Author: AJC
Compiled by: TechFlow
The main points
Particle Network is developing a modular L1 blockchain that implements chain abstraction to enable each user to have a single, unified on-chain address and balance across all blockchains.
Through its L1 blockchain, Particle Network implements three core features: Universal Accounts, Universal Liquidity, and Universal Gas. Each feature provides a unique use case by eliminating manual multi-chain interactions from the user experience.
Particle Network also implements double staking through Babylon and aggregates data availability. Double staking bootstraps cryptoeconomic security from BTC, while aggregated data availability avoids single points of failure in network data availability.
The Particle Network’s public testnet went live on May 2, along with a rewards program called Particle Pioneer. As of this writing, 1.3 million accounts have been registered and 6.71 billion PARTI points have been distributed.
introduction
One of the few constants in the crypto industry is the ever-increasing number of blockchains. Whether it’s a Layer-2 (L2) rollup on Ethereum, an alternative L1, or an application-specific chain, it seems like new blockchains are coming online every month. While this ever-expanding set of blockchains offers users a variety of customization options, a multi-chain ecosystem also has its drawbacks for developers and users. Developers not only have to worry about their application or product, but also which blockchain ecosystem to deploy on. And for users, more chains means more complexity and fragmented liquidity, making the user experience (UX) far less simple than Web2.
To truly compete with Web2 in terms of adoption, Web3 needs to reach a point where the average user has no idea which blockchain they are transacting on — a concept known as chain abstraction. To this end, Particle Network is developing a modular L1 blockchain that enables chain abstraction by enabling every user to have a single, unified on-chain address and balance across all blockchains.
background
Particle Network was announced in April 2022 and was co-founded by Pengyu Wang and Tao Pa. Both founders have experience in mobile game development, and they created Particle Network to provide backend infrastructure for developers. To date, Particle Network has raised $25 million in four rounds of financing, with well-known investors including Spartan Group, Gumi Crypto, Animoca Ventures, LongHash Ventures, and Alibaba Group. On May 2, 2024, Particle Network's incentivized L1 testnet went live, providing point rewards through the Particle Pioneer platform. Particle Network's mainnet is scheduled to be launched in the second half of 2024.
Internet function
Through its L1 blockchain, Particle Network implements three core features: Universal Accounts, Universal Liquidity, and Universal Gas. Each feature is designed to achieve chain abstraction by eliminating manual multi-chain interactions from the user experience.
General Account
(Image source: Particle Network)
Universal Accounts allow every user to have a single, unified address, balance, and interaction point, regardless of the underlying chain the application or funds reside on. Additionally, Universal Accounts are compatible with both EVM and non-EVM networks, even networks with limited programming capabilities like Bitcoin. Particle Network achieves this by using ERC-4337 smart contract wallets (Smart Accounts). Smart Accounts provide greater flexibility, programmability, and security than typical Externally Owned Accounts (EOA). Additionally, Universal Accounts improve upon typical Smart Accounts by making them cross-chain compatible. As a result, Particle Network users only interact with unified balances, rather than directly with accounts.
For example, let’s say a user wants to mint an NFT on an L2 rollup, but all of their ETH is on Ethereum mainnet. Using EOA, the user would need to sign the following transaction:
Approval of bridging contract
Bridging ETH from Ethereum to L2
Approval of the casting contract
Minting NFTs
However, if the user is using a universal account, they only need to sign one transaction instead of four.
Particle Network is also developing a universal WaaS SDK, which will make it easy for any application to integrate universal accounts into its products. In addition, universal WaaS will allow applications that have already integrated Particle Network's existing wallet abstraction service, modular smart wallet as a service, or BTC Connect to automatically upgrade any existing smart accounts to universal accounts.
Universal liquidity
Universal Liquidity is the underlying layer of the cross-chain aspect of the Particle Network, enabling universal accounts to have a single balance across all supported chains. In simple terms, Universal Liquidity is the cross-chain bridging solution of the Particle Network. Therefore, Universal Liquidity allows users to trade on any supported blockchain, regardless of which blockchain the user's funds are on.
For example, let’s say a user wants to buy SPL tokens on Solana, but all of their funds are on Ethereum. Using Particle Network’s Universal Accounts, the user only needs to sign one transaction to complete this purchase. This is because Universal Liquidity handles the actual transfer of funds from Ethereum to Solana in this case. These transactions (UserOperations) are executed on behalf of the user through Particle Network’s distributed network of Bundler nodes. Ultimately, Universal Liquidity aims to automate cross-chain activities on a transaction-by-transaction basis. Typically, cross-chain activities involve multiple transactions across multiple blockchains. With Universal Liquidity, the user experience is simplified, enabling users to conduct cross-chain activities in a single transaction.
General Gas
All multi-chain frameworks must overcome the challenge of gas payments. Particle Network's Universal Gas aims to solve this complexity by abstracting away specific gas tokens. Through Particle Network's Paymaster, users can pay for gas fees for transactions using any supported token on any supported chain. For example, USDC on Ethereum can be used to pay for gas fees on Solana.
When making a transaction through a universal account, the Particle Network prompts the user to select the token they wish to use to pay the associated gas fees. Users can choose multiple tokens, even across multiple blockchains, to pay for gas fees. These tokens are then transferred to Paymaster, exchanged for Particle Network's native PARTI token, and then used to settle the relevant transactions on the Particle Network. Bundler nodes are then incentivized to execute the relevant transactions.
technology
Particle Network is a modular L1 blockchain built using Cosmos SDK and CometBFT. Cosmos SDK is an open source software development kit (SDK) for building sovereign and public PoS blockchains. Cosmos SDK is used to build a custom application layer or state machine, while CometBFT is used to securely replicate that state machine across all nodes in the network. CometBFT is an application-agnostic engine that handles the networking and consensus layers through two main components:
The consensus algorithm is Tendermint.
Socket protocol, also known as Application Blockchain Interface (ABCI).
Tendermint verifies requests on the source chain and confirms changes on the target chain. Its consensus provides instant finality and Byzantine fault tolerance. In addition, Particle Network also uses Berachain's BeaconKit to implement an EVM-compatible execution environment.
Modules
The core functions of Particle Network (general accounts, liquidity, and Gas) are implemented through three main modules: the master key storage center, the decentralized message network, and the decentralized Bundler.
Master Key Storage Center
The Master Key Storage Center module acts as the central source of truth on the Particle Network. It works by synchronizing general account state changes on all supported blockchains, maintaining state consistency across the network. The module records any changes that occur on the Particle Network, such as a user adding a signer to their general account.
Decentralized Messaging Network
The Particle Network's Decentralized Message Network (DMN) module relays successful UserOperations (transactions on general accounts) on external blockchains to the Particle Network. The DMN is supported by a system of Relayer Nodes, a message hub node on the Particle Network. Additionally, the DMN works in conjunction with the Master Key Storage Center to pass state data to and fetch data from supported blockchains. The DMN is powered by Hyperlane, an interoperability layer that allows supported blockchains to connect to each other and communicate seamlessly.
Decentralized Bundler
The decentralized Bundler module is responsible for executing UserOperations, a core component of universal liquidity. The module consists of a distributed network of Bundler nodes. Bundler nodes perform transactions on behalf of universal accounts, such as purchasing NFTs or exchanging tokens. Bundler nodes achieve this by interacting with liquidity providers. In this case, liquidity providers are not traditional decentralized exchange (DEX) liquidity providers, but rather liquidity pools across multiple chains that can be used to bridge funds.
For example, let’s say a user wants to buy SOL on Solana, but all of their funds are split evenly across Ethereum, Optimism, and Arbitrum in the form of USDC. The universal account signs a single transaction that does the following:
Particle Network’s L1 handles UserOperations associated with signed transactions.
The Bundler node relays UserOperations to liquidity providers, sending USDC on Ethereum, Optimism, and Arbitrum to the corresponding liquidity providers.
After receiving USDC, the liquidity provider sends the USDC on Solana to the user's account.
The Bundler node executes a transaction on the Solana DEX that swaps USDC for SOL on behalf of the user.
Finally, Watchtower Nodes ensure that these different interconnected modules are all working properly. They do this by providing proof of execution or fraud proof for every block produced in every epoch on the Particle network.
Double Staking
Particle Network uses a Delegated Proof of Stake (DPoS) consensus mechanism with a dual staking system. Once live on the mainnet, Particle Network will utilize two different sets of validation nodes: one secured by Particle Network's native token, and the other secured by BTC through Babylon's Bitcoin staking protocol. The two sets of validation nodes will reach consensus independently. If either set of validation nodes deems a block invalid, the block will not be finalized. The purpose of the dual staking system is to bootstrap cryptoeconomic security through a proven crypto asset like BTC and the network's native token.
Aggregate data availability
One challenge facing blockchains is data availability. Data availability refers to ensuring that all data required to verify transactions is accessible and that all nodes have access to the state of the chain. Whenever a blockchain uses only one data availability solution, a single point of failure is introduced. If the data availability solution fails, the blockchain's nodes will not be able to guarantee the validity of blocks. Therefore, Particle Network utilizes Aggregate Data Availability (AggDA), a unique approach that leverages multiple data availability networks: Celestia, Avail, and NEAR DA.
For each block generated on the Particle Network, data is randomly published in the following ways:
Selective publishing - Data associated with a block is published only to one supported data availability solution. This approach helps reduce the cost of publishing data.
Redundant Publishing - Data associated with a block is published to all supported data availability solutions. While this approach is more expensive than selective publishing, it spreads the risk that any single data availability solution will not work properly.
Public Testnet
Particle Network's public testnet went live on May 2, 2024. The testnet demonstrates two core features of Particle Network: universal accounts and universal gas. Users can register for the testnet and create universal accounts through EVM wallets such as MetaMask or Rainbow. In addition, through Particle Network's BTC Connect, users can also use Bitcoin wallets such as Unisat or OKX to control universal accounts.
Users can test the Particle Network's universal gas functionality by depositing native tokens to supported testnet networks such as ETH for Ethereum, BNB for BNB Smart Chain, etc. Once deposited, these tokens are automatically converted to universal gas (USDG). Users can use USDG to send transactions on the testnet. As of the time of writing, 9.6 million transactions utilizing USDG have been conducted on the Particle Network's testnet. In addition, there have been more than 121.5 million user operations (UserOperations) associated with these transactions. It is important to note that this is an early version of the universal gas implementation and may be different on the mainnet.
Particle Pioneer
The Particle Pioneer Program is designed to encourage user participation in the Particle Network testnet. The program rewards testnet users with PARTI points, which make addresses eligible for upcoming airdrops, bounties on People’s Launchpad, and whitelisting for various ecosystem projects. People’s Launchpad is a project within the Particle Network ecosystem that aims to bootstrap projects and applications within the ecosystem.
Addresses earn points by sending transactions and paying gas fees with USDG. Each transaction rewards the address with 50 points, up to 100 transactions per day. In addition, addresses can also earn additional points by signing in daily. The more consecutive days an address sends transactions, the more points it will earn.
Particle Pioneer also allows addresses to earn additional points through Particle Pioneer NFTs, which are reserved for active addresses in the testnet and for addresses that have participated in previous campaigns. There are three types of NFTs, with associated point boosts ranging from 2% to 30%.
To date, 1.3 million accounts have signed up for the Particle Pioneer program and 6.71 billion PARTI points have been distributed.
route map
With the launch of the Particle Network testnet in May, the protocol is one step closer to the final mainnet launch. The Particle Network roadmap includes the following:
Q2 2024 - Adding universal liquidity and modular nodes to public testnet
Q3 2024 - Mainnet V1 is launched, including universal accounts, universal liquidity and universal Gas
Q4 2024 - Testnet launch for dual staking and aggregated data availability
2025 - Mainnet V2 is launched, supporting dual staking and aggregated data availability
Competitive Landscape
Chain abstraction is the ultimate solution to two major problems in the blockchain industry. The first problem is that multi-chain frameworks inevitably lead to the fragmentation of liquidity and users, creating isolated ecosystems. The second problem is that externally owned account (EOA) wallets provide a poor user experience that cannot compete with the seamless interaction of Web2 applications. Solutions to these problems have largely been developed separately: for example, bridge protocols are used to connect isolated blockchains, while smart contract wallets enhance the user experience to feel more like Web2.
Chain abstraction integrates these solutions, combining the best of both worlds into a single product. Traditionally, protocols and teams have focused on one solution or the other, but newer projects, like Particle Network, are increasingly working to provide both, delivering a more cohesive and efficient user experience.
NEAR
NEAR is a multi-purpose L1 smart contract platform that provides chain abstraction services. NEAR's account abstraction service allows users on NEAR to sign transactions on other chains such as Ethereum and BNB Smart Chain (more blockchains will be supported in the future). NEAR's account abstraction service utilizes MPC networks and chain signatures, as well as multichain gas relays, a mechanism that enables gas fees and transactions on other blockchains.
Instadapp 的 Avocado
Instadapp's Avocado platform is a smart contract account that is compatible with multiple EVM-enabled networks, including Ethereum, Polygon, Optimism, Arbitrum, Avalanche, BNB Smart Chain, and Gnosis Chain. Similar to Particle Network, Avocado abstracts the underlying chain from the user experience. In addition, Avocado implements a Paymaster gas tank that enables users to pay all gas fees with USDC. One major difference is that Avocado only integrates with EVM networks, while Particle Network will also integrate with non-EVM networks.
XION
XION is a modular L1 blockchain that aims to create a "universal abstraction" layer to enable a seamless Web3 user experience. Universal abstraction is an all-encompassing infrastructure solution that directly integrates accounts, signatures, fees, and interoperability at the protocol level. XION's "Meta Accounts" product is a smart contract account solution similar to Particle Network's universal accounts. However, Meta Accounts initiate cross-chain transactions from XION's L1, while universal accounts initiate cross-chain transactions from the source blockchain, which are then relayed and further coordinated by Particle Network's L1. XION is currently in the testnet stage and plans to launch the mainnet in 2024.
Summarize
Particle Network meets the needs in the blockchain space by solving liquidity fragmentation and user experience problems in a multi-chain ecosystem. Through its modular L1 blockchain, Particle Network provides universal accounts, universal liquidity, and universal Gas to achieve chain abstraction and simplify user interactions on different blockchains. Since its establishment in April 2022, Particle Network has launched its incentivized L1 testnet and received funding from well-known investors. The team plans to launch the mainnet in the second half of 2024. In addition, Particle Network's underlying technologies include Cosmos SDK, CometBFT, and various innovative modules, enabling seamless cross-chain transactions and state synchronization.
The launch of the public testnet in May 2024 demonstrated the functionality of universal accounts and universal gas. In the future, Particle Network plans to integrate universal liquidity and modular nodes, with the mainnet scheduled to go live in the third quarter of 2024, and more features will be launched in 2025. Competing with projects such as NEAR, Instadapp's Avocado, and XION, Particle Network's comprehensive approach to chain abstraction and dual staking systems makes it a strong competitor in the field of chain abstraction design.
