Particle Network is a Layer-1 blockchain that supports chain abstraction, seamlessly unifying users and liquidity across Web3. At its core is the universal account system, which provides users with a single account and unified balance across all chains. These accounts are coordinated and secured by Particle Network, ensuring a smooth experience throughout the Web3 ecosystem. By unifying all chains, Particle enables billions of users to seamlessly onboard and interact with dApps on any chain, serving as a fundamental component for mass adoption and playing an indispensable role in an open and unified network.

As one of ArkStream’s strategic investment projects, Particle was recently launched on Binance. Behind this launch lies a story of four strategic upgrades.

2022: The Birth of MPC WaaS

In 2022, I met Pengyu in Singapore. At that time, Particle Network was centered around MPC and TSS, providing Wallet-as-a-Service (WaaS) development tools, positioning itself against web3auth (backed by Multicoin) and Magic Link (valued at $500M).

We were deeply impressed by the team’s ability to iterate and close the business loop. By the end of 2022, we decisively invested, reaching a consensus: after solidifying its MPC foundation, Particle should shift from wallets and developer tools to infrastructure or protocols to capture more value.

Between late 2022 and mid-2023, leveraging its aggressive BD (business development) strategy, Particle integrated with hundreds of dApps, covering most of the new-generation dApps in Asia. These included GameFi (Era7, Ultiverse, FunPlus), DeFi (DODO, Izumi Finance), and Layer-2 projects (zkSync Era, Linea, opBNB). Within just six months, Particle secured a top-three position in the MPC WaaS sector.

2023: Moving Towards Intent-Centric

In 2023, Paradigm released a report emphasizing how an intent-centric approach could address issues such as chain fragmentation and complex user experience (UX) in blockchain interactions. Leveraging its strengths in the “supply side” (MPC/TSS), Particle Network launched its V2 product—the Intent Fusion Protocol—officially entering the intent-centric domain and competing with projects like Anoma, UniswapX, and DappOS.

Particle’s strategy at the time involved brand collaborations with leading projects, including Metamask’s L2 Linea and account abstraction pioneer Biconomy. This year also marked the start of its international expansion. With the addition of Ethan Francis, a brilliant developer relations specialist, Particle gradually gained traction in the English-speaking world. In 2023, we increased our investment, making Particle one of the top three investments in ArkStream Fund II.

2024: Chain Abstraction Layer1

In early 2024, just before EthDenver, Pengyu and I had three consecutive late-night calls discussing the next funding round. We reached two key agreements—enhancing consumer perception and positioning Particle as a foundational blockchain infrastructure.

A week later, Pengyu messaged me: “We’ve decided to pivot into a ‘Chain Abstraction Layer-1’.” That was a bold move! By the time we met at a café in Denver a week later, the $150M funding round under this new narrative had already attracted significant interest and was quickly closed. Five months later, Binance also participated in the investment.

Chain abstraction allows users to interact with blockchain without needing to know chain-specific details (e.g., switching networks, creating different wallets, cross-chain operations, or managing gas fees). By unifying accounts, asset management, and cross-chain interactions, Particle delivers a user experience comparable to Binance. Even someone with minimal technical knowledge can easily buy any token on-chain by simply knowing the token ticker or contract address.

In this field, Particle holds an unrivaled advantage—not only does it have three years of AA/MPC technology development, but it has also integrated with dozens of chains and hundreds of dApps over the past two years. This evolution—from a developer tool to a protocol and finally to a chain abstraction infrastructure akin to a “fully on-chain Binance”—is a convincing and complete growth trajectory.

2025: UniversalX and the Consumer Breakthrough

C-side influence and protocol income are the last resort. With the rise of the meme craze, on-chain trading tools have exploded, and Particle Network’s C-side products have also been released:UniversalX

The demand for on-chain transactions is mainly reflected in three aspects: security (preventing hacker attacks and asset loss), multi-chain transactions, and trading functions (including speed, K-line, chain scan monitoring, stop-profit and stop-loss, etc.). Currently, GMGN, Photon, and Banana Gun in the industry each have their own achievements in trading functions, but the first two are often ignored.

Non-Custodial Security

Two months ago, while hiking with Pengyu and Ma Lizhi, Pengyu joked, “In this dark forest of blockchain, I just want a business that lets me sleep soundly at night.” At that time, Dexx had just announced compensation for hacks, Bybit had yet to be exploited, but security threats loomed over all exchanges and bots. UniversalX implements a non-custodial key management solution via MPC, similar to multi-signature wallets. Even if Particle or a user’s device is compromised, private keys remain secure.

One-Click Multi-Chain Trading

At the end of last year, Solana saw a surge of new meme coins. Early this year, Binance Smart Chain (BSC) surged under CZ’s leadership, while Base, led by the virtuals trend, presented numerous opportunities. Meanwhile, Sonic and Bera’s Proof of Liquidity model quietly gained traction. If every chain required separate account creation, asset deposits, and manual network switching, traders would miss out on major opportunities.

UniversalX’s universal account (AA) allows users to sign up using Google or email, instantly creating accounts on all chains. Its liquidity aggregation engine functions like an intelligent trading bot, automatically sourcing liquidity across chains to execute trades—typically within just three seconds.

I first deposited 10,000 US dollars in UniversalX. First I bought 15m of $TST and 200m of $Shell. Then I went to Sonic and bought $shadow. In the process, I lost $libra from the solana chain. Recently, I bought 500k of $quq and 3m of $bnbcard.

In just over 2 months since UniversalX was launched, the transaction volume has exceeded 400 million US dollars, with a total number of transactions of 1.5 million and 30,000 registered users. At this pace, UniversalX could surpass GMGN in just three months. Looking ahead, the team plans to enhance trading functionalities such as limit orders, stop-loss orders, monitoring, and copy trading to establish a true technological edge in the on-chain trading sector.

Winning Through Business Closed-Loop

Particle’s success over the past four years lies in its exceptional ability to close the business loop. As Pengyu put it, the team starts with user needs and methodically integrates technology, product development, talent acquisition, competitive strategy, and business models—like building blocks—into a self-sustaining and reinforcing ecosystem.

Particle’s CTO, Peter Pan, and Pengyu are both Tsinghua alumni and co-founders of a previous gaming platform with tens of millions of users. Beyond his technical expertise, Pantao possesses an extraordinary “court vision,” grasping both industry trends and finer details with remarkable clarity.

When executing business strategies, the Particle team is both passionate and meticulous. For example, according to our post-investment lead Chandler, Particle has the most rigorous KOL (Key Opinion Leader) selection process among our portfolio companies—carefully filtering and engaging with the most relevant influencers.

Launching on Binance is Just the Beginning

2024 marks a critical turning point for crypto. The valuation model of Web3’s first cycle—centered around the attention economy, narratives, and expectation management—has come to an end. In the second cycle, leading enterprises must take a pragmatic approach, relying on products, revenue, and sustainable business models to support their valuations.

UniversalX is positioned as the “fully on-chain Binance”, replicating all of Binance’s functionalities—IDO, lending, futures trading, and stablecoin yield—within a fully on-chain DeFi ecosystem. As the Layer-1 gas and liquidity provider token, $Parti has the potential to evolve into a token economy driven by protocol revenue and utility. The Binance launch is just the beginning; the team’s ambitions go far beyond. Chain abstraction is the gateway to expanding on-chain daily active users (DAUs) from 300K to 3M—a vast, untapped market. Let the party be joined.

The emergence of the HTTP protocol in the 1990s abstracted away the complexities of FTP and Telnet, allowing users to access the internet simply by typing a URL like http://google.com. This breakthrough significantly lowered the barrier to entry, enabling the internet to scale from just a few million users in the ‘90s to billions today.

As CZ recently tweeted:

“It’s easier to predict tech trends over a decade than tomorrow’s price. Most people fail to see the obvious future—or simply lack the patience.”

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