HOT Labs Omni Balance Surpasses One Million Users Driving Decentralized Trading Trend

Blockchain developer HOT Labs has announced that it has surpassed one million active users on its Omni Balance platform. This achievement underscores the increasing demand for Chain Abstraction technology, which offers a decentralized trading solution that is gaining market preference.

Omni Balance, developed by HOT Labs, functions as a unified smart contract on the NEAR blockchain. It stores user balances across multiple blockchains, enabling seamless digital asset management. Users can perform cross-chain token exchanges, such as converting an Ethereum-based token to a Stellar-based token, within a single transaction on Omni Balance.

The platform's design mirrors centralized exchanges by facilitating trades between assets from different networks, but it operates in a fully decentralized manner. All balances on HOT Omni are secured 1:1 with balances on native chains through the HOT Bridge and HOT Protocol’s decentralized validator network. The NEAR blockchain’s inherent scalability allows Omni Balance to efficiently serve billions of users.

“Crossing the one-million-user mark clearly indicates a market shift toward decentralized platforms,” said Andrey Zhevlakov, CTO and co-founder of HOT Labs. “Hosted on NEAR, Omni Balance simplifies asset management dramatically, enabling instant token swaps across multiple blockchains.”

Zhevlakov co-founded HOT Labs with Petr Volnov and Nik Briuzgin in 2024. Their initial product, HOT Wallet, quickly grew to over 30 million users and gained significant popularity within the Telegram ecosystem. Zhevlakov has a history of leading successful blockchain startups focused on improving accessibility and security for mainstream cryptocurrency adoption.

“Decentralization isn’t merely about advancing technology: it fundamentally shifts control back to users,” Zhevlakov added. “With our Intents marketplace facilitating token swaps, Omni Balance provides usability and security. We are actively working on integrating an Orderbook system to further enhance our trading infrastructure.”

Omni Balance’s rapid user growth is part of a broader trend away from centralized exchanges, which has been accelerated by recent high-profile security incidents. Chain Abstraction technology directly addresses these vulnerabilities, expediting the transition to decentralized alternatives.

HOT Labs plans to continue expanding Omni Balance’s capabilities, focusing on scalability, enhanced security measures, and an improved user interface. Under Zhevlakov’s technical guidance, the company anticipates further growth in its user base, leading to broader adoption of decentralized financial solutions.