MultichainPrice

(MULTI)

Multichain, originally known as Anyswap, was a Web3 project designed as a cross-chain router protocol. It aimed to facilitate the transfer of both fungible and non-fungible tokens across numerous blockchain networks. Initially launched in July 2020 as a cross-chain Decentralized Exchange (DEX), Anyswap later shifted its focus to cross-chain bridge services and rebranded to Multichain to better address the need for interoperability between different blockchains. The core function of Multichain was to act as a bridge, enabling assets to move between various blockchains, including Ethereum, Fantom, Binance Smart Chain, and many others. It utilized a "lock and mint" method for this process: crypto assets would be locked on the source blockchain within Multichain's Multi-Party Computation (MPC) smart contracts, and an equivalent number of wrapped assets would then be created on the destination chain. The security and stability of the network were supported by Secure Multi-Party Computation (SMPC) nodes, which operated independently and collectively signed transactions, preventing any single point of failure. The native cryptocurrency of the project, MULTI, served as a governance token, allowing holders to participate in voting and administration of the Multichain ecosystem. Multichain's overarching goal was to provide essential infrastructure for cross-chain communication and achieve interoperability across mainstream public blockchains, positioning itself as a router for the Web3 space. However, in May 2023, Multichain's operations encountered significant difficulties following the disappearance of its CEO, which eventually led to the project's announcement of its cessation. Learn more

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