On March 19, 2024, the Particle Network team will initiate the process of the most profound transition in its entire history. The new protocol design will promote interoperability and usability and fuel previously unseen use cases for different types of blockchains.
Particle Network becomes modular L1 for new use cases: details
Particle Network, a leading provider of account and wallet abstraction solutions, has announced its transition to modular layer-1 blockchain status powering chain abstraction and universal accounts.
This transition will be facilitated by Particle network a proprietary innovative mechanism that uses a master smart contract on Particle Network’s L1 to coordinate and control smart accounts across 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 connect seamlessly to Particle Wallet users and their assets.
This release marks an important milestone in Particle Network’s journey, building on its rich history of innovation and its mission to deliver seamless, easy-to-use blockchain solutions.
Founded in 2022 with the vision to empower developers and Web3 end users, Particle network has built a successful track record of tackling 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 drives chain abstraction by coordinating accounts across chains while extracting gas and unifying liquidity. This ensures that existing L1s and L2s enable seamless communications and asset settlement.
Particle Network’s Modular L1 is built using the advanced Cosmos SDK and introduces several innovative features such as a dual staking model that leverages EigenLayer’s re-incorporation solutions and Particle Network’s native token.
Particle Network’s L1 Universal Accounts will use Universal Liquidity for seamless cross-chain transactions, backed by a single Universal Gas Token to simplify gas payments and reduce friction for users.
Particle Network’s L1 Universal Accounts give users a single address for all chains, including the BTC and EVM ecosystem, creating a single point of interaction.
Additionally, Particle Network’s modular L1 combines the sovereignty and scalability of modular architecture with the unified liquidity and user experience of single-chain systems.
Particle’s L1 also introduces a new system that unifies data availability providers such as Avail, EigenDA, Celestia and NEAR DA. This allows it to maintain high decentralization, scalability and performance. All these features not only simplify the end-user experience, but also allow developers to take their dApps to a wider audience without the limitations of multi-chain fragmentation.
With a robust base of more than 17 million users, four million daily active users, a total value of two billion 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, underlines its commitment to leading the evolution towards a more integrated and user-friendly blockchain ecosystem.
As Particle Network embarks on this exciting new chapter, it outlines a soft roadmap that includes launching its testnet and V1 mainnet in the first quarter of 2024, followed by the introduction of dual staking and an abstracted DA testnet in the second quarter of 2024. This series of innovations paves the way to a future where blockchain technology is more accessible, efficient and uniform than ever before.
