Near Foundation has launched Chain Signatures, a protocol that will allow users to sign transactions on third-party blockchains from a single Near account. Chain Signatures is live on Near’s testnet and is expected to launch on mainnet in early May, according to a Near spokesperson.
Chain Signatures is powered by a decentralized multi-party compute (MPC) network and secured by Near network validators.
He allows Near accounts, including smart contracts, to sign transactions for any blockchain. Any Near account can control any number of addresses across all blockchains, enabling new use cases around decentralized finance. In the future, according to the foundation, it will also benefit from additional security from EigenLayer.
“Decentralized finance (DeFi) on non-smart contract chains is now possible for the first time on many networks, including Bitcoin,” said Near Foundation. “Developers can easily create DeFi products that use assets from other chains without linking those assets.”
Chain Signatures currently supports Ethereum, Cosmos Chains, Dogecoin, Bitcoin and XRP Ledger, and will soon support Solana, TON Network, Polkadot and others, according to Near.
It includes a “Multichain Gas Relayer”, which removes the need to have another chain’s native gas token to transact; instead, they can simply use Near or NEP-141 tokens to cover gas on any chain.
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