MultiversX Presents Sovereign Chains for Inter-Chain Operations with Bitcoin, Ethereum, Solana, and Other Major Blockchains
MultiversX has unveiled one of the biggest innovations in its ecosystem, Sovereign Chains, during a live demonstration.
MultiversX shared this press release with CoinAcademy.
This modular technology is designed to provide customizable execution environments on demand and adds a coordination layer for major blockchains such as Bitcoin, Ethereum, Solana, and more.
Sovereign Chains serve as a solution that facilitates inter-chain operations with the largest Layer 1 blockchains in the ecosystem.
Characteristics and Performance Promises
Achieving this milestone, the most performant solution creates a unified, transparent, and interconnected blockchain ecosystem that is now accessible to all builders.
MultiversX is a public blockchain network based in Europe, renowned for its scalability through sharding technique and decentralized infrastructure consisting of over 3,000 validator nodes.
The network aims to address fundamental issues for global blockchain adoption: transitioning from a low-bandwidth era to a high-throughput era, a significant shift in user experience, and simplifying self-management of digital assets.
Sovereign Chains inherit unique functionalities from MultiversX, such as on-chain two-factor authentication and native standards, while offering a unified inter-chain experience.
During the demonstration, MultiversX Labs CEO, Beniamin Mincu, highlighted the capacity of these chains to process over 100,000 transactions per second, promising a unified and interconnected blockchain ecosystem accessible to all developers.
Advantages and Interoperability
Sovereign Chains stand out for their native interoperable capability. Unlike traditional layer 2 solutions, which are often criticized for their centralized management and use of administrative keys and sequencers, Sovereign Chains utilize MultiversX’s existing transaction and inter-shard processing model.
This allows the integration of ecosystems without resorting to traditional bridges or wrap mechanisms to transform tokens into globally composable assets, avoiding fragmentation of liquidity.
Developers using the Sovereign Chain SDK will benefit from extensive customization for their public or private blockchains, ranging from defining the native token for gas to simultaneous use of multiple virtual machines, including EVM and the MultiversX WebAssembly (WASM VM) virtual machine. They will also leverage MultiversX’s shared security for mature networks from the start.
New Staking and Airdrop Opportunities
The restaking module developed by MultiversX, named Gravity Layer, promises to double or triple the current EGLD staking yield by allowing delegates to redirect their collateral to support new Sovereign Chains.
Several teams that have announced Sovereign Chain solutions have hinted at the possibility of airdrops to attract community attention.
One example is OneFinityChain, the first EVM-compatible Sovereign Chain in the MultiversX ecosystem.
