NEAR Launches Cross-Chain Transaction Feature
NEAR Protocol, a Layer-1 solution, has announced that users can now access multichain functionality directly from their NEAR accounts.
NEAR Launches Cross-Chain Transaction Feature
According to a blog post on March 27, NEAR Protocol introduces Chain Signatures, secured in part by EigenLayer, a restaking protocol on Ethereum gaining recent attention, and NEAR stakers.
The announcement enables developers to build DeFi products using assets from other networks. This enhancement marks a significant stride for NEAR's "chain abstraction" initiative, aimed at improving user experience and eliminating barriers between blockchains.
Illia Polosukhin, co-founder of NEAR, shared insights on this development:
"From day one, the NEAR ecosystem has focused on simplifying access to Web3 for developers and mainstream users alike. Chain Signatures represent the next step in that journey, making transactions across any blockchain significantly easier while combating liquidity fragmentation across the entire ecosystem."
Meanwhile, the NEAR token has been on an upward trajectory for several months, having multiplied sevenfold since the beginning of October 2023 and doubled in the first week of March 2024.
Chart of NEAR/USDT at 10:15 AM on March 27, 2024, on Binance
