Particle Network is a Layer-1 blockchain that supports chain abstraction, seamlessly unifying users and liquidity in Web3.
Author: ArkStream Capital
Particle Network is a Layer-1 blockchain that supports chain abstraction, seamlessly unifying users and liquidity in Web3. At its core is a universal account that provides users with a single account and unified balance across all chains. These accounts are coordinated and protected by Particle Network, ensuring a smooth experience throughout the Web3 ecosystem. By unifying all chains, Particle will enable billions of users to seamlessly join and interact with dApps on each chain, serving as a foundation for mass adoption and playing an indispensable role in a unified open network.
As one of ArkStream's strategic investment projects, Particle launched on Binance yesterday, and behind this is a story of four strategic upgrades.
2022: Starting with MPC WaaS
In 2022, I met Pengyu in Singapore, where Particle Network was focusing on MPC and TSS, providing Wallet-as-a-Service (WaaS) development tools, competing with web3auth led by Multicoin and Magic Link, which was valued at $500 million.
We were deeply impressed by the team's ability to iterate and close the loop, and we decisively invested at the end of 2022, reaching a consensus: after solidifying the MPC foundation, we should pivot from wallets and developer tools to infrastructure or protocols to capture more value.
From the end of 2022 to mid-2023, Particle leveraged its exceptional business development capabilities to connect with hundreds of Dapps, covering most of the new era Dapps in Asia, including GameFi (Era7, Ultiverse, FunPlus), DeFi (DODO, Izumi Finance), and Layer-2 (zkSync Era, Linea, opBNB), establishing itself among the top three in the MPC WaaS field within six months.
2023: Moving Towards Intent-Centric
In 2023, Paradigm was released, emphasizing how Intent-centric can address issues such as inter-chain fragmentation and complex user experience (UX) in user-chain interactions. Particle Network relied on its accumulated advantages on the "supply side" (MPC/TSS) to launch its V2 product—the Intent Fusion Protocol—officially entering the Intent-Centric field, competing alongside Anoma, UniswapX, and DappOS.
At that time, Particle's strategy was to rebrand and scale with leading projects, including the L2 Linea developed by Metamask and the leading account abstraction project Biconomy. This year, Particle also began its international expansion, gradually gaining recognition in the English-speaking world with the addition of the talented Ethan Francis in DevRel. In 2023, we made another investment, making Particle one of the top three investment targets of ArkStream Fund II.
2024: Chain Abstraction Layer 1
In the spring of 2024, just before EthDenver, Pengyu and I had three phone calls in one night discussing the next round of financing. We reached two consensus points: enhancing C-end perception and positioning for infrastructure.
A week later, Pengyu privately messaged me saying, "We decided to pivot to 'Chain Abstraction Layer 1,'" which was quite decisive! A week later, when we met at a café in Denver, this narrative had already attracted significant interest for a $150 million funding round, which quickly closed. Five months later, Binance also participated in the investment.
Chain abstraction means using blockchain without needing to know the operational details of the chain (such as switching networks, creating wallets for each network, cross-chain, Gas, etc.). By unifying accounts, asset management, and cross-chain operations, the user experience can easily rival that of using Binance—so even a market vendor only needs to know the token ticker or CA to buy any coin on-chain.
In this field, Particle has an unmatched advantage: not only three years of AA/MPC technology accumulation but also dozens of chains and hundreds of Dapps integrated over the past two years. Thus, Particle has built a complete and compelling development path from a development tool to a protocol, and then to constructing a "full-chain Binance"-style chain abstraction infrastructure.
2025: UniversalX C-end Breakthrough
C-end influence and protocol revenue are the final frontiers. With the rise of meme trends, on-chain trading tools have exploded, and Particle Network's C-end product has also been launched: UniversalX.
On-chain trading demand is primarily reflected in three aspects: security (preventing hacking and asset loss), multi-chain trading, and trading functionalities (including speed, candlestick charts, chain monitoring, stop-loss, and take-profit). Currently, GMGN, Photon, and Banana Gun have made strides in trading functionalities, but the first two are often overlooked.
Non-Custodial Security
Two months ago, while hiking with Pengyu and Ma Lizhi, he joked, "In this dark forest of blockchain, I just want to do business that allows me to sleep soundly." At that time, dexx had just announced compensation, and Bybit had not yet been hacked, but hacking had become an unspoken sword of Damocles for all exchanges and bots. UniversalX achieves a non-custodial private key custody solution through MPC, similar to multi-signature, ensuring that even if Particle or a personal computer is hacked, private keys will never be lost.
One-Click Multi-Chain
At the end of last year, countless "golden dogs" emerged on Solana; at the beginning of this year, BSC, led by CZ, made rapid progress, and Base, under the leadership of virtuals, saw numerous opportunities, followed by Sonic led by AC and Bera's Proof of Liquidity quietly rising. If each chain requires independent account creation, asset storage, and network switching, it would be like a FOMO-stricken rookie, making it impossible to place heavy bets. UniversalX's universal account (AA) allows you to create accounts on all chains with just a Google account or email, while its universal liquidity acts like a super-intelligent "trading robot," automatically aggregating liquidity across chains and completing cross-chain transactions in the background, usually within three seconds.
I initially deposited $10,000 in UniversalX, first buying 15 million $TST and 200 million $Shell, then went to Sonic to buy $shadow, incurred losses on Solana's $libra, and recently bought 500,000 $quq and 3 million $bnbcard.
Just over two months after its launch, UniversalX achieved a trading volume exceeding $400 million, with a total of 1.5 million transactions and 30,000 registered users. At this rate, it could catch up to GMGN in just three months. In the future, UniversalX will continue to aggressively pursue improvements in trading functionalities, including limit orders, take-profit and stop-loss, monitoring, following trades, and trading speed, thereby establishing a true technological barrier in the on-chain trading arena.
Winning in the Business Loop
Over the past four years, the success of the Particle team lies in their exceptional ability to create a business loop. As Pengyu summarized, the team starts with the core needs of users, organically piecing together technology, products, talent, competitive strategies, and business models like building blocks, creating a self-sufficient, mutually reinforcing ecosystem. This closed-loop effect has been evident since the launch of Universal.
Particle's CTO Peter Pan and Pengyu are both Tsinghua alumni who previously co-founded a gaming platform with tens of millions of users at their last company. Pantao, in addition to his outstanding technical capabilities, possesses a rare "court vision" akin to Jokic, with keen insights into industry frontiers and details.
In executing the business loop strategy, the Particle team is not only passionate but also strives for excellence. For example, regarding the KOL strategy, our post-investment supervisor Chandler told me that Particle's selection of KOLs among our numerous portfolios is the most rigorous—screening from hundreds of KOLs one by one for precise matching.
The Launch on Binance is Just the Beginning
2024 is a significant watershed for crypto; the valuation system of the first cycle of Web3 (attention economy, narrative, and expectation management) has come to an end, and leading companies in the second cycle must be pragmatic, supporting valuations with products, revenue, and business models.
UniversalX is positioned as "the full-chain Binance on-chain," offering IDO, lending, futures trading, stablecoin interest, and redoing all of Binance's functionalities in a full-chain DeFi version. $Parti, as the Gas+lp token of Layer 1, can develop a token economics model of protocol revenue + utility in the future. The launch on Binance is just the beginning; the team's ambitions go far beyond that: chain abstraction carries a blue ocean market for daily active users to grow from 300,000 to 3 million—let the party be joined.
The emergence of the HTTP protocol in the 1990s abstracted cumbersome command-line operations like FTP and Telnet into a simple address, allowing easy internet access by just entering http://google.com. This innovation significantly lowered the usage threshold for ordinary users, leading to the rapid proliferation of the internet—from just a few million users in the 1990s to billions of users worldwide today.
As CZ recently tweeted, "The technological trends of the next ten years are easier to predict than tomorrow's prices. Most people cannot see the obvious future and lack patience."
ArkStream Capital is a crypto fund founded by native cryptocurrency individuals, encompassing primary market and liquidity strategies, investing in Web3-native and cutting-edge innovations, dedicated to promoting the growth of Web3 founders and unicorns. The ArkStream Capital team entered the cryptocurrency field in 2015, coming from MIT, Stanford, UBS, Accenture, Tencent, Google, and other prestigious universities and companies. The portfolio includes over 100 blockchain companies, including Aave, Sei, Manta, Flow, Fhenix, Merlin, Avail, Space and Time, etc.
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