Arcana Network Launches the First Ever Chain Abstraction Wallet, Ushering a New Era of Multi-Chain Transactions

November 21, 2024 – Dubai, United Arab Emirates

Arcana Network is thrilled to announce the launch of the Arcana Wallet Beta, now available on the Chrome Store, setting a new standard in blockchain accessibility and user experience through its pioneering ‘chain abstraction protocol.’

Built as the first EOA (externally owned account) wallet to leverage chain abstraction, Arcana Wallet enables a frictionless, multi-chain experience where users can spend assets across Ethereum, Base, Polygon, Arbitrum and Optimism seamlessly, with over 20 new chains coming soon.

The Chrome extension wallet is available here.

Unified balance – Spend your assets held across chains, in one-click, without bridging

Arcana Wallet offers a range of features designed to eliminate fragmentation and provide users with streamlined access to DeFi (decentralized finance).

Through Arcana’s chain abstraction protocol, users can now manage their aggregated USDC, USDT and ETH balances across multiple networks – all in a single wallet interface – and spend these funds instantly on any supported chain without the need for bridging.

Mayur Relekar, founder and CEO of Arcana Network, said,

“At Arcana, our goal is to reimagine blockchain usability by abstracting the complexities that come with multi-chain interactions.

“Arcana Wallet delivers an intuitive and effortless experience that allows users to engage with DApps across chains, without technical barriers.”

Key features of Arcana Wallet

• Unified balances – Arcana Wallet aggregates assets into a single balance across supported chains, allowing seamless spending without bridging. For example, users holding USDT on Arbitrum and Optimism see a combined balance ready to spend on Polygon or Base.
• EOA wallet-based orchestration – Users can bring their existing EOA address or create a new one, ensuring self-custody. Funds stay in the user’s wallet, without locking up or requiring deposits to another address, maintaining asset security and cross-app accessibility.
• Universal address accessibility – Unlike wallets needing app-specific setups, Arcana Wallet retains assets within one wallet, making them accessible across all apps – even those without native chain abstraction support.
• Efficient gas payments – Gas fees can be auto-funded in stablecoins (USDT or USDC), eliminating the need to hold native tokens on each chain. Arcana’s optimized protocol keeps gas fees up to 10 time lower than traditional solutions that use smart contract accounts.
• Near-instant cross-chain transactions – Arcana Wallet’s architecture allows transactions to execute within seconds, making it one of the fastest cross-chain transaction tools available. Users can spend assets on multiple chains with one-click transactions, benefiting from improved liquidity and usability.

Expanding DApp and chain compatibility

At its beta launch, Arcana Wallet supports popular DApps – including Uniswap, Aave, Polymarket, Hyperliquid and Jumper – with compatibility for additional applications and chains on the horizon.

From currently supporting Ethereum, Base, Polygon, Optimism and Arbitrum, the protocol aims to scale support to over 20 EVM and non-EVM layer-ones, layer-twos and appchains.

Allowing users to manage funds from any of the integrated networks, it will mark a significant step toward a unified blockchain ecosystem.

Arcana’s chain abstraction SDK

To cater the developer community, Arcana Network is also launching the chain abstraction SDK, enabling developers to implement Arcana’s chain abstraction features in their own DApps.

The SDK is intended to provide a versatile toolkit for developers to build chainless user experiences and simplify blockchain interactions for end users, helping to grow Arcana’s vision of a unified Web 3.0 UX.

Joining the Arcana community

As the Arcana Wallet beta moves through its testnet phase, feedback from users and partners will help shape the next generation of blockchain interactions.

Users can download Arcana Wallet from the Chrome Store and experience the power of chain abstraction here.

About Arcana Network

Arcana Network is a leading chain abstraction protocol, powered by an appchain, with the mission to transform the Web 3.0 UX.

Since its inception in 2021, Arcana Network has introduced products that make Web 3.0 effortless, with more than four million wallets generated, 500,000 active users and six million transactions to date.

The upcoming chain abstraction protocol, built on a Cosmos appchain and powered by XAR, is the next evolution in simplifying Web 3.0.

XAR is the utility token that captures protocol fees, secures the network, incentivizes early adopters and rewards resource providers.

Arcana Network’s innovative technology is backed by prominent investors, including Balaji S., Polygon founders, John Lilic, Santiago Roel and investment funds such as Woodstock, Fenbushi, Republic, Polygon Ventures, DCG, LD Capital and others.

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Contact

Andria Efstathiou, marketing manager at Arcana Network

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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