NEAR Protocol introduced Chain Signatures in 2024 to address these issues head-on, unlocking fast and secure cross-chain liquidity. Now MoreMarkets is using Chain Signatures to introduce a revolutionary model of verticalized DeFi. Unlike traditional bridging, which requires users to transfer and wrap tokens, MoreMarkets retains token security and native integrity. Users deposit tokens, such as XRP, directly into dedicated vaults on their native chains, triggering cryptographic proof creation through NEAR’s Chain Signatures. Smart contracts on destination blockchains then trustlessly validate these proofs, creating a digital representation: “More” tokens that mirror the locked assets. This model encourages broader DeFi participation without traditional bridging complexity.

Understanding NEAR’s Chain Signatures

Chain Signatures represent NEAR Protocol’s groundbreaking solution for secure cross-chain transactions. Chain Signatures enable NEAR accounts, including smart contracts, to authorize transactions on external blockchains securely. This system leverages a decentralized multi-party computation network, which combines NEAR staking with Eigenlayer ETH restakers to safeguard cross-chain interactions.

The technical infrastructure of NEAR’s Chain Signatures encompasses three core elements:

• Native Asset Vaults: Assets remain securely on their native blockchain, protected by smart contracts which trigger cryptographic signature events when deposits occur.
• Threshold Multi-Party Computation: Multiple independent “guardian nodes” manage distributed cryptographic proofs. When an asset deposit is made, guardians collaborate to generate a cryptographic proof, attesting to the locked asset’s status. The result is a system that eliminates single points of failure, isolates risks, and minimizes attack vectors inherent in traditional bridging solutions.
• Cross-chain Messaging via NFFL: Cryptographic proofs are communicated through the NEAR-enabled NFFL protocol, a secure cross-chain messaging framework, verifying asset status to receiving blockchains.

Unlike traditional bridging that requires tokens to physically move off their native chains—often causing complexity, security vulnerabilities, and fragmented liquidity—Chain Signatures keep tokens securely locked on their original blockchain. Through cryptographic proofs, Chain Signatures verify these locked states trustlessly across other blockchains, enabling asset utilization without physical token movement.

For users and developers, this means:

• Reduced Risk: By avoiding traditional multisig structures, Chain Signatures lower vulnerabilities traditionally associated with bridge exploits.
• Enhanced User Experience: NEAR’s efficient consensus and verification algorithms offer substantially reduced latency, allowing quicker, smoother cross-chain interactions.
• Increased Asset Utilization: By transforming previously idle tokens into productive assets, token holders benefit from significantly higher yields and capital efficiency.

Real-World Use Case: XRP on MoreMarkets

Consider XRP, a widely-held asset with historically low utilization rate in DeFi (0.07% AUR). With MoreMarkets and NEAR Chain Signatures, users can deposit XRP securely into a native XRP Ledger vault. This deposit triggers NEAR’s MPC-based chain signature system to cryptographically confirm XRP’s secure state. MoreXRP tokens are then minted on Solana or any other demand chain, representing the XRP locked in its home chain. Strategists deploy these MoreXRP tokens into yield-generating strategies across DeFi, funneling yield directly back to the user’s original vault.

A New Era of Global Liquidity

MoreMarkets and NEAR Protocol’s Chain Signatures embody a shift toward a more interconnected, efficient, and secure DeFi ecosystem. The integration of Chain Signatures promotes deeper liquidity pools, improved yields, and a simpler user experience. By ensuring assets remain secure on their native chains, NEAR Protocol drives a robust foundation for truly global liquidity.

Disclaimer:

This post is intended solely for informational and educational purposes. It does not constitute financial, investment, or legal advice. NEAR Protocol’s Chain Signatures and their integration with MoreMarkets and cross-chain liquidity solutions involve innovative technologies that may carry inherent risks, including but not limited to technical vulnerabilities, market volatility, regulatory uncertainty, and potential loss of digital assets. Users should independently evaluate the technology and associated risks before interacting with the protocol or related products. Past performance or technical capabilities do not guarantee future outcomes or security. The publisher makes no representations or warranties regarding the accuracy, completeness, or reliability of the information provided herein. Users are solely responsible for their own decisions and actions.

The post How NEAR Protocol’s Chain Signatures Power MoreMarkets and Cross-Chain Liquidity appeared first on NEAR Protocol.

“The open web is an internet where all people control their own assets, data, and power of governance,” remarked NEAR co-founder and newly minted CEO of NEAR Foundation, Illia Polosukhin, on Day One of NEARCON ‘23. “And that vision extends beyond NEAR to the entire space, with the B.O.S. acting as the single entry point to an open web.” 

Illia’s remarks truly encapsulated the spirit of NEARCON ‘23, as innovative collaborations with the likes of Polygon and EigenLayer highlighted a cross-chain, multi-ecosystem future with NEAR enabling multiple key facets of tomorrow’s truly open web. 

So ICYMI, here’s all the key happenings, hubbub, and highpoints of an iconic NEARCON ‘23.

Partnerships, IRL Hackathon, and NCON make a splash

Things started off with a bang before the doors of the Convento Do Beato in Lisbon even opened, with the debut of the NCON token. The first ever native NEARCON token, attendees could download the NEARCON app and collect NCON tokens by completing tasks, bounties, and viewing sessions throughout the event.

NEARCON-goers could then redeem NCON tokens for swag or a bite from the various food trucks, or even send NCON to other attendees via a slick native wallet on the NEARCON app. All told, over 110,000 NCON tokens were distributed during the event, making it a smash hit amongst attendees.

This year’s NEARCON also took place across three cool and contrasting venues: NEARCON HQ, Hacker HQ, and Community HQ, each providing a unique experience for those of varying interests. HackerHQ was popping in particular due to the three day IRL Hackathon. Held in a stunning seaview venue, the winners will be announced next week, so stay tuned.

Once everyone settled in for Day One, the ecosystem was treated to a few major game-changing partnership announcements. Here’s a roundup of the major collabs that are already making an impact for NEAR builders, developers, and the community at large:

NEAR releases the Data Availability Layer for ETH Rollups and Ethereum developers

By far the biggest news of Day One was NEAR unveiling the NEAR Data Availability Layer (NEAR DA), offering robust, low-cost blockchain data to developers for modular open web development. NEAR DA will help developers reduce costs and enhance the reliability of rollups, while keeping the security of Ethereum. NEAR DA is a key part of tomorrow’s open web development stack, with early users including StarkNet, Caldera, Movement Labs, and others. 

NEAR x EigenLayer streamline Ethereum

NEAR Foundation announced its partnership with EigenLayer, which will speed  up transaction times and slashing costs on the Ethereum blockchain. The collaboration will introduce a fast finality layer to Ethereum rollups, boosting their efficiency and scalability. The fast finality layer showcases the strengths of NEAR’s technology while making the open web more usable.

LayerZero brings interoperability to NEAR

In other big news, LayerZero integrated with NEAR, bringing over 40 blockchain networks into the open web. Layer brings trustless cross-chain messaging into the fold, making NEAR a more versatile ecosystem. The announcement highlighted NEAR’s commitment to seamless communication across various blockchain networks.

Day One highlights: bringing the open web vision to life

While there were a ton of amazing sessions and panels on the first day — from open web gaming and sports to crypto economics — one of the major themes was how Illia would realize his vision for a truly open internet in his new role as CEO of the NEAR Foundation. With a renewed focus on developers in the ecosystem, it only makes sense for him to steer the ship.

Piggybacking on Illia’s “NEAR: The Open Web Vision” keynote, new NEAR COO Chris Donovan made a case for the open web, while also sitting down to discuss Web3 regulatory issues with Coindesk’s Michael Casey. And in other developer tooling news, NEAR Data Availability (DA) was announced, giving developers low-cost access to modular, scalable blockchain data.

Day Two highlights: the AI is NEAR track takes flight

The second day of NEARCON ‘23 was perhaps the boldest to date, with an epic “AI is NEAR” speaker and programming track that was simply mind blowing. Things kicked off with sessions featuring thought leaders from the likes of Pantera Capital and NEAR Tasks, and heated up even more with NEAR co-founder Alex Skidanov’s talk on generative AI and the open web.

Illia returned in the afternoon to discuss “AI on NEAR: The Future of Work and Governance,” painting a picture of how AI will impact the future of governance, work, asset ownership, and beyond. He was then joined by Mike Butcher of TechCrunch, with the two unpacking the intersection of AI, blockchain, and global policy.

“AI has the potential to be a huge driver for productivity,” Illia explained. “AI agents, for example,  are redefining the future of work. They have the unique ability to manage transactions and resources on blockchain platforms, communicate with secure cryptographic verification, and act as autonomous entities on people’s behalf — and directly for their benefit.”

The AI is NEAR track was capped off when Illia then joined Michael Casey for a Coindesk podcast, where the two dove as deep as one can imagine down the AI rabbit hole. In particular, Illia shared his experience, views, and predictions regarding AI, blockchain, and the open web – simply a must listen. (Stay tuned for the release of this Coindesk podcast with Illia and Michael.)

Day Three highlights: governance and hackathon on stage

Governance and current happenings with the NEAR Digital Collective (NDC) were front and center in a spirited Day Three. One of the most unique panels was the NEAR Governance Forum, featuring AVB from the Transparency Committee, Cameron Dennis from Banyan, and Blaze of Cheddar.

All three gave their takes on what’s gone right — and wrong — with the NDC since its inception at last year’s NEARCON. And in a “Round Robin” format, the three fielded a variety of questions from the audience, some of whom were NDC members themselves. Blaze and AVB then joined NEAR’s Yadira Blocker in an afternoon session discussing Decentralized Democracy in 2024.

The final season of NEARCON ‘23 featured presentations from the IRL Hackathon, where builders unveiled their work and ideas. Judges and panelists included Oleg Fomenko, CEO of Sweat Economy, with talented NEAR builders putting their best foot forward. They showcased some truly amazing ideas and tech, so you’ll want to keep your eyes peeled for the winners.

And what’s Day Three of any NEARCON without a party? This year’s bash was held at the LX Factory, an enormous space where all attendees got their final chance to network, share ideas, and have a blast. The Littles sponsored the party, bringing an added element of excitement by setting up carnival games at the venue along with The Fun Pass to reward anyone who played.

NEARCON ‘23: as iconic as it gets

If you joined us in Lisbon, a huge thanks for making this year’s edition so fun, spectacular, and rewarding. If you weren’t able to attend, we sincerely hope to see you next year. From transformative partnerships to leading the Web3 pack in AI, NEARCON ‘23 showcased the passion, momentum, and ingenuity of the entire NEAR ecosystem.

If you weren’t able to make it to Lisbon for NEARCON, don’t worry — you can still check out all of the talks. Visit NEAR Protocol’s YouTube page for the full livestreams from the Layer 1 and Layer 2 stages, or click the links below. 

• NEARCON Day One Livestream  – Layer 1 Stage, Layer 2 Stage
• NEARCON Day Two Livestream – Layer 1 Stage, Layer 2 Stage
• NEARCON Day Three Livestream  – Layer 1 Stage, Layer 2 Stage

Anyone who built furiously at the HackerHQ or clinked a cocktail at the Glass Movers & Shakers Happy Hour will likely tell you something similar: that NEARCON ‘23 showed the importance of a truly open web — and how together we can all achieve it.

The post NEARCON ’23 Unwrapped: Lisbon Steps into the Open Web in Iconic Fashion appeared first on NEAR Protocol.

Ethereum rollups, projects that perform transaction execution outside of the main Ethereum blockchain, have been one of the fastest growing sectors on the world’s largest blockchain. However, they have consistently faced challenges around finality and cost, making them an expensive option for developers looking to build on Ethereum. With the partnership with the NEAR Blockchain and NEAR Foundation, those roadblocks disappear. 

The world’s first ‘fast finality layer’ for Ethereum layer 2s

The partnership, which will have the two teams build the world’s first “fast finality layer” for Ethereum layer 2s, will see transaction times shrink from minutes and hours to 3-4 seconds. The cost of transacting on this new finality layer will become 4,000 times cheaper than it is currently, creating the perfect conditions for teams looking to scale on Ethereum. 

This advancement will reduce liquidity fragmentation between Layer-2s through increased efficiency while also allowing them to make individual decisions around the sequencers they use to process those transactions, either on-chain or off-chain. The fast finality layer retains all Ethereum security guarantees while adding both NEAR and EigenLayer guarantees, making it an attractive option for any team building on Ethereum L2s.

“We are thrilled to partner with the highly innovative team behind the NEAR protocol,” says Sreeram Kannan, founder of EigenLabs. “This is a mutually beneficial partnership that will leverage both NEAR and EigenLayer’s technologies to make it easier, faster, and cheaper for developers to build on Ethereum.”

Making the Open Web more usable 

The collaboration, spearheaded by Pagoda, the NEAR ecosystem development team, will help transition the NEAR-Ethereum Rainbow Bridge to an actively validated service (AVS). 

“Pagoda is proud to work with Eigen Labs, a world-class team, to cobuild the fast finality layer. This solution improves the composability with Ethereum L2s and reduces liquidity fragmentation within the rollup ecosystem,” says Bowen Wang, Director of Protocol at Pagoda.

The partnership will not only help projects building on Ethereum, but NEAR too, create a better bridging experience between NEAR and Ethereum, allowing transactions to reach finality faster, with stronger security guarantees and decentralization. 

“NEAR Foundation is proud to partner with such an excellent team as Eigen Labs to offer a fast finality layer for ETH rollups,” says Illia Polosukhin, co-founder of NEAR Protocol. 

“The fast finality layer showcases the strengths of NEAR’s technology while making the Open Web more usable, which has always been the core goal for NEAR. It will also help defragment liquidity for Ethereum rollups and make all of Web3 more interoperable as a result.” 

The NEAR Foundation’s mission is to help usher in the dawn of the open web, a radically new form of Web3 where infrastructure, application protocols, and access is open to anyone, anywhere. Facilitating the development of Ethereum by creating a pathway to fast, low-cost, and scalable infrastructure is one the many ways NEAR is helping bring about this radical shift in how the internet works. 

A testnet is expected to launch in Q1 2024, and more details will be shared around that time. 

The post NEAR Foundation and Eigen Labs Partner to Enable Faster, Cheaper Web3 Transactions for Ethereum Rollups via EigenLayer appeared first on NEAR Protocol.