Dubai, UAE, June 19th, 2024, Chainwire
The launch will simplify managing crypto assets and eliminate gas fees across hundreds of blockchains.
DUBAI, UAE, June 18, 2024 – Arcana Network, a modular Layer-1 for Abstractions, has announced its Chain Abstraction protocol, aiming to eliminate the complexities of managing assets and gas fees across multiple blockchains and provide a seamless and user-centric multichain experience. Users will see a single unified funds balance across all blockchains which they can spend on any chain.
The protocol launch builds on Arcana Network’s mission to make Web3 effortless by abstracting complexities, which began with Arcana Auth, providing Wallets as a Service through a simple SDK, followed by the Gasless SDK, to seamlessly handle gas fees. The Chain Abstraction Protocol takes those innovations a step further, abstracting away chains. Removing the need for users to manually navigate different chains, and bridge assets between chains.
Fragmentation in the blockchain ecosystem – which contains dozens of L1s, L2s, L3s, Rollups, Sidechains, and Appchains competing for users and liquidity – creates significant friction for both users and developers.
Users must deal with multiple transactions and bridges to move assets across chains to use apps on different chains, while developers are forced to optimize their apps for specific blockchains based on user distribution and liquidity, instead of the best technical suitability for their products.
This would be akin to selecting a cloud service provider based solely on popularity rather than functionality.
Arcana’s Chain Abstraction protocol, powered by a Proof-of-Stake modular Layer 1 with AI and Intents, is secured by $XAR and Dual Staking. It aims to address fragmentation challenges by “hiding” the underlying chains from end-users. Users should be able to use apps without worrying about the underlying blockchain, liquidity management, or bridging assets. The protocol ensures high capital efficiency, fast transaction execution, and a seamless user experience.
Key features of Arcana Network’s Chain Abstraction include:
Unified Balance: Users can combine assets held across different chains into a unified balance to spend on any chain, enabling near-instant transactions without bridging.
Decentralized MPC Network: This network issues wallets and cosigns transactions, allowing for cross-chain transactions without locking assets in contracts, allowing users to have full self-custody of their assets.
Liquidity Abstraction with Vaults and Solvers: Arcana’s vaults and network of solvers manage liquidity across chains, rebalancing as needed to ensure efficient liquidity management and fast transaction execution. This leads to lower costs and improved experiences for users.
Gas Abstraction: Gas fees are managed automatically during transactions, eliminating the need for users to maintain native gas tokens on different chains.
Arcana plans to differentiate itself amongst competitors by offering unparalleled cross-chain flexibility for both developers and users, and high capital efficiency ensuring transactions execute at the lowest cost and fastest speed possible. Arcana’s chain abstraction will work across all Web3 apps (OpenSea, Uniswap, etc.) from day one, supporting all chains without liquidity concerns and enabling developers to focus on their product’s core value. Users can start immediately with existing wallets, with no need to create a new account or move funds.
Arcana Network’s Chain Abstraction protocol is set to revolutionize the Web3 experience, providing a new level of simplicity and efficiency for both users and developers. The rollout of Arcana’s Chain Abstraction protocol is scheduled for Q3 and Q4 2024. With multiple testnets and mainnets, as it launches its Modular Layer 1.
About Arcana Network
Arcana Network has a history of developing seamless infrastructure in the Web3 space. Since launching Arcana Auth in February 2023, the network has grown to over 3 million wallets and 3,500 apps deployed across testnet and mainnet by being one of the fastest decentralized social logins in Web3 with a sub-5-second login time. Its subsequent product, SendIT, launched in August 2023 has also seen impressive adoption with over 500,000 users and more than 5 million transactions.
Media Contact:
Colin Landers
colin@energentmedia.net
Contact
Colin Landers
colin@energentmedia.net
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