Finally, on December 16, Anyswap decided to rename the brand to Multichain.
As per the press release, Multichain provides cross-chain infrastructure for 25 mainstream public blockchains including Ethereum [ETH], Fantom [FTM], Binance Smart Chain [BSC], Avalanche [AVAX], Moonriver [MOVR], Arbitrum, Polygon [MATIC], and Harmony [ONE]. Besides the Total Value Locked [TVL] on the cross-chain protocol is over 300k, nearly $5 billion, with over 1,000 crypto assets circulating among different mainnets. Speaking on the latest announcement Zhaojun, the Co-founder of Multichain.
“Multichain now is the cross-chain infrastructure that connects more public blockchains and crypto-assets than anyone else, with lower transaction fees, shorter bridging time, and higher security levels.
Инвесторы оценили проект в $1,2 млрд.
Multichain предоставляет инфраструктурные решения для 25 популярных блокчейн-экосистем, включая Ethereum, Fantom, Binance Smart Chain, Avalanche, Moonriver, Arbitrum, Polygon и Harmony.
Общая стоимость заблокированных в протоколе средств (TVL) приближается к $5 млрд. Число пользователей Multichain достигло 300 000.
«В соответствии с нашим планом по улучшению Web3, Multichain интегрирует кроссчейн-мост для NFT и наше новое решение anyCall для произвольных кроссчейн-контрактов», — говорится в блоге проекта.
Multichain также усилит интеграцию с экосистемой Binance Smart Chain (BSC), в которой он будет позиционироваться как один из рекомендованных кроссчейн-мостов.
Также стало известно, что Binance Labs инвестировала в проект BinaryX.
Multichain, previously known as Anyswap.
In an official announcement, Multichain confirmed the successful completion of a $60 million funding round spearheaded by Binance Labs. The funding comes a few days after Multichain rebranded from Anyswap in the past week.
The funding initiative also saw the participation of other major venture capital (VC) firms and industry investors, including Primitive Ventures, Hypersphere Ventures, HashKey, DeFiance Capital, Sequoia China, IDG Capital, Three Arrows Capital, Circle Ventures, and Magic Ventures.
Apart from the capital investments partnership, Multichain also has a stronger affiliation with Binance.
On December 20, the Binance Smart Chain (BSC) hinted at a significant affiliation with Multichain cross-chain protocol.
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I am not an investment or trading professional and am learning myself while still making plenty of mistakes along the way. Any code published is experimental and not production ready to be used for financial transactions.
I’ve seen Anyswap popping up more and more in on-chain analytics reports as it’s grown to be a six billion dollar protocol by TVL. The platform just rebranded to Multichain and its fast becoming the market leader in cross chain bridges.
If you want to transfer USDC from Ethereum to Polygon or Fantom or another EVM compatible blockchain you can probably do it with Multichain.
- Cross Chain Dex
- Analysing Cross-Chain Flows
- How To Use Multichain
- $60m Funding Round
- MULTI Tokenomics
- A Multichain Future
Cross Chain Dex
We have seen an explosion of alternate layer 1’s and layer 2’s over the last 12 months. Today we have more chains all with their own ecosystems and opportunities.
But moving funds between the chains has proved problematic in that there hasn’t been a clear market leader in the space.
The idea would to provide an early warning indicator as to which chains are gaining traction.
How To Use Multichain
To use Multichain we need to have Metamask or an alternative digital wallet installed.
Connect the wallet to the app at: https://app.multichain.org/#/router
Once connected, select an asset and a network to transfer from and to. You should have the wallet connected to network you are transferring from and the wallet should contain the funds selected.
Enter an amount and check the reminders section to see fees, minimum amounts etc.
On a USDT transaction from BSC to AVAX the minimum was $12 USD with a $0.90 USD transaction fee.
If the minimum amounts and fees are OK click “Approve” to approve the spend of tokens.
Builders can create application layers on top of it to strengthen DeFi composability.
“Multichain now is the cross-chain infrastructure that connects more public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels. Aligning with our plan to improve Web3, Multichain will integrate NFT Cross-Chain Bridge and our new anyCall solution for arbitrary cross-chain contract calls, supporting innovative NFT and DeFi DApps in cross-chain ecosystems.
Cross chain transfers usually take around 5 minutes but can take up to half an hour depending on network conditions.
Fees are $0.90 USD for most alternate L1’s and $30 for Ethereum mainnet. There are minimum and maximum transaction amounts as well so check before sending.
Currently the supported chains are:-
Multichain operates it own network of nodes based on Secure Multi Party Computation (SMPC).
Individual nodes sign transactions across multiple rounds of communication to validate data.
L1’s continuing to provide liquidity incentives it seems likely that we will see a growing amount of cross chain transactions.
Multichain has positioned itself well to benefit from this evolution and has the platform, VC backing and potential to establish itself as the market leader in the space.
The MULTI token risks being diluted by the high total supply relative to the circulating supply. It seems possible that VC’s have purchased a significant stake all be it one which is vested until December 2022.
The still to be disclosed tokenomic model relating to veMULTI could provide a catalyst for strong short term price action and the long term fundamentals of the project as a whole look solid.
The expansion of DeFi is the biggest opportunity I’ve ever seen and I’m focusing on exploring, learning, investing and trading in these markets.
At the time, BSC recommended Multichain to bridge tokens across chains through the Binance Smart Chain contract platform:
“Multichain is one of the biggest routers on BSC,” providing “non-custodial plus multi-party computation model to guarantee the security of on-chain assets.”
Thanks Binance Smart Chain @BinanceChain for promoting #Multichain as officially recommended bridge🔥#Multichain’s top priority is to guarantee the security of on-chain assets🏦 https://t.co/CEocRygXzq
— Multichain (Previously Anyswap) (@AnyswapNetwork) December 20, 2021
Launched in July 2021, Anyswap was initially launched as a cross-chain decentralized crypto exchange before rebranding into a Multichain. The new protocol is now a cross-chain router platform (CRP) that offers a real-time CRP system.
Analysing Cross-Chain Flows
Multichain has an interesting block explorer tool which we can use to gain insights and spot trends in how funds are moving between chains.
If we open up a browser console and check the network connections we can see the explorer is querying the following API:
From there I was able to build a quick script that queries the last 1000 transactions and counts the assets being transferred and the networks they are being transferred to.
The code for this I have open sourced at: https://github.com/jamesbachini/Multichain-Analytics
I started hitting rate limit issues after a while but it could be improved to track and store data over time to see how trends are emerging.
Binance Labs возглавила раунд финансирования кроссчейн-протокола Multichain (ранее Anyswap), который привлек $60 млн инвестиций.
📢 Major Announcement #Multichain (previously Anyswap) raises a $60M financing round led by Binance Labs @BinanceLabs @BinanceChain
We look forward to having long-standing and deep cooperation with all supporters to achieve the common vision for #web3https://t.co/J1ParrDrsc
— Multichain (Previously Anyswap) (@AnyswapNetwork) December 21, 2021
В раунде также участвовали Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures и HashKey.