayer, a restaking project built on Ethereum, has made chain signatures and multichain transactions possible. EigenLayer’s expertise and collaboration have contributed to the security and functionality of the Chain Signatures network, further strengthening the capabilities of the Near Protocol ecosystem.
Revolutionizing Cross-Chain Transactions with Chain Signatures on the NEAR Protocol
Near Foundation partners with EigenLayer to introduce the Chain Signatures protocol. This innovative technology empowers NEAR accounts and smart contracts to sign transactions for any blockchain, revolutionizing cross-chain interoperability and unlocking a wide range of use cases for mainstream users and Web3 builders.


Chain Signature and Multichain Structure on Near Protocol Source: Near
Chain Signatures, powered by a decentralized Multi-Party Computation (MPC) network, leverages NEAR staking and EigenLayer ETH restakers for robust security. Currently, the protocol supports major blockchains like Ethereum, Cosmos chains, DogeCoin, and XRP Ledger, with plans for integration with Solana, TON Network, Polkadot, and more in the future.
A key feature of Chain Signatures is the introduction of threshold signatures for any blockchain, controlled by NEAR accounts and smart contracts. This approach allows NEAR accounts, which can also operate as smart contracts, to request signatures for arbitrary payloads, such as transactions for other blockchains. This decentralized MPC network ensures that users have full control over transactions while simplifying the management of multiple addresses.
In addition to Chain Signatures, Near has introduced the “Multichain Gas Relayer” to its ecosystem, eliminating the need for native gas tokens on other chains for transactions. This enhancement enables users to use NEAR (NEP-141) tokens to cover gas fees across any chain, improving convenience and accessibility in the multichain environment.
These developments align with NEAR’s ongoing “chain abstraction” initiative, which aims to simplify the user experience in the crypto space by addressing the complexities associated with multichain operations.
With Chain Signatures and the Multichain Gas Relayer, users can seamlessly transact on both smart contract and non-smart contract chains using a single account or interface.
Near Foundation Reduces Workforce by 40% Despite Strong Performance
Despite experiencing a remarkable 1,902% surge in the number of unique active wallets engaged with its Web3 application, as reported by DappRadar on January 11, Near Protocol has made the unexpected decision to reduce its workforce by 40%. This decision comes as a surprise, considering the strong performance of the Near ecosystem throughout the year.
Despite the reduction in workforce, Near Protocol continues to maintain a strong presence in the Web3 space, with three of its applications ranking among the top ten in Web3. Additionally, the ecosystem has a record number of daily users, indicating the continued growth and adoption of Near’s technology and applications.
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