As an experienced analyst in the blockchain and cryptocurrency industry, I am excited about the latest integration announced by dWallet Network to support Monad, an EVM-compatible Layer 1 blockchain. This collaboration aims to establish Monad as a leading ecosystem for Ethereum Virtual Machine (EVM) builders and introduces native multi-chain capabilities using dWallet technology.
I’m thrilled to share the latest development from my perspective as an analyst. dWallet Network, the pioneering infrastructure for programmable native Bitcoin, has made an exciting addition to its offerings. They have announced support for Monad, an EVM-compatible Layer 1 blockchain. This integration opens up new possibilities for users and developers within the Bitcoin ecosystem.
Beginning April 30th, Monad’s newest integration strengthens its status as the premier ecosystem for Ethereum Virtual Machine (EVM) creators. By incorporating dWallet technology, this update introduces native multi-chain functionalities.
Multi-Chain DeFi Integration
In the Monad ecosystem, dWallet Network intends to provide developers with the ability to construct Decentralized Finance (DeFi) applications that span various blockchains, ensuring non-collusion and a high degree of decentralization.
With this integration, Monad aims to establish itself as a leading platform for employing dWallet technology within the Ethereum Virtual Machine (EVM) ecosystem. This collaboration offers developers the advantage of increased efficiency and scalability, enabling them to drive innovation in Decentralized Finance (DeFi) projects.
Commenting on the initiative, Keone Hon, Monad Labs Co-Founder and CEO, said,
“The backing from dWallet Network underscores Monad’s commitment to delivering an exceptional platform for EVM developers. Our superior speed and functionality, coupled with dWallet’s trailblazing multi-chain features, not only strengthen Monad’s standing as the premier blockchain for DeFi innovation but also broaden the toolkit of our developers. We are redefining the bar for what is achievable in the DeFi sector.”
interconnected DeFi Landscape
As an analyst, I would explain it this way: I’m here to break down how the dWallet Network implements its unique feature using a two-party multiparty computation (2PC-MPC) technique, developed by their team. This process enables us to generate an ECDSA signature in a “non-collusive” manner. In simpler terms, this means that it’s not just the end user involved, but also a considerable number of nodes, potentially reaching hundreds or even thousands.
dWallet announced that the integration of its multi-chain capabilities into the Monad ecosystem marks a significant step towards creating a completely unified and decentralized financial system. Developers working on the Monad platform will find it simple to incorporate dWallet’s native features, enabling seamless interaction between various blockchain networks. This development is anticipated to deliver an enjoyable user experience across multiple platforms while maintaining security and user autonomy.
During the discussion, Omer Sadika, the co-founder of dWallet Network, highlighted the significance of this collaboration. He noted that the ultimate objective of this alliance is to create a “seamlessly connected” Decentralized Finance (DeFi) ecosystem.
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2024-04-30 16:32