There is no shortage of new blockchains these days. However, moving assets between chains remains a major problem despite all the alternatives. Some bridges solve this, and almost every L1 and L2 chain has its own. But it would be great to have a one-stop shop for everyone, so Multichain-Cross Chain Router Protocol (CRP).
Multichain is an open-source routing protocol that enables blockchain networks to work together, including Ethereum and other Layer 2 solutions. Users can access 26 chains and 1100+ tokens through the platform interface.
Governance tokens on Multichain
The platform has a native token called $MULTI. Thus, token holders can participate in the governance activities of the platform such as voting, decision making and the growth and ecosystem of the multichain community.
Since the platform was born in 2020 as AnySwap, if you have a token, you can convert it to the same amount of MULTI tokens using the Multi dApp.
How to use the multichain platform
1. connect wallet
To access the platform, users must first connect their wallets. The multichain platform offers the option of using either Metamask, Coin98, OKEx, Coinbase Wallet, WalletConnect or BitKeep.
2. Supported Network
The platform supports a large number of networks, including almost all major networks like Ethereum, Polygon, Binance Smart Chain, HECO, Fantom, Avalanche, etc. To see the supported networks, click on the Network box.
3. Swap (MULTI)
The MULTI function makes it possible to convert or exchange any token in a 1:1 ratio into a MULTI token. The multichain protocol provides cross-chain token support for projects and the native assets held in a secure smart contract. The assets are identified as bridged assets. However, the conversion is a one-way process, meaning that one can convert any token to MULTI, but not vice versa.
Also, the conversion is only available for BSC, Ethereum and Fantom networks. To exchange, enter the amount of a token you want to exchange and confirm the operation.
You need to manually add the contract address of the MULTI token to view the token balance.
On the top right side of the screen is a network and account selection area. One should always make sure that they configure metamask for each chain they want to use. Below is the Out of Section where to select the network. If the selected and connected networks do not match, the platform will prompt you to switch networks.
Under the Out of Section contains some information about the pool and the liquidity of each pool. If there is no pool information, the selected token is not native in the chain and the bridge protocol is used for the exchange.
Below the form are two buttons, either Approve or Exchange.
The “Approve” button gives the app the right to use the selected tokens from its own account. The swap button, on the other hand, performs the swap.
4. routers
There are a number of assets that natively exist in multiple chains. For example, there is USDC that exists in Ethereum. Avalanche and many more. Multichain cannot mint native USDC on these chains.
The router function allows users with cross-chain assets to transmit between different supporting networks. Multichain uses liquidity pools as a solution to pool and move native assets between chains. For example, if you move USDC from Ethereum to Avalanche, the transferred USDC will be held in a pool on Ethereum. The corresponding amount when USDC is sent from the Avalanche pool to the user wallet.
In order to transfer his tokens, a person must first select the source and destination network. Select the token from the drop-down list and enter the amount you wish to transfer.
If you are satisfied, confirm the operation and wait for the completion.
Routers are heavily dependent on pools and sometimes there is not enough liquidity for a swap. Consequently, multichain mints an equivalent set of arbitrary tokens on the target chain that represent one person’s share of a pool. AnyTokens are pool tokens.
5. Set up CELO network details
Users must set up the CELO network in their Metamask wallet.
6. Add BNB in Metamask
The next step is to add a contract address of the BNB token to show the balance on the CELO network. Copy the token contract address and then import the token. After that, you can see the desired BNB token on the CELO network.
The Pool tab lists the different tokens in different tokens in different supporting networks where users can provide liquidity.
To add liquidity, select the token on the desired network. Then change the network setting in the wallet and the Add Remove button becomes visible.
Click the Add button, which will bring up a window where you can enter the amount of token you want to add to the pool. Confirm the operation by clicking the Add Liquidity button. A metamask transaction is generated for confirmation. After confirmation you can see your pool share.
Final Thoughts
Multichain has evolved from a one-to-one cross-chain bridge to a complex cross-chain router system connecting multiple chains. Multichain provides an advanced cross-chain router protocol that operates in real-time, providing cross-chain interoperability for tokens and NFTs across multiple chains.
In the future, Multichain is on the way to becoming the ultimate Web3 router.
Vincent Munene is a freelance writer and a huge blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return he likes to educate people and update them on everything blockchain related. He is a biochemist by profession and also enjoys playing the piano.
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