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About Multichain
Key Points
- Multichain (MULTI) is a router for web3, enabling arbitrary cross-chain interactions.
- It has a growing network of 26 chains, with a TVL of $10.45 billion and daily volume of $100 million.
- The CEO is Zhaojun.
- Multichain uses Threshold Signature Schemes (TSS) and Secure Multi-Party Computation (SMPC) to solve the single point of failure problem.
- SMPC network implements TSS Distributed Key Generation, ensuring secure transactions.
- Cross-chain bridges connect two blockchains, enabling asset transfer.
- VeMulti is a unique feature, rewarding
About Multichain: Unlocking the Power of Interoperability
Introducing Multichain (MULTI): A Revolutionary Cross-Chain Router
Multichain (MULTI), formerly known as Anyswap, purports to be the paramount router for web3, having established itself as an infrastructure designed to facilitate seamless, arbitrary cross-chain interactions.
According to their official documentation, Multichain boasts solutions that facilitate seamless interconnectivity among nearly all blockchains, regardless of whether they are EVM chains (such as Avalanche), Layer 2 chains anchored to Ethereum (like Polygon), or Parachains networks like Moonbeam on Polkadot, among others.
Multichain, a stalwart in the cross-chain landscape, boasts a rapidly expanding network of 26 chains, having achieved unprecedented heights with a Total Value Locked (TVL) of over $10.45 billion and a consistent daily volume exceeding $100 million. However, the bear market’s onset, coupled with the recent news of the Multichain CEO’s unavailability, has led to a significant decline in TVL, which now stands at $1.38 billion.
The Visionaries Behind Multichain: Meet the Founders
Zhaojun assumes the dual role of co-founder and CEO at Multichain, spearheading the organization’s vision and strategy.
Unveiling the Unparalleled Advantages of Multichain
As outlined in its official documentation, Multichain seeks to address the
vulnerability of a single point of failure that arises when a solitary
signature is utilized to transfer assets or interact with smart contracts
across chains. According to Multichain, the solution lies in the
implementation of Threshold Signature Schemes (TSS) and the division of the
security key. It is at this juncture that Multichain’s Secure Multi-Party
Computation (SMPC) network comes into prominence.
Multichain’s SMPC network of nodes employs a bespoke TSS Distributed Key Generation algorithm, meticulously crafted and optimized by Multichain’s engineers. Each node in this distinctive ensemble operates autonomously, generating a fragment of the private key responsible for validating transactions. While no single node can independently authorize transactions, they collectively collaborate to achieve this feat. Notably, the key remains fragmented throughout the signing process, ensuring its integrity and safeguarding it from potential interception.
Through the digital signing of transactions, the SMPC network seamlessly facilitates the management of asset accounts and smart contracts across a diverse range of blockchains, thereby empowering users to effortlessly execute a multitude of tasks with unparalleled ease and efficiency.
Cross-chain bridges serve as the linchpin between two disparate blockchains. When an asset is slated for bridging, it is dispatched to a specialized SMPC wallet address, where it is securely stored in a Decentralized Management Account on its native chain. Concurrently, on the destination chain, this action triggers a smart contract, which mint tokens on a 1:1 basis with those held in the Decentralized Management Account, and subsequently dispatches them directly to your wallet. Conversely, when you withdraw coins from your destination blockchain, they are promptly burned, and SNMP nodes swiftly release them back onto their source blockchain.
Beyond its innovative SMPC network, as outlined above, Multichain boasts another distinctive feature: VeMulti. An acronym for “vote escrow Multi”, VeMulti was officially launched on May 9th, 2022.
As the governing system for multiDAO, VeMulti incentivizes stakeholders of MULTI by issuing veMULTI NFTs as rewards. These NFT holders will be empowered to initiate and endorse governance proposals through their voting power. The extent of their rights and influence is determined by both the quantity of MULTI invested and the duration for which it is locked in the system.
What Is the Circulating Supply of Multichain (MULTI) Coins?
As outlined in the project’s whitepaper, the total supply of MULTI is capped at 100 million. Currently, the circulating supply of MULTI stands at 14,541,094, which represents approximately 15% of the total supply.
The Multichain Network’s Robust Security Mechanisms
MULTI is an ERC-20 token deployed on the Ethereum blockchain, which leverages the security afforded by the Proof-of-Stake (PoS) consensus algorithm. To participate in the validation process and verify transactions, validators are required to stake 32 ETH.
Acquiring Multichain (MULTI): A Comprehensive Guide to Exchanges and Marketplaces
MULTI can be acquired on a diverse range of centralized exchanges, including prominent platforms such as Binance, Coinbase, Kraken, and Huobi, among others. Additionally, it is also accessible on decentralized exchanges, featuring notable names like PancakeSwap (V2), SushiSwap, and SpookySwap, to name a few.
Stay abreast of real-time MULTI prices with the CMC mobile app, providing you with instantaneous market updates at your fingertips.
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