dWallet Network Brings Multi-Chain DeFi Featuring Native Bitcoin and Ethereum to Sui – Blockchain News, Opinion, TV & Jobs

adminApril 24, 2024

Dubai, UAE, April 9, 2024, Chainwire

dWallet Network, a pioneer in decentralized native multichain technology, and Mysten Labs, a Web3 infrastructure company and original contributor to Sui, announced a strategic partnership focused on bringing multichain interoperability to Sui’s DeFi ecosystem. A groundbreaking layer 1 and smart contract platform. The integration of dWallet primitives allows applications built on Sui to sign transactions for Bitcoin and Ethereum, opening up new cross-chain experiences on Sui.

Sui is known for its secure, high-throughput, and low-latency blockchain capabilities that leverage the Move smart contract language to provide developers with a powerful and secure platform to build sophisticated applications, while maintaining very low and consistent gas fees. Through its partnership with dWallet Network, Sui is now ready to leverage native, uncoordinated, decentralized dWallet technology to enable seamless cross-chain interactions within the ecosystem. This collaboration is particularly important for Sui’s DeFi initiatives, providing unprecedented capabilities to include native BTC and ETH transactions, a milestone in blockchain interoperability and functionality.

To implement the dWallet primitives, the dWallet network uses 2PC-MPC, a state-of-the-art protocol developed by the team. The industry’s first multi-party protocol allows ECDSA signatures to be generated in a non-cooperative manner, requiring the participation of end users and a significant number of nodes (potentially reaching hundreds or thousands).

“We are excited to partner with Mysten Labs to bring the decentralized, non-cooperative dWallet building block to the Sui ecosystem,” said Omer Sadika, co-founder of dWallet Network. “This partnership not only broadens the horizons of DeFi and gaming at Sui, but marks a significant leap forward in realizing our vision of a seamless multi-chain future.”

An exciting aspect of this partnership is that dWallet will be used with Sui’s zkLogin functionality to provide a simplified Web2 user experience for managing assets across blockchains, including Bitcoin and Ethereum. This innovative approach leverages the ease of Web2 logins, such as Google Accounts, to interact with any asset on any blockchain, reducing the barrier to entry for users and enabling mass adoption of blockchain technology.

Collaboration also extends beyond technology integration through the Overflow Hackathon, co-hosted by dWallet Network and Sui Foundation. This event highlights both projects’ commitment to fostering innovation, community engagement, and cutting-edge application development within the Sui ecosystem.

“Interoperability is key to the growth of blockchain-based applications. The introduction of dWallet’s innovative tools will enable users in the Sui ecosystem to work seamlessly across different protocols,” said Evan Cheng, CEO and co-founder of Mysten Labs, and an original contributor to Sui. “We are excited to create a multi-chain future with dWallet.”

The strategic partnership between Mysten Labs and dWallet Network is an important milestone that promises to bring unprecedented flexibility, security, and efficiency to multichain DeFi and gaming. As this partnership unfolds, it will foster innovation and accelerate adoption, opening new avenues for developers and providing richer and more diverse blockchain experiences for users.

If you have any media inquiries, please contact:

mystenlabspr@mgroupsc.com

siva@dwalletlabs.com

Introduction to Miss Teen Labs

Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts, comprised of senior executives and chief architects of pioneering blockchain projects. Mysten Labs’ mission is to build the underlying infrastructure for web3.

Users can learn more here.

About Sui

Sui is the first layer-1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Based on the Move programming language, the object-centric model supports parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage capabilities, Sui supports a wide range of applications at exceptional speed at low cost. Sui is a step-by-step functional evolution of blockchain and a platform for creators and developers to build amazing, user-friendly experiences.

Users can learn more here.

Introduction to dWallet Network

The dWallet network is home to dWallets, a programmable and transferable signature mechanism that lives on-chain. dWallet Network enables L1 and L2 builders to leverage dWallets as a building block for asset management and enforce logic in a decentralized and non-cooperative manner across Web3.