Multichain PriceMULTI

What is Multichain (MULTI)?

This article covers Multichain (MULTI), the cross-chain router protocol formerly known as Anyswap (CoinMarketCap ID 17050). It is not the same as MultiChain (multichain.com), the enterprise private blockchain platform founded in 2014 by Gideon Greenspan. 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 December 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
• Contract Address (Ethereum): 0x65ef703f5594d2573eb71aaf55bc0cb548492df4
• Market Cap Rank: #2349
• Holders: 14.57K
• Launch date: December 15, 2021 (CoinMarketCap listing date: January 10, 2022)
• 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, the project's CEO, Zhaojun, was reported to be uncontactable, and the team said it could not resolve outstanding issues as a result. The subsequent months saw further turmoil, including the abnormal movement of more than $125 million in funds to an unknown address in July 2023. Detailed public information about the broader team structure is currently limited. According to ICO Analytics, the project raised a total of $60 million.

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 more than 25 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. According to the project's materials, Multichain offers a unified cross-chain interface, an average transaction speed 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 supported a network of more than 25 chains with Total Value Locked reaching over $10.45 billion and sustained daily volume exceeding $100 million. It enabled interoperability across EVM chains, Layer 2 solutions, and parachains through a unified cross-chain interface. 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. TVL, which had peaked above $10.45 billion, had already fallen to about $1.38 billion by the time news broke that the CEO was uncontactable.

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. MULTI is the governance token of the Multichain protocol; its documented utility is participation in governance through veMULTI. 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 more than 25 chains at its peak 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 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, which had peaked above $10.45 billion, had already fallen to about $1.38 billion by the time news broke that the CEO was uncontactable. These events have significantly impacted the project's development and community confidence.

How to mine Multichain (MULTI)?

MULTI is an ERC-20 governance token on Ethereum and is not mined. There is no proof-of-work issuance; the fixed 100,000,000 MULTI supply was created at launch, and holders participate by locking tokens into veMULTI NFTs for governance voting. MULTI holders can mint veMULTI NFTs, which represent locked positions and grant voting rights in the protocol's governance. Because the bridging service is unavailable and the project's status is uncertain, holders should verify the latest official announcements before interacting with any protocol contract.

How to keep your Multichain (MULTI) Coin safe?

Given the significant risks associated with Multichain, including the CEO's 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. Because the bridging service is unavailable and the project's status is uncertain, holders should verify the latest official announcements before interacting with any protocol contract. Be vigilant against phishing attempts and fake announcements, and verify all information through official channels.