Infinex Partners with Near Foundation over Chain Signatures

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As an analyst with a background in blockchain technology and finance, I find Kain Warwick’s recent moves with Infinex particularly intriguing. Warwick’s strategy to integrate Chain Signatures into Infinex’s Decentralized Exchange (DEX) platform could prove to be a game-changer for the DeFi industry.

Kain Warwick’s Infinex has entered into an agreement with the Near Foundation to incorporate their Chain Signatures technology into the Decentralized Exchange (DEX) platform. This collaboration allows Infinex, a project under development by Synthetix, to enhance its capabilities and operate across multiple blockchain networks beyond Ethereum. This expansion includes integrating with legacy chains such as Bitcoin and Litecoin, which will be facilitated through NEAR Chain Signatures.

Understanding Near Protocol’s Chain Signatures

In essence, the Chain Signatures protocol serves to enable users to approve transactions across multiple blockchain networks using just a single Near account. This means that users won’t have to worry about handling native gas tokens for each individual chain anymore. The result is an enhanced user experience on these platforms, potentially leading to increased popularity and engagement.

As a crypto investor, I appreciate the convenience brought by the Multichain Gas Relayer, a feature that lets me execute transactions across various chains without the need to hold native tokens from those chains. Infinex’s partnership with Near Foundation is a game-changer, enabling users like myself to seamlessly engage, manage, and interact with non-smart contract chains – a significant step towards a more interconnected crypto ecosystem.

In addition to Bitcoin and Litecoin, Chain also supports other protocols like Cosmos, Dogecoin, and the XRP Ledger. As per Jed Watson, Chief Technology Officer at Infinex, he mentioned these details.

The structure of our smart contracts plays a crucial role in delivering an innovative user experience alongside the transparent handling of transactions and the ability to recover funds on the blockchain.

According to him, partnering with Near could offer a way to extend the same features to blockchain systems such as Bitcoin. Watson thinks this partnership provides users true control over their native assets without any concessions. Over time, he foresees Infinex potentially speeding up the demise of centralized trading platforms.

Infinex Secures $67.7 Mln From Patron NFT Sales

It’s important to mention that this recent partnership occurs just a few weeks following Infinex successfully securing $67.7 million through the sale of Non-fungible Tokens (NFTs). Starting in September, the platform started readying itself for the Patron NFT sale. The conversations revolved around leveling the playing field, which has been skewed by traditional venture capital firms’ dominance in trading. Warwick emphasized that the current venture capital system requires adjustment.

In simpler terms, he pointed out that the current system has “unfair advantages.” To clarify this using Warwick’s analogy, wealthy investors are currently offered opportunities that are “100 times better” than what others receive under the current setup. He proposes that a fair distribution of incentives would mean offering everyone the same opportunities.

Kain Warwick clarified that what they’re dealing with isn’t a traditional company; it’s an open-source initiative instead. Due to this, he feels that a change in approach is necessary because many have come to understand that the existing reward system is flawed.

Over time, the event attracted prominent angel investors, community members, and venture capitalists such as Peter Thiel’s Founders Fund, Wintermute Ventures, Framework Ventures, and Solana Ventures. Additionally, attendees included 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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2024-11-11 13:24