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Particle Network Announces Modular L1 Powering Chain Abstraction

source-logo  u.today 20 March 2024 16:11, UTC

On March 19, 2024, the team of Particle Network is going to kick off the process of the most profound transition in its entire history. The new design of the protocol will advance its interoperability, usability and fuel previously unseen use cases across various types of blockchains.

Particle Network becomes modular L1 for novel use cases: Details

Particle Network, a leading provider of account and wallet abstraction solutions, has announced its transition to the status of modular layer-1 blockchain powering chain abstraction and universal accounts.

Particle Network

This transition will be facilitated by Particle Network’s proprietary innovative mechanism that employs a master smart contract on Particle Network’s L1 to coordinate and control smart accounts across over 50+ chains for a seamless multichain experience.

Particle Network’s modular L1 will therefore inherit the success of previously released products, including BTC Connect, with over $2 billion in TVL, and seamlessly onboard Particle Wallet users and their assets.

This release marks a significant milestone in Particle Network's journey, building upon its rich history of innovation and its mission to deliver seamless, user-friendly blockchain solutions.

Founded in 2022 with the vision of empowering developers and Web3 end users, Particle Network has built a successful track record in addressing the complexities of asset management and user onboarding and retention in Web3.

Particle Network pioneers the concept of chain abstraction

Particle Network’s modular L1 blockchain powers chain abstraction by coordinating accounts across chains while abstracting gas and unifying liquidity. This empowers existing L1s and L2s with seamless cross-communication and asset settlement.

Built using the cutting-edge Cosmos SDK, Particle Network's Modular L1 introduces several innovative features, such as a dual staking model leveraging EigenLayer’s restaking solutions and Particle Network’s own token.

Particle Network’s L1 Universal Accounts will use Universal Liquidity for seamless cross-chain transactions, supported by a single Universal Gas Token to simplify gas payments and reduce friction for users.

Particle Network’s L1 Universal Accounts empower users with one address for all chains, including the BTC and EVM ecosystem creating a single interaction point.

Furthermore, Particle Network's modular L1 combines modular architecture's sovereignty and scalability with the unified liquidity and user experience of single-chain systems.

Particle’s L1 also introduces a novel system aggregating data availability providers such as Avail, EigenDA, Celestia and NEAR DA. This allows it to retain high decentralization, scalability and performance. All these features not only simplify the experience of end users but also allow developers to take their dApps to a broader audience, unconstrained by multichain fragmentation.

With a robust foundation of more than 17 million users, four million daily active users, two billion in total value locked, and a vibrant community, Particle Network is well positioned to make this release a resounding success. The company's strong track record, evidenced by its extensive partnerships and active user engagement, underscores its commitment to leading the evolution toward a more integrated and user-friendly blockchain ecosystem.

As Particle Network embarks on this exciting new chapter, it outlines a soft roadmap that includes the launch of its testnet and V1 mainnet in Q1, 2024, followed by the introduction of dual staking and abstracted DA testnet in Q2, 2024. This series of innovations paves the way toward a future where blockchain technology is more accessible, efficient and unified than ever before.