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Multichain

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Discover Multichain's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Multichain?

Multichain (MULTI) is a cryptocurrency that operates within a multi-chain ecosystem, where multiple blockchain networks are interconnected in a federated environment. This setup allows for permissioned access between specific entities while preserving individual network autonomy. Each network in this environment adopts a unique approach to scalability, decentralization, mechanism design, consensus, execution, data availability, and privacy, contributing to the advancement of Web3 development.

How is Multichain used?

Multichain (MULTI) is a decentralized blockchain-based cross-chain ecosystem that facilitates seamless interactions between different blockchain networks. It allows users to conduct frictionless cross-chain data and value swaps leveraging an automated pricing and liquidity system. Here are the key ways Multichain is used:

Cross-Chain Swaps and Trading

Multichain provides users with the infrastructure to conduct cross-chain token swaps and decentralized trading. The platform supports over 74 blockchain networks, including EVM and non-EVM chains, allowing users to transfer assets seamlessly across different blockchains.

Multichain Router

The Multichain Router is the primary product offered by the project. It makes it simple to swap between any two supported chains freely and affordably. Developers can leverage the best aspects of each network in their creations using the Router.

Liquidity Pools

Multichain's liquidity pools provide programmed pricing and liquidity. Anyone can access public funding by adding liquidity into swap pairs. This feature is particularly beneficial for startups, as it allows them to secure access to global investment capital without significant costs.

Multiswap Exchange

The Multiswap exchange is a non-custodial trading platform that protects users' privacy by not requesting sensitive information. Users can link their compatible wallets, such as MetaMask, to engage in trading activities.

Governance and Staking

The MULTI token is the main utility and governance token for the Multichain system. Token holders can secure passive returns by staking their tokens on Fusion, and they also gain voting power in the distributed governance system.

Wallet

Multichain offers a non-custodial wallet that allows users to control, protect, and monitor their digital assets. The wallet is free to download and use, ensuring users have full control over their assets.

Overall, Multichain (MULTI) provides a comprehensive ecosystem for cross-chain interactions, trading, and governance, making it a versatile tool for users and developers in the decentralized finance (DeFi) space.

How do I store Multichain?

To store the crypto Multichain (MULTI) tokens, follow these steps:

  1. Use the Native Chain: Store the tokens on their native chain to avoid high fees associated with moving funds around. This approach ensures that you have control over the tokens and can use them for gas fees when needed.

  2. Ledger Wallet Configuration: Create separate wallets for each chain you use, such as Fantom, Polygon, and BSC. Connect these wallets to MetaMask via the Ledger connection to interact with smart contracts. This approach helps reduce risk by storing tokens separately.

  3. MetaMask Integration: Add the necessary blockchain networks to MetaMask using the RPC information from sites like Chainlist.org. This allows you to interact with tokens on different chains seamlessly.

  1. Ledger Live Limitations: Be aware that Ledger Live might not display the balance of tokens on sidechains like Avax C-Chain, as it only looks for ETH balances. However, you can still use the Ledger wallet to store and manage these tokens.

  2. Multi-Chain Wallets: Consider using multi-chain wallets like AnCrypto, which can simplify digital asset management across various blockchains. These wallets often provide intuitive interfaces and support for multiple chains, making it easier to manage your tokens.

By following these steps, you can securely store and manage your Multichain (MULTI) tokens across different blockchain networks.

How to buy Multichain?

To buy Multichain (MULTI) tokens, you can follow these steps:

Buying from a Centralized Exchange (CEX)
  1. Choose a CEX: Select a reliable and trustworthy centralized exchange that supports Multichain (MULTI) purchases, such as Binance or Kraken.
  2. Create an Account: Register on the exchange's official website or app, and verify your identity with a government-issued document. Enable two-step verification for added security.
  3. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
  4. Buy USDT or Another Supported Cryptocurrency: Use your added payment method to purchase a popular cryptocurrency like USDT, which can be used to buy Multichain (MULTI).
  5. Buy Multichain (MULTI): Use the purchased cryptocurrency to buy Multichain (MULTI) in the spot market.
Buying from a Decentralized Exchange (DEX)
  1. Choose a DEX: Select a decentralized exchange that supports Multichain (MULTI) trading.
  2. Download and Install a Web3 Wallet: Download and set up a Web3 crypto wallet like Metamask or Trust Wallet, which is supported by the DEX.
  3. Transfer Cryptocurrency to Your Wallet: Transfer the cryptocurrency you purchased (e.g., ETH or BNB) to your self-custody wallet address.
  4. Connect Your Wallet to the DEX: Connect your wallet to the DEX by following the instructions on the DEX's website.
  5. Swap for Multichain (MULTI): Use the DEX to swap your cryptocurrency for Multichain (MULTI).
Buying Directly from a Crypto Wallet
  1. Choose a Wallet: Select a reliable crypto wallet that supports Multichain (MULTI) purchases.
  2. Download and Set Up the Wallet: Download the wallet app and create a new wallet address or import an existing one.
  3. Buy Multichain (MULTI): Purchase Multichain (MULTI) directly using a supported payment method, or first buy a popular cryptocurrency and then swap it for Multichain (MULTI).

Remember to always check the fees and security measures before making a purchase.

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History of Multichain

The history of Multichain (MULTI) began in July 2020 when it was founded by Zhaojun Zhaojun. Initially, it was known as Anyswap and was designed to be a cross-chain decentralized exchange (DEX). However, in early 2021, Anyswap eliminated its DEX function and focused solely on cross-chain bridge services, aiming to enable seamless interactions between various blockchains. This shift in focus led to the rebranding of Anyswap to Multichain.

Multichain raised $60 million in funding at a $1.2 billion valuation in a financing round led by Binance Labs, with participation from several prominent investors. This funding was primarily used to develop the staff and ecosystem, furthering the goal of routing the Web3.

Today, Multichain is an open-source, cross-chain router protocol that enables the transfer of fungible and non-fungible tokens across 63 different blockchains, including EVM-compatible chains and parachains. Its native currency, MULTI, serves as a governance token, allowing holders to participate in the administration of the Multichain ecosystem.

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How Multichain works

Multichain (MULTI) is a decentralized blockchain-based cross-chain ecosystem that facilitates cross-chain token swaps and decentralized trading. Here's how it works:

Key Components
  1. Multichain Router: This is the primary product offered by Multichain. It allows users to swap tokens between any two supported chains freely and affordably. Developers can leverage the best aspects of each network in their creations using the Multichain Router.

  2. Liquidity Pools: These pools provide programmed pricing and liquidity. Anyone can access public funding by adding liquidity into swap pairs. This feature is particularly useful for startups to secure access to global investment capital without gatekeepers.

  3. Multiswap Exchange: Users can enjoy non-custodial trading activities using the Multiswap exchange. This protocol protects user privacy by never requesting sensitive information. Instead, users just need to link their compatible wallet, such as MetaMask.

Token and Governance

The MULTI token is the main utility and governance token for the Multichain system. Token holders can secure passive returns by staking their tokens on Fusion. The token is available on multiple chains, including Ethereum, Binance Smart Chain, and Fusion. Traders who hold ANY (the previous governance token) also gain access to the distributed governance system, with more voting power granted to those holding more MULTI tokens.

Cross-Chain Interoperability

Multichain supports over 74 blockchain networks, including EVM-compatible and non-EVM chains. It uses smart contracts to lock tokens on one blockchain and mint wrapped tokens on another blockchain. This process ensures seamless asset transfer across different blockchains.

Security and Decentralization

Multichain's security is enhanced by its decentralized architecture. The Multichain MPC network 2.0 consists of open nodes run by the community and partners, ensuring strengthened performance and further decentralization. This avoids single points of failure, ensuring the security and integrity of the system.

History and Partnerships

Multichain was founded in July 2020 under the name Anyswap. It has since rebranded and secured significant funding from industry leaders and VC firms, including Binance Labs. The project has integrated with various networks, such as the Shiden Network, and continues to expand its user base and partnerships.

Wallet and User Experience

The Multichain wallet is non-custodial, allowing users to control, protect, and monitor their digital assets without being separated from their crypto. The wallet is free to download and use, making it accessible to a wide range of users.

Overall, Multichain (MULTI) provides a comprehensive ecosystem for cross-chain interoperability, decentralized trading, and liquidity management, making it a significant player in the cryptocurrency market.

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Multichain's strengths

The token Multichain (MULTI) has several strengths that contribute to its success and adoption:

  1. Governance: MULTI serves as a governance token, allowing holders to participate in the administration of the Multichain ecosystem by casting votes and proposing changes. This decentralized governance model ensures that decision-making is distributed and community-driven.

  2. Interoperability: Multichain supports over 1,100 coins and allows users to connect more than 1600 tokens across 63 different blockchains, including EVM-compatible chains and parachains. This broad compatibility enables seamless asset transfers and interactions between diverse ecosystems.

  3. Security: Multichain employs Threshold Signature Schemes (TSS), splitting private keys into multiple shards held by independent nodes. This decentralized approach enhances security by reducing the risk of a single point of failure.

  1. Scalability: By spreading token transactions across multiple blockchains, Multichain increases the network's capacity for processing transactions, reducing the risk of congestion and slowdowns common in single-chain systems.

  2. Flexibility: Users can choose networks with lower fees for their specific use cases, potentially reducing the overall cost of transactions. This flexibility is particularly beneficial for applications requiring high transaction volumes.

  3. Decentralization: Multichain is an open-source platform, ensuring that its operations are controlled by code rather than a central authority. This decentralized nature aligns with the principles of blockchain technology.

  1. Ease of Use: Multichain offers simple integration processes and fast deployment, making it easier for projects to launch cross-chain tokens and for users to access a broader range of functionalities and applications.

These strengths collectively position Multichain as a robust and versatile solution for cross-chain interactions, enhancing the overall user experience and fostering a more interconnected blockchain ecosystem.

Multichain's risks

Multichain (MULTI) is a decentralized blockchain-based cross-chain ecosystem that facilitates token swaps and decentralized trading across various blockchains. Despite its innovative features, the project is not immune to financial risks. Here are some of the key financial risks associated with Multichain:

  1. Risk of Losing Money Rapidly: Trading in cryptocurrencies like Multichain involves high risks due to the decentralized and non-regulated nature of the markets. This risk is exacerbated by the use of leverage, which can result in rapid losses.

  2. Legal Risks: In the event of user asset losses, it can be complex to determine the legal responsibilities of cross-chain project parties. This ambiguity can lead to legal disputes and financial repercussions.

  3. Exploits and Hacks: Multichain has faced significant exploits in the past, such as the July 2023 hack where over $125 million worth of cryptocurrency was withdrawn. This highlights the vulnerability of the system to security breaches, which can result in substantial financial losses.

  1. Market Volatility: Cryptocurrencies are known for their price volatility, and Multichain is no exception. Market fluctuations can lead to significant losses for investors if they are not prepared for such changes.

  2. Regulatory Risks: The regulatory environment for cryptocurrencies is constantly evolving, and changes in regulations can impact the value and viability of Multichain. This uncertainty can lead to financial risks for investors.

  3. Technical Risks: The technical complexity of maintaining a multi-chain application can be immense, and any technical failures or updates can impact the financial performance of Multichain.

These financial risks underscore the importance of thorough research and risk assessment before investing in Multichain or any other cryptocurrency.

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Did Multichain raise funds?

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Multichain's ecosystem

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Multichain’s team

  • Team Members:
    • CEO Zhaojun: Detained by Chinese authorities, his devices and recovery phrases were confiscated, and his sister was also taken into custody.
    • Zhaojun's Sister: Played a crucial role in transferring user assets in the router pool before being detained, leaving the status of the preserved assets uncertain.
    • Developers: An international group primarily composed of Chinese experts who rebranded Anyswap as Multichain in March 2022 and later launched a new project called ValueRouter after the security debacle.

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