The dream of chain abstraction is simple: to interact with any dApp on any chain without the need for manual cross-chain operations.
Author: Ash
Translation: Deep Tide TechFlow
Everyone has experienced this:
a) A shiny new coin is launched on a new chain
b) Desperately researching which cross-chain bridge to use
c) Praying for the cross-chain bridge to smoothly transfer transactions
d) By the time the assets are bridged, the shiny new coin is no longer shiny
Or perhaps you remember the times when there were stablecoins on the chain but no gas fees to conduct any transactions?
Next, I will share why chain abstraction is so important, and a project that I believe is leading this trend: @ParticleNtwrk.
- The importance of chain abstraction: --------
Today, there are hundreds of chains in the industry, and although it has become easier to launch L2 and L3 chains, there may be thousands of chains in the future; but most of these chains are decentralized and isolated.
The dream of chain abstraction is simple: to interact with any dApp on any chain without the need for manual cross-chain operations. In simple terms, it is the ability to conduct cross-chain transactions as if all chains were unified into one.
Cryptographic dApps should be able to be used directly, without the need to manipulate Wallet A, Chain B, Gas C.
@ParticleNtwrk will solve this decentralization problem by implementing chain abstraction, allowing every dApp to use a single balance.
- Three core functions provided to users: -------------
Universal liquidity
Universal account
Universal gas
Imagine using any wallet to utilize a single balance across hundreds of chains; this is the user experience achieved by the above core functions. Each core function is easy to understand.
Universal liquidity
Unified cross-chain liquidity. Even if they have never explored the chain before (think of the analogy of cross-chain bridges), they can seamlessly interact with the new chain.
Universal account
A single interaction point on all chains, with a single address and balance—no need for manual cross-chain operations.
@Rabby_io and @DeBankDeFi are pioneers in visualizing EVM assets in a single view, but imagine taking this to a new level, using your balance on any chain without the need for cross-chain operations.
Universal gas
Allows payment of gas fees with any token on any chain. No need to hold different tokens for each chain to pay gas fees.
Key highlights
Extensive partner network (infrastructure, 60+ chains, 900+ dApps).
The first phase of the testnet had over 600,000 universal accounts in less than 1 week.
- Use cases --
Here are some use cases I explored, which are crucial for my quick understanding of how this will impact our interactions on the chain.
Unified balance
At any given time, my balance is usually distributed across various chains (e.g., an uneven distribution of a $10K balance on Eth, Arbi, Sol, etc.).
Chain abstraction means I will be seen as and use a total balance of $10K.
Gas supplementation
DApps like @gasdotzip help to easily onboard new chains.
With chain abstraction, this could become a thing of the past, as any token on any chain can be used to pay gas fees.
- How to try chain abstraction -------
Participate in the Particle Network testnet: https://pioneer.particle.network/en
Deposit tokens into the testnet to obtain universal gas (USDG)
Check in daily, conduct some transactions
Points will be used for the upcoming $PARTI airdrop
- Collaboration --
Chain abstraction will be a key driver for the widespread adoption of cryptocurrencies, so it is not difficult to see that other teams are also entering this field, with each team having its own insights and innovations.
@NEARProtocol: https://pages.near.org/blog/why-chain-abstraction-is-the-next-frontier-for-web3/
@SocketProtocol: https://mirror.xyz/0x6FD2bd90D50eDEe139103454116F252f6F5eC928/zePFPVi6oPI2o_Q6jDrGYn6SBVOGMybnFKQJ-DDVKqc
@0xPolygon's AggLayer: https://polygon.technology/blog/aggregated-blockchains-a-new-thesis
Just as there are various modular DAs (@CelestiaOrg, @AvailProject, and @eigen_da), the field of chain abstraction seems to follow the same trend, with each team vying to become a market leader.
- Personal opinion ----
The problem statement is clear, chain abstraction will exist in the long term, and the team is working hard to solve long-term pain points for crypto users.
The core functions (universal account/liquidity/gas fees) and use cases are easy for most ordinary users to understand, making it easier for the industry to get started.
The partnership network is growing rapidly, and user attention is also increasing at a similar pace.
Raised over $26.5 million from top-tier venture capital firms (including @Signum_Capital), the team has enough funding to realize their vision and invest in community incentives as needed.
- What's next? -------
As mentioned above, there will be many competitors emerging, which may bring a set of different issues (e.g., balances of different chain abstraction projects may not be able to integrate with each other).
From a developer's perspective, choosing a chain abstraction solution may also be challenging (to learn more, read about the chain abstraction landscape report).
The $PARTI token is about to be launched, and I am looking forward to seeing what token economics/flywheel mechanisms will be in place.
Testnet information:
Website: https://pioneer.particle.network/en
Testnet ETH (Sepolia): https://alchemy.com/faucets/ethereum-sepolia
Testnet USDC: https://faucet.circle.com
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