There is no shortage of new blockchains these days. However, moving assets between chains remains a big problem despite all the alternatives. Some bridges solve this, and almost every L1 and L2 chain have its own. But it would be great to have a one-stop-shop for all, thus the Multichain- Cross Chain Router Protocol (CRP).
Multichain is an open-sourced routing protocol that allows blockchain networks to interoperate, including Ethereum and other Layer 2 solutions. Users can access 26 chains and over 1100 tokens through the platform interface.
Governance Token on Multichain
The platform has a native token called $MULTI. Thus, token holders can participate in the platform’s governance activities like voting, decision-making, and the Multichain community’s growth and ecosystem.
Since the platform was born as AnySwap in 2020, if one has any token, they can convert it into the same amount of MULTI token using the Multi dApp.
How to Use the Multichain Platform
1. Connect wallet
To be able to access the platform, users are required to connect their wallets first. The Multichain platform gives the options of either using Metamask, Coin98, OKEx, Coinbase Wallet, WalletConnect, or BitKeep.
2. Supported Network
The platform supports a huge number of networks that include almost all major networks like Ethereum, Polygon, Binance Smart Chain, HECO, Fantom, Avalanche, etc. For you to be able to see the networks supported, click the Network field.
3. Swap (MULTI)
The MULTI feature allows one to convert or swap anyToken into a MULTI token in a ratio of 1:1. The multichain protocol provides cross-chain token support for projects and the native assets held in a secure smart contract. The assets are identified to be bridged assets. However, the conversion is a one-way process, which means that one can convert any token into MULTI but not the reverse.
Additionally, the conversion is only available for BSC, Ethereum, and Fantom networks. To convert, enter the amount of any token you wish to swap and confirm the process.
You have to manually add the MULTI token’s contract address to see the token balance.
On the top right side of the screen, there is a network and account selection section. One should always ensure they configure Metamask for any chain they want to use. Below, there is the From section, where one selects the network. If the selected and connected networks do not match, the platform will prompt one to change the network.
Under the From section is some information on the pool and the relevant pool’s liquidity. If there is no pool info, then the selected token is not native to the chain and the bridge protocol will be used for the swap.
There will be two buttons under the form, either Approve or Swap.
Approve button gives privilege to the app to use the selected tokens from one’s account. On the other hand, the Swap button executes the swap.
4. Router
There are a number of assets that exist in multiple chains natively. For instance, there is USDC which exists in Ethereum. Avalanche and many more. Multichain cannot mint native USDC on these chains.
The router feature enables users with cross-chain assets to transfer between various supporting networks. Multichain uses liquidity pools to collect and move native assets between chains as a solution. For example, if you move USDC from Ethereum to Avalanche, the transferred USDC is held in a pool on Ethereum. The equivalent amount if USDC is sent from Avalanche pool to the user wallet.
To transfer one’s tokens, an individual must first select the source and the destination network. From the dropdown, select the token and fill in the amount you wish to transfer.
If satisfied, confirm the process and wait for completion.
Router heavily depends on pools, and sometimes there is insufficient liquidity for a swap. Consequently, Multichain mints an equivalent amount of anyTokens on the target chain representing an individual’s share in a pool. AnyTokens are pool tokens.
5. Set up CELO Network Details
Users are required to have the CELO network set up in their Metamask wallet.
6. Add BNB in Metamask
The next step involves adding a contract address of the BNB token to see the balance in the CELO network. Copy the token contract address and then import the token. After this, you can see the desired BNB token in the CELO network.
The pool tab lists the different tokens in different tokens in various supporting networks where users can provide liquidity.
As a way of adding liquidity, select the token in the desired network. Then, change the network setting in the wallet, and the Add/Remove button will become visible.
Click the Add button, which makes a window appear to enter the amount of the token you wish to deposit into the pool. Confirm the process by clicking the Add liquidity button. A Metamask transaction is generated for one to confirm. Once confirmed, one can see their pool share.
Final Thoughts
Multichain has evolved from a one-to-one cross-chain bridge into a complex cross-chain router system connecting multiple chains. Multichain offers an advanced cross-chain router protocol operating in real-time and providing cross-chain interoperability to tokens and NFTs across multiple chains.
Moving forward, Multichain is heading to become the ultimate Web3 router.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
