The moment of "value discovery" in chain abstraction has not yet arrived; Infra needs to prepare for a "protracted battle."

Written by: Bright, Foresight News

On March 25, 2025, Particle Network launched the fourth phase of on-chain new token offerings on Binance Wallet, reigniting market enthusiasm. Even though Binance shortened the new token offering window to one hour, the subscription for PARTI was oversubscribed by 16,389.22%, raising a total of 326,963 BNB, equivalent to a market value of approximately $208 million, setting a record for the highest oversubscription in the history of Binance Wallet's new token offerings. Some community users even "rationally analyzed": "Retail investors have few tokens, starting with a market cap of 500M, a billion is not unexpected."

"Your pork knuckle rice is the track's unresolved difficulty"

As the Binance new token offering came to an end, the choice between "Sell or Hold" followed. Friends who enjoy luxurious pork knuckle rice sold their PARTI worth $184 early, but some sighed, where is the promised billion-dollar market cap?

As a heavyweight project in chain abstraction, Particle Network was established in 2022, initially focusing on B-end chain abstraction products, aiming to achieve "one account, a thousand chains," addressing the pain points of Web3's multi-chain fragmentation. Its core product provides cross-chain collaboration technology for over 70 public chains, including BNB Chain, Avalanche, and Sei, covering both EVM and non-EVM ecosystems. In 2024, Particle Network launched UniversalX for C-end users, a non-custodial trading platform built on its self-developed Particle L1 settlement layer. Users can trade assets on any chain through UniversalX without manually bridging across chains.

The financing background of Particle Network is also impressive, with cumulative financing exceeding $30 million. Investors include not only crypto capitals like the original Binance Labs, GSR, YZI Labs, Spartan Group, and Animoca Brands but also Web2 giant Alibaba. In May 2022, it raised $1.5 million in a Pre-Seed round, $7 million in a seed round in March 2023, and $15 million in an A round in June 2024, achieving a valuation of $200 million, showcasing the potential of the chain abstraction track as an industry infrastructure.

However, despite exchanges like Binance and OKX providing traffic entry early on, the market price performance of Particle Network after its launch was "below expectations." Its token PARTI briefly surged to $0.4949 at the beginning of its listing, and after touching a total FDV of $500 million, it continued to pull back. As of the time of writing, it stabilized around $0.35, with a total FDV of about $350 million, far from the previously predicted $1 billion by the community. As a pioneer in the chain abstraction track, Particle Network seems yet to ignite enthusiasm in the sector.

"The transformation of the on-chain trading paradigm is bound to be a protracted battle"

Previously, a Messari research report pointed out that chain abstraction has fallen into the "endgame" narrative—currently, users seeking a better cross-chain experience need to aggregate liquidity. In the future, users hope that protocols can directly decide which chain and which application to use.

Chain abstraction addresses two major pain points in the blockchain industry. The first pain point is that multi-chain frameworks disperse liquidity and users, creating isolated ecosystems. The second pain point is that externally owned accounts (EOA) wallets provide a poor user experience, which cannot be compared to the seamlessness of Web2 applications. Most solutions to these problems are developed separately; bridging protocols connect isolated blockchains, while smart contract wallets enhance user experience. Chain abstraction integrates these solutions, merging the advantages of both into one product. Traditionally, protocols and teams focus on one solution or the other, but chain abstraction projects represented by Particle Network can provide both solutions simultaneously, optimizing the core user experience.

Particle Network researcher Lydia pointed out that both the "useless theory" and the "quick victory theory" of chain abstraction are biased, stating that "the transformation of the on-chain trading paradigm is bound to be a protracted battle." The replacement of blockchain technology takes time; during the penetration of chain abstraction, the fragmentation of the old multi-chain ecosystem will gradually become apparent, and dApps adopting chain abstraction architecture will subtly become mainstream. This process is similar to the early infrastructure construction of the internet, requiring a long cycle of technological refinement, user education, and market validation.

The uniqueness of chain abstraction and on-chain trading scenarios further extends the duration of this protracted battle. As the core entry point of Web3, the reconstruction of trading scenarios needs to meet the triple requirements of DEX's permissionless nature, self-custodial accounts, and CEX-level liquidity. Just as the adult industry in the Web2 era drove the popularization of VR, AR, and other technologies, the explosion of chain abstraction will also rely on breakthrough applications in trading scenarios, similar to the previous success of Hype in creating DEX exchanges. However, the current fragmented state of the multi-chain environment, the stubbornness of user operating habits, and the ambiguity of business models all urgently require breakthroughs in the chain abstraction track.

In summary, don't panic; the chain abstraction track is getting things done.

Chain Abstraction Competitive Landscape

Near

NEAR is a multifunctional L1 smart contract platform that also offers chain abstraction services. NEAR's multi-chain signature service allows users to use accounts on NEAR to sign transactions on other chains like Ethereum and BNB. NEAR achieves chain abstraction through its MPC network and chain signatures, as well as multi-chain gas relayers.

Avocado developed by the Instadapp team

Instadapp's Avocado platform is a smart contract account compatible with multiple EVM-compatible networks, including Ethereum, Polygon, Optimism, Arbitrum, Avalanche, BNB Smart Chain, and Gnosis Chain. Similar to Particle Network, Avocado abstracts the underlying chains from the user experience. Additionally, Avocado has implemented a Paymaster gas tank, allowing users to pay all gas fees in USD.

XION

XION is a modular L1 blockchain designed to create a "universal abstraction" layer for a frictionless Web3 user experience. The universal abstraction layer is a comprehensive infrastructure solution that integrates accounts, signatures, fees, and interoperability directly at the protocol level. The key to this solution is XION's "Meta Accounts," which is a smart contract account solution.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。