Summary
TLDR: NEAR Foundation launches Chain Signatures, allowing users to sign transactions on different blockchains from a single NEAR account. This enables DeFi protocols to utilize assets from other chains without needing a bridge. Chain Signatures link NEAR account addresses to other blockchains using Additive Key Derivation. The MPC network for Chain Signatures will be launched with EigenLayer, providing economic security and transitioning to a permissionless version post-launch.
Key Points
1. Swiss non-profit organization NEAR Foundation has launched “Chain Signatures,” enabling users to sign transactions on supported blockchains from a single NEAR account.
2. Chain Signatures enables accounts and smart contracts on NEAR to sign transactions for different chains, including Bitcoin, Ethereum, Cosmos network chains, DogeCoin, and XRP Ledger.
3. By enabling Chain signatures, DeFi protocols can utilize assets from other chains without requiring a cross-chain bridge, unlocking new use cases for DeFi protocols according to Kendall Cole, director of research and development company Proximity Labs.