Multichain is a bridging platform for cryptocurrencies and NFTs across blockchains. Formerly known as Anyswap, Multichain lets users bridge via pegged tokens or liquidity pools. Multichain's Router will determine the best method for the coin you want to bridge.
For coins with native tokens on multiple chains, Multichain will swap cryptocurrencies across chains using liquidity pools. If there is no native coin, Multichain will lock up the token in a smart contract and mint a pegged token on the target chain.
Multichain has its own token, MULTI, that will operate as a governance token in the near future. Holders of ANY, their previous governance token as Anyswap, can convert it to MULTI 1:1.
If you've been chasing investments or yield across blockchains, you've likely heard of Multichain. It's one of the most popular projects for bridging tokens available. Without it, we wouldn't have today's simple experience when crossing chains. Until projects begin offering their own multi-chain capabilities, services like Multichain will continue to be essential. Let's look at how Multichain differs from other bridges and the mechanics of how it works.
What is Multichain?
Multichain is an open-source, cross-chain router protocol (CRP) that lets users bridge tokens across blockchains. The project was founded in July 2020 and, since then, has rebranded to Multichain. Binance also provided $350,000 to Multichain as part of its accelerator program, and Binance Labs led a $60,000,000 investment round. This round included the Tron Foundation, Sequoia Capital, and IDG Capital.
How does Multichain work?
To facilitate all this work, Multichain has a network of Secure Multi Party Computation (SMPC) nodes run by various parties. Let's look at all of these a little bit deeper.
When transferring across chains, Multichain uses a standard crypto pegging mechanism for some coins and tokens. Imagine you want to bridge BNB from BNB Smart Chain to Ethereum. Multichain will lock your BNB in a smart contract on BNB Smart Chain and then mint a pegged BNB token on Ethereum. This will be done in a 1:1 ratio. This option was the original service offered by Multichain when operating as Anyswap.
Not all tokens can be bridged using the MPC method above. Some tokens, for example, USDC, already exist in their native forms on multiple blockchains. To bridge your assets here, you will need to swap your coins.
The Multichain Router takes a user's request and uses the appropriate method from the two outlined above. This feature streamlines the bridging user experience. Any supported assets are transferable between multiple chains, whether they are native tokens or bridged by Multichain. Some projects with native tokens on a few chains, but not others, can bridge using Multichain with a hybrid approach.
Multichain is secured by a network of nodes known as the Secure Multi Party Computation (SMPC). These nodes are independent entities that can collectively sign transactions. Using a Distributed Key Generation algorithm, each node independently owns part of the private key. The complete set of private keys will never appear, let alone the possibility of being revealed. This avoids single points of failure, ensuring decentralization and security. The Multichain MPC network 2.0 consists of open nodes run by the community and partners. This ensures strengthened performance and further decentralization.
What makes Multichain unique?
There's now a large selection of bridges to pick from. So why should you choose Multichain? When you look at the project, it has several aspects that make it unique and attractive:
What is the MULTI token?
MULTI is Multichain's governance token. Previously, under the name Anyswap, Multichain released the ANY governance token. Users can now convert ANY to MULTI 1:1 via the Multichain website. This mechanism means that MULTI will have a total supply of 100 million if all ANY holders convert their tokens. Multichain also has the veMULTI, which allows token holders to stake MULTI for Multichain bridge fees rewards. Holders can also vote on governance proposals through the veMULTI framework.
Where can I buy MULTI?
How do I use Multichain?
2. Connect your wallet by clicking the [Connect Wallet] button in the top right corner. Make sure you're connected using BNB Smart Chain.
6. Input the amount you want to bridge before clicking the [Swap] button. You'll now need to confirm the transactions in your wallet.
Multichain offers one of the biggest selections of bridgeable tokens in its vision to become "the ultimate router in Web3". If you're interested in DeFi and need to move between networks like Solana (SOL), Avalanche (AVAX), and the Ethereum network (ETH), you can easily do so with Multichain.