NEAR Protocol

Near launches Chain Signatures to streamline cross-chain transactions

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Written on Mar 27, 2024
Reading time 2 minutes
  • The Near Foundation has declared support for Chain Signatures.
  • The innovative feature will enable users to access different chains using Near accounts.
  • The latest announcement might propel NEAR’s price.

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Near Protocol (NEAR) has attracted the crypto community’s attention with the launch of Chain Signatures. The new multi-party computation platform will allow users to access different chains using their Near accounts.

Near Protocol enhances interoperability

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Near’s Chain Signatures will improve efficiency and security across multiple chains, bolstering interoperability.

Chain Signatures use EigenLayer and NEAR stakers for vigorous security. Currently, it supports top blockchains like Dogecoin, Cosmos chains, XRPL, and Ethereum, with plans for integrating with Polkadot, TON Network, Solana, and more.

Integrating Chain Signatures shows Near’s dedication to ensuring a unified blockchain ecosystem. The new features remain in the testnet stage, awaiting mainnet release in early May.

Besides the Chain Signatures, Near Protocol has unveiled the Multi-chain Gas Relayer. The feature will allow users to transact on multiple chains without native gas coins.

Traders will utilize NEP-141 tokens or NEAR coins to settle transactions when interacting with compatible blockchains.

The latest upgrades match Near Foundation’s ‘chain abstraction’ initiative, which prioritized simplified user experience when interacting with the complexity of multi-chains.

NEAR price outlook

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Near Protocol’s token recorded impressive price surges as AI tokens roared over the past week amid NVIDIA’s artificial intelligence conference.

NEAR gained more than 90% over the past month as AI tokens led the upside.

NEAR 30D Chart on Coinmarketcap

While the altcoin exhibited bearishness, down 6% over the past day to $7.24, the latest upgrades could catalyze revivals in the upcoming sessions.

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