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Infinex has integrated Near Foundation’s Chain Signature feature in a bid to boost interoperability among multiple protocols
Key Notes
Near Foundation’s Chain Signatures are now integrated on Infinex.This feature helps boost the connectivity with Bitcoin, Litecoin, and other chains.Infinex is advancing its business with a recent mega NFT sale.Kain Warwick’s Infinex has signed a deal with Near Foundation to integrate the latter’s Chain Signatures into the Decentralized Exchange (DEX) platform. Notably, this is an opportunity for Infinex, under development by the DeFi project Synthetix, to expand its functionality across a wider array of blockchains. Such legacy chains include Bitcoin BTC $82 101 24h volatility: 3.5% Market cap: $1.63 T Vol. 24h: $91.37 B and Litecoin LTC $76.80 24h volatility: 0.3% Market cap: $5.77 B Vol. 24h: $894.94 M , all through NEAR Chain Signatures.
Understanding Near Protocol’s Chain Signatures
Contextually, the Chain Signatures protocol is designed to allow users to sign transactions on third-party blockchains from one single Near account. It ultimately eliminates the need for users to manage native gas tokens for each chain. This will boost the user experience on such platforms, fueling increased traction.
This functionality is achieved via a Multichain Gas Relayer. It helps eliminate the requirement to hold tokens native to other chains to perform transactions. Infinex acknowledged in clear terms that its partnership with Near Foundation allows users to engage, control, and interact with non-smart contract chains.
Apart from Bitcoin and Litecoin, the other protocols supported by Chain include Cosmos, Dogecoin, and XRP Ledger. Jed Watson, CTO of Infinex, stated:
“Our smart contract architecture is key to how we combine groundbreaking UX with on-chain transparency and funds recovery.”
He believes that the collaboration with Near presents a platform for bringing this same functionality to blockchain networks like Bitcoin. In Watson’s opinion, this offers users genuine self-custody of native assets without compromise. In the long run, Warwick sees the possibility of Infinex accelerating the extinction of centralized exchanges.
Infinex Secures $67.7 Mln From Patron NFT Sales
It is worth noting that this new alliance comes only a few weeks after Infinex raised $67.7 million via the sales of Non-fungible Tokens (NFTs). In September, the ecosystem began to prepare for this Patron NFT sale. The discussions centered around eliminating the unfair trading field dominated by traditional venture capital funds. Warwick pointed out that the existing venture capital model needs to be fixed.
More precisely, he said it’s plagued with “skewed incentives”. To put this in Warwick’s perspective, investors with deep pockets get a “100x better deal than everyone else” under the existing model. He believes that the right way to distribute the incentives is to ensure that everyone gets the same deal.
“This is not a company, this is this is an open-source project, so we needed something different. I think that people have realized that the current incentive structure is broken,” Kain Warwick explained.
The event eventually saw participation from top angel investors, community members, and venture capitalists. This includes Peter Thiel’s Founders Fund, Wintermute Ventures, Framework Ventures, and Solana Ventures. The other participants are Ethereum co-founder Vitalik Buterin, Solana co-founder Anatoly Yakovenko, and Aave founder Stani Kulechov.
The protocol chains will have up to more than $125 in total value locked (TVL).
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
