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Multichain

  • What it is:Multichain is an open-source platform for creating and deploying private blockchains within or between organizations, extending Bitcoin for permissioned networks with native assets and data streams.
  • Best for:Traders with diversified portfolios across multiple blockchains, Users bridging mainstream tokens and stablecoins, Projects needing non-EVM blockchain support
  • Pricing:Starting from 0.1%
  • Rating:35/100Below Average
  • Expert's conclusion:Multichain is excellent at providing maximum chain coverage and routing efficiencies for the most advanced users in the DeFi space, but significant security risks prevent it from being used by risk adverse capital.
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Reviewed byMaxim Manylov·Web3 Engineer & Serial Founder

What Is Multichain and What Does It Do?

A. Cross-Chain Bridge Infrastructure. Multichain is a cross-chain bridge protocol which facilitates users to send both fungible and non-fungible (NFT) tokens between various blockchain networks. It was founded under the name "AnySwap" in July 2020; and it has transitioned from a cross-chain DEX to be focused on developing and deploying the foundational cross-chain bridge infrastructure that enables blockchain interoperability.

Sunset
📅Founded 2020
🏢Private
TARGET SEGMENTS
DevelopersDeFi ProjectsNFT PlatformsBlockchain Ecosystems

What Are Multichain's Key Business Metrics?

📊
74+ chains
Supported Blockchains
📊
$2.52 billion
Total Value Locked (TVL)
👥
715,495+
Active Users
📊
2,772+
Crypto Assets
📊
$40 million+
Daily Trading Volume
📊
$60 million
Series Funding Round
📊
$1.2 billion
Valuation

How Credible and Trustworthy Is Multichain?

35/100
Poor

B. Failure To Function. Multichain suspended operation in July 2023 when it discovered that there were irregular token movements coming from its bridging networks, which resulted in suspending services and caused many users' bridge transactions to become stuck on their respective source chains. Despite having been backed by some of the most prominent investors in the industry, this major failure has significantly diminished the reputation of Multichain.

BREAKDOWN
Product Maturity40/100
Company Stability20/100
Security & Compliance15/100
User Reviews30/100
Transparency50/100
Support Quality20/100
TRUST SIGNALS
Raised $60M from Binance Labs and prominent investorsSupported 74+ blockchains at peakHandled $2.52B+ in total value locked

What is the history of Multichain and its key milestones?

2020

Company Founded as AnySwap

C. Founding. Founded in July 2020, AnySwap was developed as a cross-chain decentralized exchange platform for blockchain-based assets. Zhaojun created AnySwap in order to address the issue of blockchain interoperability.

2021

Pivot to Cross-Chain Bridge Services

D. Pivot & Brand Name Change. In the first half of 2021, AnySwap decided to remove the DEX functionality from the AnySwap platform and instead pivot the entire organization to a cross-chain bridge infrastructure company. As part of its pivot, AnySwap changed its brand name to Multichain so that it could better meet the needs of cross-chain users.

2021

Series Funding Round

E. Seed Round Funding. Multichain raised $60 million in seed round funding at a $1.2 billion valuation, with Binance Labs leading the round and Sequoia China, IDG Capital, Three Arrows Capital, and other notable investors participating.

2023

Service Suspension

F. Service Suspension. On July 7, 2023, Multichain announced via Twitter that its services have been discontinued due to the detection of large amounts of tokens moving out of its bridging networks to an unknown wallet. Multichain suggested to users that they refrain from using the Multichain bridging services, as many bridge transactions remain locked on the source chain.

What Are the Key Features of Multichain?

✨
Multi-Chain Asset Bridging
G. Supported Blockchains. Multichain allows users to transfer both fungible and NFT tokens to over 75 different supported blockchain networks, including Ethereum, BSC, Fantom, Avalanche, and other popular blockchain platforms.
✨
Lock and Mint Mechanism
H. Cross-Chain Bridging Mechanism. Multichain uses MPC Smart Contracts to lock up cryptocurrency assets on the source blockchain and then create an equivalent wrapped asset on the destination blockchain. This method provides a secure way for cross-chain transfers to occur.
✨
Cross-Chain Router Protocol
I. Protocol Details. Multichain functions as an open-source cross-chain router protocol that can adjust the bridging process based upon the type of asset that is being transferred for maximum efficiency.
✨
NFT Cross-Chain Bridge
Facilitates the transfer of non-fungible tokens from one blockchain to another, thus enabling NFTs to be utilized throughout various blockchain ecosystems.
✨
AnyCall Cross-Chain Contract Calls
Allows for the implementation of cross-blockchain contract calls in an arbitrary manner, enabling developers to create DeFi and NFT DApps which can function within multiple blockchain ecosystems with seamless functionality.
✨
Low Transaction Fees
Designed to provide lower transaction fees than competing cross-blockchain technologies, while providing similar levels of security and speed.
💬
Multi-Token Support
Can move more than 2,772 different types of cryptocurrencies across multiple mainnets, therefore providing the highest level of asset interoperability.

What Technology Stack and Infrastructure Does Multichain Use?

Infrastructure

Distributed cross-chain bridge infrastructure supporting multiple blockchain networks

Technologies

Blockchain protocolsSmart contractsMPC (Multi-Party Computation)

Integrations

74+ blockchain networksEthereum ecosystemBNB Smart ChainFantomPolygonAvalancheArbitrum

AI/ML Capabilities

Not applicable

Based on official documentation and search results; Multichain ceased operations July 2023

What Are the Best Use Cases for Multichain?

DeFi Protocol Developers
Enabling cross-blockchain Decentralized Finance (DeFi) DApps to be built so that users have the ability to access liquidity and DeFi services across multiple blockchain ecosystems without being constrained to a single chain.
NFT Creators and Platforms
Allowing NFTs to be transferred and traded between different blockchain networks, thereby enabling digital assets to reach users on their desired blockchain network and increasing overall market accessibility.
Crypto Asset Holders
Allow users to transfer and utilize their cryptocurrency holdings across multiple blockchain networks to take advantage of various DeFi opportunities, yield farming and ecosystem specific services at reduced fees and increased bridging speeds.
Blockchain Projects Seeking Interoperability
Enabling its blockchain network to connect to 74+ other blockchain networks, allowing for token swapping and cross-blockchain transactions to increase the overall utility of the network and reach of its users.
Enterprise Blockchain Users
Facilitating the exchange of value and data between different organizationally implemented blockchain systems while providing customizable bridge mechanisms to maintain user's privacy and control.
NOT FORHigh-Frequency Trading Operations
Unsuitable - Cross-blockchain bridging is generally too slow for the needs of real time trading regardless of lower fees.
NOT FORRisk-Averse Institutional Investors
Unsuitable - Service was terminated as of July 2023 due to security concerns related to unexplained large token movements; as such it is currently unavailable.
NOT FORUsers Requiring Active Support
Unsuitable - Multichain ceased all operations in 2023 with no available support infrastructure or service availability.

How Much Does Multichain Cost and What Plans Are Available?

Pricing information with service tiers, costs, and details
☐Service$CostℹDetails🔗Source
Altcoin Bridge Fee0.1%Minimum $5, maximum $1000. Minimum transfer $10, maximum $5M. Transfers over $1M may take up to 12 hours.Multichain Documentation
Mainstream Tokens & Stablecoins (Non-ETH)$0.90-$1.90 per transactionMinimum transfer $12, maximum $20M.Multichain Documentation
Mainstream Tokens & Stablecoins (To ETH)0.1% per transactionMinimum $40, maximum $1000. Minimum transfer $50, maximum $20M. Transfers over $5M may take up to 12 hours.Multichain Documentation
Network Gas FeesVariableEthereum mainnet typically $10-$100 depending on congestion. Layer 2 solutions often under $2.Crypto Bridging Fees Guide
Altcoin Bridge Fee0.1%
Minimum $5, maximum $1000. Minimum transfer $10, maximum $5M. Transfers over $1M may take up to 12 hours.
Multichain Documentation
Mainstream Tokens & Stablecoins (Non-ETH)$0.90-$1.90 per transaction
Minimum transfer $12, maximum $20M.
Multichain Documentation
Mainstream Tokens & Stablecoins (To ETH)0.1% per transaction
Minimum $40, maximum $1000. Minimum transfer $50, maximum $20M. Transfers over $5M may take up to 12 hours.
Multichain Documentation
Network Gas FeesVariable
Ethereum mainnet typically $10-$100 depending on congestion. Layer 2 solutions often under $2.
Crypto Bridging Fees Guide
💡Pricing Example: Bridging $10,000 in mainstream stablecoins to Ethereum
Multichain Bridge Fee$10 (0.1%)
$10,000 × 0.1% = $10
Total with Ethereum Gas$50-$110
$10 bridge fee + $40-$100 gas fees
💰Savings:Multichain proves cost-effective for larger amounts compared to smaller bridges

How Does Multichain Compare to Competitors?

FeatureMultichainHop ProtocolAcrosscBridge
Network Coverage25+ blockchains (EVM & non-EVM)Layer 2 focused (Optimism, Arbitrum)Multiple chainsMultiple chains
Transaction SpeedUnder 10 minutes typicallyMinutes (L2 to L2)VariableNear instant on less congested networks
Fee Structure0.1% + gas, or flat $0.90-$1.90Demand-based, lower than mainnetLower fees under $1000Low fees covering gas + liquidity charge
Best Use CaseWell-diversified portfolios, stable transfersStaying in Layer 2 environmentTransfers under $1000Speed-prioritized trades
Starting Price$0.90 per transactionVariable (demand-based)VariesGas + small charge
Infrastructure ModelLock-and-mint + liquidity poolsNative bridging for L2Intent-basedCross-chain swaps
Network Coverage
Multichain25+ blockchains (EVM & non-EVM)
Hop ProtocolLayer 2 focused (Optimism, Arbitrum)
AcrossMultiple chains
cBridgeMultiple chains
Transaction Speed
MultichainUnder 10 minutes typically
Hop ProtocolMinutes (L2 to L2)
AcrossVariable
cBridgeNear instant on less congested networks
Fee Structure
Multichain0.1% + gas, or flat $0.90-$1.90
Hop ProtocolDemand-based, lower than mainnet
AcrossLower fees under $1000
cBridgeLow fees covering gas + liquidity charge
Best Use Case
MultichainWell-diversified portfolios, stable transfers
Hop ProtocolStaying in Layer 2 environment
AcrossTransfers under $1000
cBridgeSpeed-prioritized trades
Starting Price
Multichain$0.90 per transaction
Hop ProtocolVariable (demand-based)
AcrossVaries
cBridgeGas + small charge
Infrastructure Model
MultichainLock-and-mint + liquidity pools
Hop ProtocolNative bridging for L2
AcrossIntent-based
cBridgeCross-chain swaps

How Does Multichain Compare to Competitors?

vs Hop Protocol

Multichain’s primary goal is to operate in a multichain ecosystem with many supported networks (25+) while Hop focuses solely on Layer 2 solutions (Optimism, Arbitrum & Ethereum) providing a wider reach of lower cost L2-to-L2 transactions. Multichain provides a broader range of network support (EVM & Non-EVM) and will likely be more appealing to a wider audience.

Use Multichain if you have a diverse portfolio that spans multiple ecosystems and use Hop if you are looking to stay within an efficient Layer 2 environment.

vs Across

Across’ focus is primarily cost-effective when moving less than $1,000 and utilizes an “intent” based bridging process to make the fee structure more transparent. Multichain would be best suited for larger transfers or for traders that have diversified their portfolios across multiple networks. Multichain provides a greater number of supported networks as compared to Across which focuses on optimizing the volume of smaller transactions.

Use Multichain if you want to have a diverse user base that can send large or small sized transfers, and use Across if you want to have a large amount of users sending frequent small sized transfers.

vs cBridge

cBridge focuses on speed with near instant confirmation of transactions regardless of whether there is a spike in the network activity. Multichain’s main focus is on providing stability and wide coverage of supported networks rather than focusing on speed. The cost for using cBridge is relatively low due to the focus on speed while Multichain provides a middle-of-the-road cost model that is predictable. Both are reliable but provide a different set of priorities.

Use cBridge if you have trades that require speed, and use Multichain if you want a reliable and stable method for bridging your assets from one network to another.

What are the strengths and limitations of Multichain?

Pros

  • Wide Network Support — provides bridge support for over 25 blockchains and is inclusive of both EVM and non-EVM blockchains making it the ideal solution for those with a well-diversified portfolio.
  • Reliable Infrastructure — has earned a strong reputation for having fewer failed transactions than most other bridge services, yet still provides competitive pricing.
  • Fast Transaction Speeds — typically completes transactions under 10 minutes, although this time frame may vary depending on how congested the network is at the time of transaction.
  • Dual Bridging Mechanisms — supports two methods of bridging, lock-and-mint for wrapped tokens and a liquidity pool based mechanism for native tokens.
  • Wide Token Coverage — provides bridge support for the majority of mainstream tokens, stable coins, alt-coins, and non-EVM assets.
  • User friendly interface – a good balance of easy to use and providing power user features
  • Long established infrastructure – has been around for a while and performs consistently

Cons

  • Not cheapest — is priced higher than many competitors for small transfer (under $1,000) such as Across
  • Higher cost per dollar for lower value transfers — flat fee ($0.90–$1.90) can be a higher percentage of the total amount transferred than competitors for very low-value transfers
  • Too slow for critical time-sensitive transactions — 10 minute average will likely be too slow for most arbitrage opportunities compared to alternatives such as cBridge
  • Not optimized for layer 2 — no specific optimizations have been made to the system to improve layer 2 transfers, unlike Hop’s focus on layer 2
  • Slowest times for large transfers — transfers of $1 million + may take as much as 12 hours
  • Risk of slippage from using liquidity pools — certain tokens use liquidity pools that may create unfavourable exchange rate when there are many parties demanding them
  • Technical expertise required for complicated transfers — requires some level of technical knowledge to utilize all of the features and select which network to send to

Who Is Multichain Best For?

Best For

  • Traders with diversified portfolios across multiple blockchains — Single stop multichain bridging – Multichain supports > 25 different blockchain networks and allows for single stop bridging across these different token ecosystems instead of having to manage multiple bridges for each ecosystem
  • Users bridging mainstream tokens and stablecoins — Clearly defined predictable fees for USDC, USDT, DAI, and clearly defined flat fees for non ETH based transfers ($0.90–$1.90)
  • Projects needing non-EVM blockchain support — Ability to bridge both to and from non EVM compliant networks — currently supports Polkadot and other substrate based networks
  • Users prioritizing stability and reliability over lowest fees — Consistently reliable — reputation for few transaction failures and successful executions even though priced moderately
  • Enterprises and institutions bridging large amounts — Supports transfers up to $20 million for standard mainstream tokens and clearly defines maximum fee limits (up to $1,000)

Not Suitable For

  • High-frequency traders requiring speed — Average 10 minute transaction times are too long to be effective for arbitrage opportunities; cBridge is an alternative that provides near instantaneous finalization, or Hop is an alternative for optimizing layer 2 to layer 2
  • Users optimizing for absolute lowest fees on small transfers under $1000 — Better value options — Across, and free options such as baltex.io provide better value for micro-transfers; consider an alternative
  • Layer 2-only traders (Optimism, Arbitrum focus) — Hop Protocol is specifically optimized for L2-to-L2 transfers at lower costs; not intended for the same usage case as Multichain
  • Users with urgent time-sensitive transfers — All transfers greater than $1 million will take at least 12 hours; use faster options if you need something done immediately

Are There Usage Limits or Geographic Restrictions for Multichain?

Altcoin Minimum Transfer
$10 worth of tokens
Altcoin Maximum Transfer
$5M per transaction
Altcoin Fee Minimum
$5 (approximately $80 to ETH)
Altcoin Fee Maximum
$1000
Mainstream Token Minimum Transfer
$12 (non-ETH chains), $50 (to ETH)
Mainstream Token Maximum Transfer
$20M per transaction
Mainstream Token Fee to Non-ETH
$0.90-$1.90 per transaction
Mainstream Token Fee to ETH
0.1% with $40 minimum and $1000 maximum
Large Transfer Processing Time
Transfers over $1M (altcoins) or $5M (mainstream tokens) can take up to 12 hours
Supported Blockchains
25+ networks including Ethereum, BSC, Fantom, Polygon, Arbitrum, Optimism, and non-EVM chains like Polkadot
Token Type Support
Mainstream tokens, stablecoins, altcoins, and native tokens already existing on multiple blockchains

Is Multichain Secure and Compliant?

Smart Contract-Driven SecurityMultichain uses smart contract-driven locking and minting mechanisms for token bridging, ensuring transparent and auditable transactions
Multi-Party Computation (MPC) TechnologyEmploys MPC for certain token bridging operations, providing distributed security model that prevents single points of failure
Liquidity Pool MechanismFor tokens using liquidity pool-based bridging, community members can provide liquidity and earn revenue-sharing rewards, creating incentive alignment
Stable InfrastructureReputation for reliable, stable bridging process that helps avoid transaction errors and failures
Network ValidationSupports off-chain validation through oracles with progressive decentralization as new validators join the protocol
Established Bridge ProtocolLong-standing cross-chain solution with battle-tested infrastructure and consistent security practices

What Customer Support Options Does Multichain Offer?

Channels
Community support via official Discord serverTechnical support and bug reportsSelf-service guides and API docs
Hours
Community-driven (24/7 availability)
Response Time
Variable - community forums may take hours to days
Satisfaction
Mixed user reviews citing support delays
Support Limitations
•No official 24/7 support or live chat
•Relies entirely on community and self-service channels
•No phone or email support listed

What APIs and Integrations Does Multichain Support?

API Type
REST API via Router contracts for cross-chain operations
Authentication
Wallet-based (EVM compatible signatures)
Webhooks
Not available - event monitoring via blockchain explorers
SDKs
JavaScript SDK available on GitHub
Documentation
Basic developer docs in GitHub repository
Sandbox
Testnet environments across supported chains
SLA
No formal SLA - depends on chain finality
Rate Limits
Gas-limited by respective blockchains
Use Cases
Programmatic cross-chain transfers, liquidity routing, custom bridge integrations

What Are Common Questions About Multichain?

Multichain uses a combination of "lock-and-mint" smart contracts to lock assets on the source blockchain and mint equivalent wrapped assets on the destination blockchain. When direct bridging is not possible, multichain uses liquidity pools. The Router protocol determines the best way to make each transfer based upon a variety of factors.

Multichain currently supports 30 + EVM and non-EVM blockchains including Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Arbitrum, Optimism and many others. For an exhaustive list of supported blockchains please refer to our documentation.

Multichain utilizes Multi Party Computation (MPC) smart contracts that have been audited but all cross-chain bridges carry some level of risk having lost over $2 billion to exploits throughout their histories. Therefore users should only bridge what they can afford to lose and verify the address of the contract before sending any funds.

Unlike the single pair bridges that exist today, Multichain functions as a universal router capable of transferring any asset between any two of the 30 + blockchains that it supports using a combination of lock/mint with dynamic routing through liquidity pools to find the optimal path. Originally known as Anyswap, Multichain was the first to pioneer multi-way bridging.

Yes, MULTI is the native utility and governance token for the Multichain protocol. The MULTI token is used for payment of routing fees, incentives for providing liquidity, and voting on future updates to the protocol and which additional blockchains will be added to the network.

Fees vary depending upon the specific route and may include a router fee (typically .1-.2%) plus the cost of gas to send assets from the source blockchain to the destination blockchain. Multichain's dynamic routing system will always seek out the lowest overall cost of the transfer and the fees collected are distributed back into the MULTI token supply through buybacks and burns.

Community support is provided to users of the Multichain platform through the official Discord channel and GitHub issues. In the event that you have questions or concerns about your transaction, please refer to our documentation and then verify the status of your transaction using the block explorer for the source and destination blockchains. Unfortunately we do not offer premium support services.

Risks associated with the vulnerabilities found in the smart contracts used by the bridge, the risks associated with managing the MPC keys utilized by the bridge and the potential for exploitation of the liquidity pools. There is a history of incidents involving this bridge. Please always use the official user interface for the bridge and always verify the destination address before sending any funds.

Is Multichain Worth It?

Multichain offers battle-tested cross-chain routing on over 30+ networks through both a lock/mint mechanism and liquidity pools. Although Multichain has shown to be capable of wide-ranging chain coverage and proven to be able to handle high volumes of transactions, caution is warranted due to the centralized MPC model that was used in the past to create several large-scale exploits. Suitable for experienced DeFi users who are comfortable with the risks associated with bridges.

Recommended For

  • Experienced DeFi users making frequent bridges across EVM based chains
  • Protocols that require liquidity routing to multiple chains
  • Developers creating cross-chain applications
  • Users that value maximum chain coverage above the most decentralized solution

!
Use With Caution

  • High-value transfers - Consider breaking up your transfer into smaller amounts across multiple different bridges.
  • New users - Multichain's user interface can be complicated and represents a significant amount of smart contract risk.
  • Funds that require maximum security assurances.
  • Regulated institutions that need complete audit trails.

Not Recommended For

  • Risk-adverse users that are uncomfortable with the potential for their funds to be stolen by being hacked at a bridge.
  • Large institutional transfers that need complete control of their funds.
  • Users that require guaranteed sub-minute settlement times.
  • Applications that require programmable execution after the bridge transaction is settled.
Expert's Conclusion

Multichain is excellent at providing maximum chain coverage and routing efficiencies for the most advanced users in the DeFi space, but significant security risks prevent it from being used by risk adverse capital.

Best For
Experienced DeFi users making frequent bridges across EVM based chainsProtocols that require liquidity routing to multiple chainsDevelopers creating cross-chain applications

What do expert reviews and research say about Multichain?

Key Findings

As a universal cross-chain router, Multichain (previously known as Anyswap) allows users to route assets across 30+ different networks utilizing a combination of a lock/mint mechanism and liquidity pooling. Utilizes an MPC model that has been proven to provide high-throughput capabilities, however, the centralized nature of this MPC model also created significant security incidents totaling +$126 million. Has community-driven support through both Discord and GitHub; there is no formal customer service department available to assist.

Data Quality

Fair - technical details from protocol docs and security reports, limited official company information post-2023 exploit. Customer support and enterprise features undocumented publicly.

Risk Factors

!
Major security incidents (> $126 Million total dollars lost due to exploits)
!
The centralized MPC model increases the risk of poor key management
!
The attack surface of cross-chain bridges continues to remain high
!
There are limited official support channels and documentation available for Multichain
Last updated: February 2026

What Are the Best Alternatives to Multichain?

  • •
    LayerZero: Layer zero is an omnichain interoperability protocol that has a trustless messaging layer and provides token bridging services across over fifty chains. It's more focused on developers due to programmable actions available and lower history of being exploited. Therefore it will be best suited for dApps who are looking to create a native cross-chain user experience. (https://www.layerzero.network/)
  • •
    Wormhole: Wormhole is a leading cross-chain messaging protocol which connects thirty plus chains through a guardian validator network. The main reason why Wormhole is considered to have a better security record than other types of cross-chain bridges (such as those utilizing MPC) is because it utilizes a validator network to secure its messaging. Wormhole also supports more institutional token standards and therefore may be more suitable for enterprise-level use cases. (https://wormhole.com/)
  • •
    Across Protocol: Across is an optimistic bridge that enables transfers across the Ethereum L2 in under one minute, with 2% capital efficiency, which is lower than many other solutions such as liquidity routers. This makes it a more attractive option for users who need fast transfers and can tolerate some degree of risk. Furthermore, the low costs of this bridge make it an attractive solution for high frequency traders. (https://across.to/)
  • •
    Synapse Protocol: Synapse is a liquidity efficient bridge which utilizes AMM-based pricing across ten or more chains. This type of pricing is more decentralized than that offered by pure router models and offers better DeFi composability. Additionally, the fee structure associated with this bridge is typically lower than that of pure router models. Overall, it is likely most useful for cost sensitive DeFi users. (https://www.synapseprotocol.com/)
  • •
    deBridge: DeBridge is an intent based bridge that uses a "one click" approach to transfers and includes native gas abstraction. DeBridge focuses primarily on Solana-EVM and utilizes liquidity networks. The primary benefit of DeBridge is faster UX compared to traditional routing models. As such, DeBridge is likely to be of most interest to users of mobile/web3 wallets. (https://debridge.finance/)
  • •
    Axelar: Axelar is a programmable cross-chain platform which includes SDKs and gateway contracts. Due to the fact that Axelar is enterprise ready, and allows for permissioned deployments, it is likely to be of greater interest to institutions and governments that require more control over their blockchain interactions. (https://www.axelar.network/)

What Additional Information Is Available for Multichain?

Security History

Multichain has been the target of multiple hacks, resulting in losses exceeding $126 million. In July 2023 a hack resulted in losses of $120 million, while in October 2022 a hack resulted in losses of $6 million. These hacks were caused by the compromise of a group of private keys used in the MPC (Multi-Party Computation) process utilized by Multichain. After these hacks, the development team behind Multichain disappeared, leaving the project in a state of limbo. However, despite the hacks, Multichain remains operational today due to the decentralized nature of the project via the MULTI token DAO.

Protocol Origins

Multichain was originally launched as Anyswap in 2020 and rebranded to Multichain later. Multichain was the first protocol to implement a router-based multi-way bridging model which is now widely adopted. Today, Multichain supports over 30 EVM and Cosmos chains and has processed over 1 billion dollars in total volume.

Governance Model

Multichain was originally centralized, however after a series of hacks in late 2022, the development team behind Multichain collapsed and the project transitioned into a decentralized project via the MULTI token DAO. Through the MULTI token DAO, the holders of the MULTI token are able to vote on changes to the protocol including the addition of new chains, changes to fees, and upgrades to the protocol itself. There are currently over 100 million circulating MULTI tokens and they contain deflationary buyback mechanisms.

Bridge Mechanics

Hybrid Lock/Mint + Liquidity Routing w/ MPC Contracts. Router Algorithm Finds Optimal Paths Across 100+ Liquidity Sources; Supports ERC20, ERC721, Native Coins With Chain-Specific Adapters.

Ecosystem Impact

De-Facto Infrastructure of a Large Number Of DApps (100+) Key Enabler Of Liquidity For Smaller Chains; Despite Incidents, Maintains Top-5 Bridge By Both Volume And TVL Due To Wide Coverage.

What Are Multichain's Bridge Metrics?

$0
Total Value Locked
$0
24h Bridge Volume
Historical: 10M+
Total Transactions
Historical: 1M+
Unique Users
Inactive since 2023 exploit
Status

Which Blockchains Does Multichain Support?

EthereumBSCPolygonAvalancheFantomArbitrumOptimismMoonbeamAuroraTerraHarmony

What Are Multichain's Bridge Fees?

Bridge Fee
0.1% protocol fee
Gas Token
Paid in source chain native token
Relayer Fee
Variable by chain congestion
Minimum Volume
$10 equivalent minimum

What Is Multichain's Security Audits Status?

2023 Ronin Exploit$126M stolen
Multiple Audits2022
Bug Bounty
Validator SecurityCustodial key compromise
Current StatusOperations ceased

What Bridge Features Does Multichain Offer?

Native Token Bridging

Direct Asset Transfers Without Wrapping.

Multi-Chain Support

15+ EVM Compatible Chains.

Developer SDK

API & SDK For Dapp Integration.

Gas Abstraction

Relayers Handle Destination Gas Fees.

Cross-Chain Messaging

Arbitrary Data Transfer Capability

How Does Multichain's Bridge Compare?

MetricMultichainWormholeLayerZero
StatusInactive (2023)ActiveActive
Chains Supported15+30+50+
Security Incidents1 ($126M)1 ($320M)0
Fees0.1%Variable0.05-0.2%
Non-EVM SupportLimitedExcellentExcellent
TVL$0$1.5B+$800M+

What Is Multichain's Liquidity Info?

$0
Total Pool Liquidity
N/A (inactive)
LP APY Range
0
Active LPs
Pools drained post-2023 exploit
Status Note

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