Project Introduction

Multichain is an open-source cross-chain router protocol (CRP) that allows users to bridge tokens across blockchains. The project was born in the form of Anyswap on July 20, 2020, with the aim of meeting the interoperability needs between decentralized ecosystems, enabling each blockchain to have unique services, communities, and development ecosystems. The goal is to achieve efficient exchange of value, data, and inter-chain control.

Unlike the one-way asset mapping model of traditional cross-chain bridges, this project is committed to becoming the Web3 routing layer for cross-chain value circulation through the underlying technology architecture of the “blockchain communication protocol stack”. The solution it provides makes almost all blockchains interconnected, whether it is EVM chains, Ethereum L2 blockchains, parallel chain networks, etc., helping users seamlessly transfer assets through its cross-chain bridge and eliminating the risk of third-party custody.

Multichain platform identifier (source: https://x.com/MultichainOrg）

Related Links

Official website link:https://multichain.org/

X (Twitter): https://x.com/MultichainOrg

Telegram:https://t.me/anyswap

Github:https://github.com/anyswap

Buy Tokens:https://www.gate.io/en/trade/MULTI_USDT

Technical Principles

Multichain not only supports the Ethereum network, but also covers blockchains with different technical systems such as Cosmos, Terra, etc., demonstrating high adaptability and versatility. The unique cross-chain solution combined with decentralized mechanism makes Multichain a fully functional cross-chain interoperability platform, providing important support for the collaborative development of the Web3 ecosystem. Specifically, the operation of the Multichain project includes the following components:

Ⅰ. Cross-chain Router

The cross-chain router of Multichain is a key component of the entire platform user experience, which can automatically select the appropriate bridging method according to the user’s needs, such as locking, minting, or liquidity pool, to achieve seamless transfer of any asset between multiple blockchains. This mechanism not only simplifies the bridging process, but also supports multi-chain bridging through hybrid methods, providing users with great convenience and flexibility.

Multichain cross-chain solution diagram (Image source:https://docs.multichain.org)

II. Liquidity Pool

For tokens that cannot be bridged through MPC (multi-party computation) technology, Multichain provides a bridging solution based on liquidity pools - users complete asset exchanges through liquidity pools, and other users can provide liquidity to the fund pool in exchange for a portion of the transfer fee. This mechanism provides a solution for native tokens that already exist in multiple blockchains, improving the accessibility of token bridging.

III. Bridging Mechanism

Multichain uses a smart contract-driven locking and minting mechanism in cross-chain bridging. Users can lock tokens in the smart contract of the original blockchain and simultaneously mint wrapped tokens on the target blockchain at a 1:1 ratio. This mechanism has been a core service of Multichain since the Anyswap phase, applicable to most native tokens and typically completed within 30 minutes, providing users with a seamless cross-chain transfer experience.

Example of cross-chain with mixed assets (Image source: https://docs.multichain.org/getting-started)

Ⅳ. SMPC Node Network

The security of Multichain relies on a node network driven by Secure Multiparty Computation (SMPC). These nodes each have a portion of the private key through a distributed key generation algorithm, and the complete private key is never generated or exposed, thus eliminating the risk of a single point of failure. The latest SMPC network 2.0 consists of open nodes operated by the community and partners, further enhancing the decentralization of the system.

Token Economics

Token Name: $ MULTI

Token Type: ERC-20

Total Supply: 100,000,000 coins

Contract Address: CJRXkuaDcnXpPB7yEYw5uRp4F9j57DdzmmJyp37upump

MULTI Token Information (Image Source: https://etherscan.io/token/0x65ef703f5594d2）

$MULTI is the governance token of the Multichain protocol, giving holders the right to vote and participate in community and ecosystem governance. Multichain is derived from the Anyswap protocol, which is known for its decentralized cross-chain exchange protocol, supporting DEX trading and liquidity mining rewards. With the upgrade of positioning, Multichain has become an infrastructure focused on the development of arbitrary cross-chain interaction, committed to becoming the ultimate router of Web 3. In this context, MULTI inherits the functionality of the native token ANY and further expands its governance and economic model.

The token economic model of MULTI is based on the upgrade of Anyswap. The mechanism of ANY token for repurchase and destruction will be replaced by the veMULTI model at a ratio of 1:1. By introducing staking and governance incentive mechanisms, the long-term value and community participation of the token will be further enhanced. After the exchange is completed, the circulation of MULTI will be 18,639,320, accounting for 18.64% of the total supply. The remaining 81.36% of the untapped tokens will be locked in the smart contract, and their specific uses will be determined by the DAO to further strengthen the protocol’s community governance attributes.

Storm event

In May 2023, Zhaojun, the CEO of Multichain, was taken away by the police and lost contact. The team immediately lost access to the MPC node servers, all of which were hosted in the individual cloud account of the person involved. In addition, their computer, phone, hardware wallet, and mnemonic phrase were confiscated. As a result, investor funds and project operational resources could no longer be used normally, making it difficult for the team to maintain protocol operation with limited resources.

During this period, the team tried to solve some technical issues with the assistance of Zhaojun’s family. However, on July 7th, an incident of abnormal asset transfer occurred. Considering the team’s long-term loss of control over key infrastructure and funds, it made it difficult for the Multichain protocol to operate normally. The team was eventually forced to cease operations and warned users to stop using Multichain services. They also promised to notify the community of any further progress.

Multichain team announced on July 2023.7 that the project will stop operation (Image source:https://x.com/MultichainOrg/status)

Latest market

Despite the project being discontinued, the MULTI token still has some liquidity as it has been issued on the blockchain and its cross-chain solution provides some value support. However, due to long-term market confidence issues, the MULTI-USDT trading pair is currently showing a neutral to bearish trend overall. From a technical perspective, the MA moving averages have formed death crosses multiple times, indicating a weak short-term market trend. In addition, the recent sharp correction of some Meme tokens in the Solana ecosystem has suppressed the recovery of market risk appetite, which may continue the oscillating downward trend.

As of February 3, 2025 (UTC+0), the latest price of MULTI is $0.9616, with a fully circulating market value of approximately $92,940,000. The key to the subsequent market trend will depend on whether the community or third parties will intervene to promote the recovery of the MULTI ecosystem.

MULTI Token price trend (Source: https://www.gt-io.best/en/trade/MULTI_USDT） \

Conclusion

Multichain was once a leading protocol in the field of cross-chain interoperability, and its governance token MULTI was also considered an important value carrier in the ecosystem. However, with the founder of the project missing and the outbreak of a fund management crisis, the Multichain team was eventually forced to announce the cessation of operations, leaving the long-term prospects of MULTI filled with uncertainty. Despite the token still maintaining some market liquidity, market confidence is low and technical indicators are showing a downward trend. The future revival of MULTI depends mainly on external funding intervention and the overall development of the Web3 ecosystem. When investors pay attention to the MULTI token, they should focus on the latest updates from the official account and carefully evaluate potential regulatory risks.