Multichain PriceMULTI

What is Multichain (MULTI)?

This article covers Multichain (MULTI), the cross-chain router protocol formerly known as Anyswap; it is unrelated to MultiChain (multichain.com), the enterprise private blockchain platform founded in 2014, and to the general concept of multichain technology. 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. Multichain (MULTI) launched on 15 December 2021 and was listed on CoinMarketCap on 10 January 2022. It 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
• Ecosystem Tags: Ethereum, Polygon, Fantom, Arbitrum, Moonriver, BNB Chain; listed in the Three Arrows Capital and Circle Ventures portfolios.
• Contract Address (Ethereum): 0x65ef703f5594d2573eb71aaf55bc0cb548492df4
• 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. The publicly documented team consists of co-founder and CEO Zhaojun, co-founder DJ Qian (who has since left the project) and Nirav Chudgar. In May 2023, DJ Qian stated on Twitter that he had attempted to contact the current CEO Zhaojun amid growing uncertainty. In mid-2023 the team went silent and the CEO, Zhaojun, was reported to be uncontactable; the project said it could not resolve the issues, and the bridge was suspended. The team's silence and the CEO's reported disappearance left the project's status unclear. The subsequent months saw further turmoil, including the abnormal movement of more than $125 million in funds to an unknown address in July 2023.

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 reported interconnect infrastructure for 27 mainstream public chains, with a supported network of 26 chains at its peak. 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. The project also claimed a unified cross-chain interface, an average transaction time within 100 seconds and no-slippage swaps.

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 reported TVL above $10.45 billion and sustained daily volume above $100 million; trading activity has since collapsed. It enabled interoperability across EVM chains, Layer 2 solutions and parachains through its SMPC-based cross-chain architecture. 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 reported disappearance and the abnormal movement of funds. At its peak the protocol reported TVL above $10.45 billion; after news that the CEO was uncontactable, reported TVL fell to about $1.38 billion. Current TVL figures are not stated here because they change continuously.

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 incentivize 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 decentralized 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 reports that the CEO was uncontactable in June 2023. In July 2023, more than $125 million in funds was moved to an unknown address, and the bridge protocol collapsed following an exploit of roughly $130 million. The bridging service is currently unavailable, and the team has advised users to refrain from using it until further notice. At its peak the protocol reported TVL above $10.45 billion; after news that the CEO was uncontactable, reported TVL fell to about $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. MULTI is an ERC-20 governance token on Ethereum with a fixed supply of 100,000,000; holders can lock tokens to mint veMULTI NFTs, which carry voting rights in protocol governance. 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 reported disappearance, the abnormal movement of more than $125 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.