Near brings the innovation of executing multichain transactions through a single account.

The Near Foundation, a nonprofit organization supporting the layer-1 Near Protocol, has announced that the protocol now has the capability for chain signatures. This advancement allows users to access multiple chains using their Near account.
According to a press release, Eigenlayer, a restaking project built on Ethereum, is now partnering with Near as a launch partner, contributing to the security of the Chain Signatures network.
Chain Signatures are cryptographic signatures that enable users to sign transactions on one blockchain using a private key associated with an account on another blockchain. This feature promotes cross-chain interoperability, allowing users to access and interact with multiple blockchains using a single wallet or account.
The decentralized multi-party computation (MPC) network powers the Chain Signatures feature, which is secured by Near’s validators.
The Chain Signatures feature allows any Near account to control multiple addresses on all blockchains, opening up new possibilities for decentralized finance.
In the future, EigenLayer will provide additional security for the Chain Signatures feature, according to the Near Foundation.
Chain Signatures currently work with Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger, with plans to support Solana, The Open Network, Polkadot, and others in the future.
To streamline the user experience in a multichain ecosystem, the feature incorporates a “Multichain Gas Relayer,” eliminating the need for a native gas token from another chain for transactions. Users can use Near (NEAR) or NEP-141 tokens to cover gas across any chain.
Near’s ongoing “chain abstraction” initiative aims to simplify the user experience in the crypto space by addressing complexities inherent in a multichain environment.
The Chain Signatures feature is currently operational on Near’s testnet, and a mainnet rollout is expected in early May, according to a Near spokesperson.
Despite reporting a 1,902% increase in the number of unique active wallets engaged with its Web3 app, Near recently reduced its workforce by 40%. The departure of CEO Marieke Flament was disclosed on September 21, 2023, but specific reasons were not provided. During her tenure from 2021 to 2023, Flament oversaw the growth of the organization’s treasury balance to 330 million NEAR, valued at $350 million at the time of her resignation.