Project Reviews
This month's review will cover how Particle Network transformed from a Wallet provider to offering Universal Accounts that span all chains to its founding team, recent achievements, and roadmap.
Web3 onboarding has traditionally been complex, with users and developers navigating multiple apps and protocols, leading to a fragmented experience. As cryptocurrency adoption grows, solutions that unify blockchain networks are needed to simplify interactions. Chain Abstraction enables seamless integration across multiple chains, improving the overall user experience.
Particle Network, a project within the Chain Abstraction ecosystem, exemplifies this approach. Initially launched as a wallet abstraction service, Particle Network has evolved into a modular layer-1 (L1) blockchain solution currently in Testnet development.This month's review will cover everything from how Particle Network transformed from a Wallet provider to offering Universal Accounts that span all chains to its founding team, recent achievements, and roadmap.
Particle Network is a modular layer-1 (L1) blockchain focusing on chain abstraction. The project began in 2022 as a wallet abstraction service but has now developed into a Layer-1 solution currently in Testnet development. Particle Network's main product is its Universal Accounts, which combine all chains and simplify Web3 complexities, allowing users to have one account and balance across all blockchains. The project aims to be part of a larger vision, making Web3 transition from a complex process to a more understandable and adaptable solution.
Since its start, Particle Network has expanded its partner network to include over 60 chains and 900 dapps. Additionally, it has provided infrastructure for other Web3 projects such as Ultiverse, Xterio, and Fusionist.
Before releasing their Modular L1 on testnet, Particle's Wallet Abstraction stack included two main products: Modular Smart Wallet-as-a-service and BTC Connect. Both currently serve over 4 million daily users across 56 chains, securing over $2B worth of users’ assets.
Particle Network launched its most ambitious initiative, Universal Accounts, at the beginning of 2024 to take its product offering to the next level. The team’s proprietary Layer-1 functions as the overarching coordinator for these, enabling the experience of Chain Abstraction so that Universal Accounts and all the features around them can run seamlessly. Particle Network offers three core functionalities: Universal Accounts, Universal Liquidity, and Universal Gas, which aim to simplify interactions across different blockchains.
Universal Accounts enable users to manage assets and interact with decentralized applications (dApps) on multiple chains using a single account.
To ensure connectivity between different chains and users' assets, Universal Accounts rely on Particle Network's Universal Liquidity, which facilitates operations such as token swaps and interactions with Liquidity providers on any chain.
Additionally, Universal Accounts introduces Universal Gas, which settles all gas fees using Particle Network's native token, $PARTI.
Particle Network’s Data Availability (DA) gathers data from providers like Celestia, Avail, and NEAR DA. This approach enhances the network's security and stability by avoiding single points of failure and ensuring that data remains accessible even if one provider experiences issues. Particle ensures its network remains robust, efficient, and decentralized, providing a reliable foundation for managing complex blockchain transactions and maintaining state across Universal Accounts.
Additionally, Particle Network operates under a dual-staking model to ensure high security and accessibility. This model uses the network’s native tokens, $PARTI and $BTC, to secure the network. Validators secured by both tokens must accept the transaction validity, reducing pressure on the native token and enhancing network stability.
AggdDA and Dual Staking are scheduled to go live on testnet at the end of 2024.
Particle Network’s Modular Smart Wallet-as-a-Service (WaaS) stack enables developers to incorporate social logins for self-custodial, dApp-embedded smart contract wallets. This allows seamless onboarding and non-custodial key management. The WaaS stack supports ERC-4337 account abstraction, offering developers flexibility in implementing account abstraction (AA) within their dApps.
Particle Network’s BTC Connect is the first EVM-compatible ERC-4337 account abstraction protocol for Bitcoin, supported by the largest Bitcoin Layer-2s, including BitLayer and BRC420. The product enables users to control an account on an EVM-compatible Bitcoin L2 using a standard Bitcoin Wallet. BTC Connect brings the benefits of account abstraction to the Bitcoin ecosystem, including enhanced UX and improved security.
Particle Network, co-founded by Pengyu Wang and Tao Pan in April 2022, has raised $25 million across four rounds with notable investors including Spartan Group, Gumi Crypto, Animoca Ventures, LongHash Ventures, and Alibaba Group.
In June 2024, the company secured $15 million in a Series A Round led by The Spartan Group and Gumi Cryptos Capital, with participation from Morningstar Ventures and other investors. These funds will be used to advance the vision of chain abstraction and simplify user and developer experiences, focusing on launching the Particle Network L1’s Mainnet and the Particle token $PARTI.
In the upcoming months, the team will focus on the following;
In this project review, we focus on Persistence’s role in bridging real-world assets and decentralized finance through innovative solutions like liquid staking (pSTAKE), interoperable infrastructure, and a sustainable economic model powered by its native token, XPRT.
