On June 9, 2025, as part of Ukrainian Blockchain Week 2025, the Incrypted Online Marathon took place. Among the speakers was Peter Volnov, co-founder of HOT Labs, who discussed the company’s vision for the future of blockchain abstraction technology and introduced Hot Chain Abstraction.
At the time of writing, the online marathon has garnered over 33,000 views on YouTube and X (formerly Twitter). It should be noted that UBW 2025 will culminate in the largest crypto event of the year in Ukraine — Incrypted Conference 2025. The event will take place on June 14 at the Parkovy Convention and Exhibition Center. Tickets for the conference can be purchased on the official website.
HOT Labs solution with blockchain abstraction
According to Volnov, traditional applications often tie users to a specific blockchain and require them to cover transaction fees in the native token. In response to these limitations, HOT Labs developed a stack of solutions — HotWallet, Hot Protocol, Omni Balance, Gas Refuel, and others — all designed to support the logic of blockchain abstraction.
The HOT Labs co-founder added that such applications do not require paying fees in native tokens, support multichain functionality, and allow users to retain full control over their private keys.
“Technical aspects differ in approaches to blockchain abstraction, and this is how we understand it. This means any application that does not require gas payments to perform transactions and can work with assets from different multi-chain platforms. You can pay in TON or Solana, easily exchange assets from Solana to Ethereum or bitcoin,” Volnov said.
How does Hot Chain Abstraction technology work?
At the core of the stack is OmniBalance — a smart contract operating on the Near network. According to the developers, this blockchain is an ideal environment for implementing abstraction due to its high throughput, low transaction costs, and sharding support.
OmniBalance is also capable of interacting with light clients on Bitcoin, Ethereum, and Zcash networks, allowing it to verify the existence of transactions without the need for third-party intermediaries.
Volnov explained that users sign messages using any wallet. These messages are then processed by OmniBalance, which handles swaps, loans, or other operations internally. Users do not interact directly with the blockchain — everything works “under the hood.”
He also emphasized that unlike centralized platforms that merely imitate abstraction, HOT Labs stays true to the principles of decentralization. They do not use private databases or closed-source code. According to Volnov, the developers remain focused on non-custodial architecture: everything is built on open standards, and users retain full control of their assets.
The HOT Labs co-founder noted that the team has already launched several products based on blockchain abstraction technology, including Wallet Market, MikaArt, NearIntents, Infinix, HotBridge, FireDrops, and others.
“We are convinced that in the next few years, the largest NFT marketplaces, trading platforms, and lending services will operate as blockchain abstraction applications like HyperLiquid or even more decentralized solutions. That is why we at HotLabs are investing so much effort in developing our infrastructure stack to make this a reality,” Volnov said.
It should be noted that on the Incrypted website you can also read other materials in which we have collected opinions of Incrypted Online Marathon speakers on various segments of the Web3 industry:
