Near Protocol Adds Support For Solana and TON In Latest Chain Upgrade
The post Near Protocol Adds Support For Solana and TON In Latest Chain Upgrade appeared on BitcoinEthereumNews.com.
Near Protocol (NEAR), the Layer-1 protocol for Artificial Intelligence (AI), has announced technical upgrades to favor some altcoins. In an update on X, NEAR says its Chain Signature upgrade now supports Edwards-curve Digital Signature Algorithm (EdDSA) signing. Chain Signature Upgrade Brings EdDSA Integration For clarity, EdDSA signing is a cryptographic signature used to verify the authenticity and integrity of a message from the sender. It is a fast, secure, and efficient way to create signatures, which makes it suitable for the NEAR Protocol’s target. That is, to allow for cross-chain control with a single account. EdDSA signing will allow a NEAR account to control transactions on other blockchains like Solana (SOL), Toncoin (TON), Sui (SUI), Aptos (APT), or Stellar (XLM). This development, along with the aforementioned five altcoins, signals advancement in NEAR’s vision of providing a unified Web3 experience. Users can control their assets on these five blockchains without switching wallets. It marks a significant step towards cross-chain interoperability and would make users’ Web3 experience seamless. NEAR Protocol’s Upgrade and Implications for Solana, Other Altcoins The EdDSA signature is also a significant step toward chain abstraction, as highlighted by the NEAR Protocol. “Solana, TON, SUI, Aptos, Stellar… You have been selected to be ABSTRACTED,” the update on X, detailed. Image Source: NEAR Protocol on X Notably, developers on Solana-based DeFi protocols could easily integrate with NEAR to offer cross-chain lending. That is, users can decide to stake SOL and borrow NEAR. Additionally, a developer could create a decentralized exchange (DEX) on NEAR that aggregates liquidity from SOL, SUI, and Aptos. This might offer users the best swap rates across these chains. Meanwhile, smaller chains like SUI and Aptos could see an uptick in their growth if they leverage the exposure that NEAR Protocol offers. In the short term, the development…
