HOT Labs Surpasses 1 Million Users on Omni Balance as Chain Abstraction Demand Grows
San Francisco, California, May 13th, 2025, Chainwire
Blockchain developer HOT Labs has announced that it has exceeded one million active users on its Omni Balance platform. The milestone highlights the growing market preference for Chain Abstraction technology that presents a viable decentralized trading solution.
Developed by HOT Labs, Omni Balance operates as a unified smart contract on the NEAR blockchain, storing user balances across multiple blockchains and enabling seamless digital asset management. Users can effortlessly execute cross-chain token exchanges, such as converting an Ethereum-based token to a Stellar-based token within a single transaction on Omni Balance.
The design of Omni Balance closely mirrors centralized exchanges that facilitate trades between assets from different networks, but 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. Due to NEAR blockchain’s inherent scalability, Omni Balance is capable of serving billions of users efficiently.
“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.”
Seasoned blockchain entrepreneur and technologist Zhevlakov co-founded HOT Labs with Petr Volnov and Nik Briuzgin in 2024. Their initial product, HOT Wallet, rapidly grew to over 30 million users and achieved notable popularity within the Telegram ecosystem. Zhevlakov previously led several 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 impressive user growth is part of a larger trend away from centralized exchanges, which has accelerated in response to recent high-profile security incidents. Chain Abstraction technology directly addresses these vulnerabilities, expediting the transition to decentralized alternatives.
HOT Labs intends to continue expanding Omni Balance’s capabilities, addressing 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.
About HOT Labs
HOT Labs is an experienced blockchain development and research team. Founders Peter Volnov and Yuriy Olentyr have developed products for NEAR and TON that have attracted millions of users. As HOT Labs, the two founders aim to build upon their work with HOT Wallet and HAPI to create blockchain solutions that make web3 easier to access across the entire multichain ecosystem.