Arcana Network has announced the launch of its cutting-edge Chain Abstraction protocol. The new protocol will help streamline the management of crypto assets across multiple blockchains, enabling users to effortlessly execute transactions on any chain by removing the complexities of bridging, promising a seamless and highly user-friendly multichain experience. The Chain Abstraction protocol will significantly impact blockchain technology’s evolution and mainstream acceptance.
Aiming to become a modular Layer 1 for chain abstraction, Arcana is set to roll out its Chain Abstraction protocol in the third and fourth quarters of 2024. It will enable users to see one consolidated funds balance that can be used on any chain. The scheduled rollout involves multiple testnets and mainnets to actualize a smooth transition and encourage universal adoption within the Web3 community.
Hidden Costs of Blockchain Fragmentation
With the emergence of thousands of blockchains and more than 10,000 decentralized applications (dApps), the Web3 world is experiencing exponential growth. However, it is characterized by high fragmentation, resulting in inefficiencies which hamper the growth of this trillion dollar industry. Along with rapid expansion, the number of tokens, swaps, bridges and gas fees has also surged, where the lack of interoperability in blockchain technology poses significant challenges.
For basic transactions like sending tokens between wallets, users are forced to weave through various chains, having to comply with their respective rules and deal with changing gas fees, resulting in subpar user experience hence stalling widespread Web3 adoption.
Unnecessary challenges are faced in the development of products as a result of conflicting incentives based on user spread and due to limitations imposed by the requirements of the respective chain that the product is being developed for.
Arcana Network is committed towards finding innovative solutions to make Web3 simpler, already leading the reformation of Web3 through Arcana Auth which creates Wallets as a Service, followed by Arcana Gasless which seamlessly handles gas fees.
The latest development, the Chain Abstraction protocol, will provide a new level of efficiency by eliminating the need for users to manually handle the process of transferring assets across different chains and administering operations automatically behind the scenes. This will free the user from having to worry about blockchain complexities.
Optimizing Efficiency Through the Chain Abstraction Protocol
Arcana Network’s robust product suite forms the backbone of the Chain Abstraction Protocol. Arcana’s Chain Abstraction protocol, powered by a Proof-of-Stake modular Layer 1, is secured by $XAR and further enhanced by leveraging Dual Staking on a restaking platform like EigenLayer. The facility to execute transactions on any dApp across multiple chains will create a direct pathway for user adoption, serving as a significant breakthrough in the Web3 space.
The Chain Abstraction Protocol enables the creation of a unified balance, permitting users to merge their assets spread over various blockchains into a single balance by abstracting away underlying chains. This eliminates the need for bridging and reduces time spent per transaction.
This process runs on a decentralized MPC (Multi-Party Computation) network with Distributed Key Generation (DKG), which issues non-custodial wallets for users, cosigning transactions for cross-chain transactions without tying up assets in contracts by allowing tokens to stay in wallets.
Liquidity across chains is managed through Arcana’s vaults and solvers. They ensure timely execution of transactions while maintaining adequate liquidity across chains by rebalancing when needed.
Furthermore, gas fees are managed automatically, freeing users from maintaining gas tokens across chains.
Chain Abstraction offers a unified interface enabling dApps to operate smoothly across multiple chains, fostering interoperability and taking away the complexities of blockchain to the background, where they are dealt with automatically. This development offers unmatched cross-chain flexibility for both developers and users.
Compatibility with all chains empowers developers to create applications that are not constrained by the limitations of individual blockchains, thereby increasing functionality and expanding user reach. They can freely focus on the product’s core functions without having to bother about the liquidity, underlying blockchain or bridging of assets.
Users can instantly enjoy cost-efficient transactions as the Chain Abstraction Protocol can be applied to existing wallets. Its compatibility with all chains offers seamless integration with Web3 apps like OpenSea and Uniswap.
Simplifying Web3 for Greater Accessibility
“At Arcana, our mission is to make Web3 Effortless,” said Mayur Relekar, CEO of Arcana Network.
Since 2021, Arcana has launched three products to facilitate a more inclusive Web3 ecosystem. With Arcana Auth’s launch in 2023, Arcana Network expanded to more than 4 million wallets and 2000 apps.
The Chain Abstraction protocol will further strengthen Arcana Network’s foothold in the Web3 sector, showcasing its dedication to making the Web3 experience simpler and more efficient. As the industry sees more rollups and app chains come into play, the need for chain abstraction will naturally rise, ensuring Arcana remains at the forefront of blockchain innovation.
This news is republished from another source. You can check the original article here
