Mar 28, 2024

Proximity Labs Director Kendall Cole explains the challenges of building a spot decentralized exchange and how NEAR protocol's chain signatures network allows users multichain access from their NEAR account.

Video transcript

The protocol is presented by the Stellar Community Fund Accelerate your web three project with cellar funding. One of the real challenges of building sort of a a spot decentralized exchange is that you need access to either a native asset or a wrapped or some type of version of this asset for every single asset that you just want to trade. And the challenge is that especially in today's world where people really want to trade a lot of assets on Ethereum, a bunch of layer twos solana a bunch of cosmos chains and even some more esoteric chains like bit tensor. Uh that's really not possible before something like chain signatures. So with chain signatures, because this allows these smart contracts to basically sign transactions for any chain and even chains that don't exist yet. Like as a new chain comes out because we're really just implementing a low level signing technology, you'll be able to support that chain from day one with the second it's live, you'll be able to support it. And so this actually enables a deck that can list every single asset that's out there that you just want to trade

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