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Near Protocol Rolls Out the Protocol for Multichain Transactions

Near's multichain transaction feature now available for single accounts

The Near Foundation, a cornerstone of the blockchain arena, has just unveiled a revolutionary stride in blockchain interoperability: the capability for users to initiate multichain transactions through a single Near account. This groundbreaking feature, powered by the “Multichain Gas Relayer,” sidesteps the need for native gas tokens from other chains when executing transactions, starting a new era of convenience and fluidity in the crypto domain.

At the heart of this innovation is the Chain Signatures feature, underpinned by a decentralized multi-party computation (MPC) network and bolstered by the security mechanisms of Near network validators. This feature is not just a technical marvel; it's a gateway to seamless cross-chain operations, allowing users to wield their Near account as a universal key to the broader blockchain ecosystem.

In partnership with Eigenlayer, a restaking project birthed on the Ethereum network, Near is setting the stage for an unprecedented level of network security and functionality. The collaboration marks a significant milestone, positioning Near at the forefront of cross-chain accessibility and security.

The Near Foundation articulated, underlining the transformative potential of Chain Signatures:

“Decentralized finance (DeFi) on non-smart contract chains is now possible for the first time on many networks, including Bitcoin. Developers can easily build DeFi products that utilize assets from other chains without bridging these assets,” 

With this feature already operational on Near’s testnet and a mainnet launch anticipated by early May, the Near Protocol is on the brink of reshaping the landscape of decentralized finance and blockchain interoperability.

The future of decentralized finance with Near's Chain Signatures

Chain Signatures work seamlessly with major blockchains like Ethereum, Cosmos, and Bitcoin, signaling a future where Near could become a central hub for cross-chain activity.

Users can now pay for transactions on any supported chain using NEAR or NEP-141 tokens, simplifying the user experience and fostering a more interconnected blockchain environment.

As Near Protocol advances its "chain abstraction" initiative, it aims to address and simplify the complexities of navigating the multichain world, enhancing user engagement and adoption across the crypto landscape. The protocol's substantial growth, evidenced by a 1,902% increase in unique active wallets engaging with its Web3 app, reflects the growing interest and confidence in its capabilities.

Despite facing organizational changes, including a 40% workforce reduction and the departure of CEO Marieke Flament, Near Foundation's strategic direction remains unwavering. With a treasury balance growth to 330 million NEAR, valued at $350 million upon Flament's resignation, Near's financials remain robust, underpinning its ambitious vision for the future of blockchain technology and decentralized finance.