🌎 NEAR Foundation Launches Chain Signatures for Cross-Chain dApps

The NEAR Foundation has introduced a new protocol aimed at simplifying the development of decentralized applications across multiple blockchains. This Switzerland-based non-profit organization has announced the mainnet release of Chain Signatures, a protocol designed to streamline the creation of decentralized applications across various distributed ledgers.

In an August 8 announcement, the foundation revealed that the protocol uses a decentralized multi-party computation network, enabling NEAR accounts to sign transactions on any blockchain protocol. This development addresses issues related to fragmented liquidity within DeFi, minimizing the need for multiple wallets, manual token bridging, and various transaction fees.

NEAR co-founder Illia Polosukhin believes that Chain Signatures will significantly solve the problem of fragmented liquidity in decentralized finance. He stated that there would be a single DeFi layer for all chains, eliminating the need for numerous wallets and addresses, manual bridging, and paying gas fees in every token.

Polosukhin expects the solution to be adopted soon, as it opens up a new design space for financial applications in web3, benefiting both experienced users and new user bases. The protocol is already operational with several applications, including Sweat Wallet and Defuse decentralized crypto exchange.

The Chain Signatures network is supported by eight validators, with the initial audit conducted by Kudelski Security, a blockchain security firm based in Switzerland.