Multichain PriceMULTI

What is Multichain (MULTI)?

Multichain (MULTI) is a cross-chain router protocol designed for arbitrary cross-chain interactions, previously known as Anyswap before rebranding. It positions itself as infrastructure for Web3, enabling nearly all blockchains to interconnect, whether EVM chains like Avalanche, Layer 2 networks tied to Ethereum such as Polygon, or parachains like Moonbeam on Polkadot. The project launched in 2021 and operates on the Ethereum platform. Its core technology relies on Threshold Signature Schemes and a Secure Multi-Party Computation network, where nodes independently generate partial private keys to confirm transactions without any single node being able to sign alone. The total supply of MULTI is fixed at 100 million tokens, with approximately 14.54 million in circulation, representing about 15% of the total supply. The project is currently in a distressed phase, with its bridging service unavailable and the team advising users to refrain from using it until further notice.

Key Specifications & Tokenomics

• Name: Multichain
• Ticker/Symbol: MULTI
• Former Name: Anyswap
• Blockchain/Platform: Ethereum
• Category: Cross-Chain Bridge Protocol, Ethereum Ecosystem, Polygon Ecosystem, Fantom Ecosystem
• Total Supply: 100,000,000 MULTI
• Max Supply: 100,000,000 MULTI
• Circulating Supply: 14,541,093.5633 MULTI
• Market Cap Rank: #2349
• Holders: 14.57K
• Launch Year: 2021
• Official Website: https://multichain.org/
• Documentation: https://docs.multichain.org/getting-started/governance-token
• Explorer: etherscan.io

Who created Multichain (MULTI)?

Multichain was co-founded by Zhaojun, who served as CEO, and DJ Qian, who is listed as a co-founder but no longer works with the project. Nirav Chudgar is also listed as part of the team. In May 2023, DJ Qian stated on Twitter that he had attempted to contact the current CEO Zhaojun amid growing uncertainty. By June 2023, Multichain confirmed that its CEO was missing, and the project stated it could not fix issues as a result, fuelling rumours that executives had been arrested in China. The subsequent months saw further turmoil, including the abnormal movement of $126 million in funds to an unknown address in July 2023. Detailed public information about the broader team structure is currently limited.

How does Multichain (MULTI) work?

Multichain addresses the single point of failure problem that arises when a single signature is used to send assets or interact with smart contracts cross-chain. Its solution uses Threshold Signature Schemes combined with a Secure Multi-Party Computation network. In this system, each node independently produces part of the private key responsible for confirming transactions. No single node can sign transactions on its own, yet they collaborate to do so, and the key is never fully reconstructed during the signing process. The protocol facilitates the bridging of cryptocurrencies and NFTs between different blockchains across a network of 26 chains. Multichain technology generally splits blockchain infrastructure into a base consensus layer handling overall security and an application layer that allows individual blockchains to co-exist and communicate regardless of their structures, enabling developers to launch the same application across different networks.

What makes Multichain (MULTI) unique and valuable?

Multichain's primary distinction lies in its SMPC-based cross-chain architecture, which was designed to eliminate single points of failure through distributed key generation. At its peak, the protocol supported a network of 26 chains with Total Value Locked reaching over $10.45 billion and sustained daily volume exceeding $100 million. It enabled interoperability across diverse blockchain types, including EVM chains, Layer 2 solutions, and parachains, without requiring wrapped synthetic assets in the same manner as traditional cross-chain bridges. The protocol also introduced veMULTI, a governance mechanism launched on mainnet in May 2022 that allows MULTI holders to mint veMULTI NFTs and participate in voting. However, these technical achievements have been severely undermined by operational and security crises, including the CEO's disappearance and the abnormal movement of funds, which caused TVL to drop to $1.38 billion.

What is Multichain (MULTI) used for?

MULTI serves as the governance token of the Multichain protocol. Holders can mint veMULTI NFTs, which entitle them to vote on governance proposals and participate in decisions affecting the protocol's direction. The token is also used within the cross-chain ecosystem to facilitate bridging operations and incentivise network participation. The protocol itself is used to bridge cryptocurrencies and NFTs between different blockchains, allowing users on different networks to communicate and transfer digital assets. Additionally, the broader concept of multichain technology supports the deployment of decentralised applications across multiple chains simultaneously, enabling users on different networks to collaborate without relying on traditional blockchain bridges.

How Is the Multichain (MULTI) ecosystem developing?

The Multichain ecosystem experienced significant growth in its early years, expanding to 26 chains and attracting billions in Total Value Locked. The launch of veMULTI mainnet in May 2022 marked a key governance milestone. However, the ecosystem has faced severe setbacks since 2023. The team's silence in May 2023 sparked uncertainty, followed by the confirmation that the CEO was missing in June 2023. In July 2023, $126 million in Multichain funds were abnormally moved to an unknown address. The bridging service is currently unavailable, and the team has advised users to refrain from using it until further notice. TVL declined from over $10.45 billion to $1.38 billion. These events have significantly impacted the project's development and community confidence.

How to mine Multichain (MULTI)?

MULTI is not a mineable cryptocurrency in the traditional proof-of-work sense. It operates on the Ethereum platform as a token. Instead of mining, users can participate in the network through governance mechanisms. MULTI holders are able to mint veMULTI NFTs, which represent locked positions and grant voting rights in the protocol's governance. This staking-like mechanism allows token holders to influence decisions and potentially earn rewards based on their participation. However, given the current status of the project, including the unavailability of the bridging service and ongoing security concerns, users should exercise extreme caution and seek the latest official information before engaging with any staking or governance functions.

How to keep your Multichain (MULTI) Coin safe?

Given the significant risks associated with Multichain, including the CEO's disappearance, the abnormal movement of $126 million in funds, and the current unavailability of the bridging service, safety should be the paramount concern for any MULTI holder. Store your tokens in a reputable self-custody wallet where you control the private keys, such as a hardware wallet, rather than leaving them on exchanges or in protocol contracts. Avoid interacting with the Multichain bridging service until the team provides official confirmation that it is safe to do so. Be vigilant against phishing attempts and fake announcements, and verify all information through official channels. Consider diversifying your holdings and never invest more than you can afford to lose in a project facing such severe operational and security challenges.