Wallet Network brings multi-chain DeFi to Sui
An exciting aspect of this partnership is the use of Wallets in conjunction with Sui’s zkLogin feature, offering a simplified Web2 user experience for managing assets across blockchains, including Bitcoin and Ethereum
The Wallet Network, a pioneer 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 Wallet 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 Wallet Network, Sui is now poised to harness native, non-collusive, and decentralized Wallet 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 Wallet primitive, the Wallet 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 Wallet Network, expressed his excitement about the partnership, stating, “We are excited to partner with Mysten Labs and bring our decentralized, non-collusive Wallet 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 Wallets 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 Wallet 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 Wallet’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 Wallet in creating a multichain future.”
The strategic alliance between Mysten Labs and Wallet 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.
