Infinex Partners with Near Foundation to Integrate Chain Signatures
Kain Warwick's Infinex has partnered with Near Foundation to integrate Chain Signatures into its Decentralized Exchange (DEX) platform. This development allows Infinex, part of the Synthetix project, to enhance its functionality across multiple blockchains, including Bitcoin
BTC
$81,760
24h volatility:
2.4%
Market cap:
$1.61 T
Vol. 24h:
$90.00 B
and Litecoin
LTC
$76.49
24h volatility:
1.8%
Market cap:
$5.74 B
Vol. 24h:
$865.88 M
, using NEAR Chain Signatures.
Understanding Near Protocol's Chain Signatures
The Chain Signatures protocol enables users to sign transactions on third-party blockchains from a single Near account, removing the need for managing native gas tokens on each chain. This enhancement improves user experience and promotes increased engagement.
A Multichain Gas Relayer facilitates this by allowing transactions without holding tokens from other chains. Infinex emphasizes that its collaboration with Near Foundation empowers users to interact with non-smart contract chains.
Supported protocols 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.”
Watson believes this partnership enables functionality across networks like Bitcoin, offering users genuine self-custody of assets. Warwick envisions Infinex potentially accelerating the decline of centralized exchanges.
Infinex Secures $67.7 Million from Patron NFT Sales
This partnership follows Infinex's recent fundraising of $67.7 million through Non-fungible Tokens (NFTs). The ecosystem prepared for this sale in September, aiming to address the issues posed by traditional venture capital funding. Warwick criticized the existing model, citing “skewed incentives” that favor wealthy investors.
He advocates for equitable distribution of incentives, stating, "This is not a company; this is an open-source project." The Patron NFT event attracted prominent investors, including Peter Thiel’s Founders Fund, Wintermute Ventures, Framework Ventures, and Solana Ventures, along with notable figures like Ethereum co-founder Vitalik Buterin and Aave founder Stani Kulechov.
The total value locked (TVL) across the protocol chains is expected to exceed $125 million.