News
MultiversX launches sovereign chains compatible with Bitcoin and Ethereum
MultiversXa Europe-based blockchain network, today launched its highly anticipated solution, Sovereign Chains, in a live streaming demonstration.
Sovereign Chains represents a significant step forward in the pursuit of seamless cross-chain operations, offering on-demand sovereign execution environments and a meta-coordination layer for major layer-1 blockchains such as Bitcoin, Ethereum, Solana, and others.
During the live demo, MultiversX showcased the prowess of Sovereign Chains, highlighting its ability to process over 100,000 transactions per second.
Beniamin Mincu, co-founder of MultiversX Labs, highlighted the transformative impact of Sovereign Chains, saying: “This high-performance solution enables a unified, seamless and interconnected blockchain ecosystem accessible to all builders today.”
One of the distinguishing features of Sovereign Chains is its native interoperability, which addresses the current limitations of Layer 2 solutions that often rely on custodial structures.
Unlike traditional bridging mechanisms, Sovereign Chains leverages MultiversX’s cross-shard transaction and processing model, allowing ecosystems to interact seamlessly without compromising security or decentralization.
Builders who leverage the Sovereign Chain SDK gain access to myriad customization options, allowing them to tailor public or private blockchains to their specific needs. In particular, developers can leverage MultiversX’s shared security through a dedicated restaking module, dubbed Gravity Layer, which promises to significantly improve staking yields for EGLD and facilitate the launch of robust sovereign chains.
Additionally, Sovereign Chains offers a new approach to token interoperability, eliminating the need for cumbersome winding mechanisms. Sovereign chain tokens function as global composable assets, promoting a cohesive and interconnected blockchain ecosystem.
“Most of the teams announcing Sovereign Chain solutions have hinted at possible launches to get community attention,” MultiversX said in a statement.
Read also: MultiversX launches xSpotlight: a new Web3 cultural hub