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dWallet Network brings multi-chain DeFi to Sui, featuring native Bitcoin and Ethereum
Home > Finance > dWallet Network brings multi-chain DeFi to Sui, featuring native Bitcoin and Ethereum
Global Banking & Finance Review®
Company
Dubai, UAE, April 9th, 2024, Chainwire
dWallet Network, a trailblazer in decentralized, native multi-chain technology, and Mysten Labs, a Web3 infrastructure company and the original contributor to Sui, announced their strategic partnership, focusing on the introduction of multi-chain interoperability into the DeFi ecosystem on Sui, the groundbreaking Layer 1 and smart contract platform. With the integration of the dWallet primitive, applications built on Sui can sign transactions on Bitcoin and Ethereum, opening up new cross-chain experiences on Sui.
Sui is renowned for its secure, high-throughput, and low-latency blockchain capabilities, utilizing the Move smart contract language to offer developers a robust and secure platform for building sophisticated applications, all while maintaining extremely low and consistent gas fees. Through the partnership with dWallet Network, Sui is now poised to harness native, non-collusive, and decentralized dWallet technology, enabling seamless cross-chain interactions within its ecosystem. This collaboration is particularly significant for DeFi initiatives on Sui, providing them with the unprecedented ability to include native BTC and ETH transactions, a milestone in blockchain interoperability and functionality.
To implement the dWallet primitive, the dWallet Network utilizes 2PC-MPC, the state-of-the-art protocol invented by its team. This industry-first multiparty protocol enables the generation of an ECDSA signature in a non-collusive way, requiring participation from both the end-user and a significant number of nodes, the number of which could potentially reach hundreds or thousands.
Omer Sadika, Co-Founder of dWallet Network, expressed his excitement about the partnership, stating, “We are excited to partner with Mysten Labs and bring our decentralized, non-collusive dWallet building block to the Sui ecosystem. This partnership not only broadens the horizons for DeFi and gaming on Sui but also represents a significant leap towards realizing our vision of a seamless, multi-chain future.”
An exciting aspect of this partnership is the use of dWallets in conjunction with Sui’s zkLogin feature, offering a simplified Web2 user experience for managing assets across blockchains, including Bitcoin and Ethereum. This innovative approach leverages the ease of Web2 logins, like Google accounts, to interact with any asset on any blockchain, thereby reducing barriers to entry for users and enabling mass adoption of blockchain technology.
Furthermore, the collaboration extends beyond technical integration, with dWallet Network and the Sui Foundation co-hosting the Overflow hackathon. This event underscores the commitment of both projects to foster innovation, community engagement, and the development of cutting-edge applications within the Sui ecosystem.
“Interoperability is key to the growth of blockchain-powered applications. The introduction of dWallet’s innovative tooling will enable users in the Sui ecosystem to operate seamlessly across disparate protocols,” said Evan Cheng, CEO and co-founder of Mysten Labs, original contributor to Sui. “We’re thrilled to join dWallet in creating a multichain future.”
The strategic alliance between Mysten Labs and dWallet Network marks a significant milestone, promising to bring unprecedented flexibility, security, and efficiency to multichain DeFi and gaming. As this partnership unfolds, it is set to catalyze innovation and accelerate adoption, opening new avenues for developers and providing users with richer, more diverse blockchain experiences.
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About Mysten Labs
Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives and lead architects of pioneering blockchain projects. The mission of Mysten Labs is to create foundational infrastructure for web3.
Users Can Learn more here.
About Sui
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences.
Users Can Learn more here.
About dWallet Network
dWallet Network is the home of dWallets – programmable and transferable signing mechanisms that live on-chain. dWallet Network empowers builders on L1s and L2s to utilize dWallets as a building block for managing assets & enforcing logic across all of Web3 in a decentralized and noncollusive way.
Marketing Lead
Siva Sagiraju
dWallet Network
siva@dwalletlabs.com
Multi-chain DeFi refers to decentralized finance applications that operate across multiple blockchain networks, allowing users to interact with different cryptocurrencies and services seamlessly.
Blockchain interoperability is the ability of different blockchain networks to communicate and interact with each other, enabling the transfer of assets and information across platforms.
Decentralized finance (DeFi) is a financial system built on blockchain technology that aims to provide open access to financial services without traditional intermediaries like banks.
The Move programming language is designed for the Sui blockchain, focusing on safety and flexibility for building smart contracts and decentralized applications.
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