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NEAR Launches Multichain Transaction From One Account Feature
Chain signatures allow users to transact on any network from one account.
Updated Mar 28, 2024, 9:28 p.m. Published Mar 27, 2024, 2:00 a.m.
The NEAR Foundation, the non-profit behind the layer-1 NEAR Protocol, announced that the protocol now supports chain signatures, offering users multichain access from their NEAR account.
The chain signatures network is secured in part by Eigenlayer, which joins NEAR as a launch partner, according to a press release. Eigenlayer is a restaking project built on Ethereum.
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“Since day one, the NEAR ecosystem has focused on simplifying access to Web3 for developers and mainstream users,” said Illia Polosukhin, co-founder of NEAR. “Chain Signatures is the next step in that journey, making it significantly easier to transact on any blockchain while also defragmenting liquidity across the ecosystem.”
Developers can now build decentralized finance (DeFi) products that use assets from other chains without bridging these assets, added the press release.
The offering is the latest step towards NEAR’s initiative of “chain abstraction,” which aims to tackle the user experience in crypto by simplifying the hurdles that exist in a multichain environment.
NEAR’s native token has been rising over the past few months, up roughly seven-fold since the start of October, including a doubling in one week earlier this month.
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Foundation behind restaking protocol EigenLayer plans bigger rewards for active users
An Incentives Committee would direct programmatic token emissions, focusing allocations on participants that secure AVSs and contribute to the EigenCloud ecosystem.
What to know:
- The Eigen Foundation has unveiled a governance proposal aimed at ushering in new incentives for its EIGEN token, shifting the protocol’s reward strategy to prioritize productive network activity and fee generation.
- Under the plan, a newly formed Incentives Committee would manage token emissions, prioritizing participants who secure Actively Validated Services and expand the EigenCloud ecosystem.
- The proposal includes a fee model that channels revenue from AVS rewards and EigenCloud services back to EIGEN holders, potentially creating deflationary pressure as the ecosystem grows.
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