While promoting Transparency, the team of Multichain (formerly known as Anyswap) has presented the report on lockup as well as the issuance of 5 major tokens including DAI, USDC, USDT, ETH, and BTC. The platform mentioned that in line with its on-chain data, the chief 5 tokens on the venue are backed with a 1:1 ratio. In the case of the proportion of the respective assets, DAI is supported by 100.23%, USDC is backed by 101.87%, USDT by 100.73%, ETH by 104.50%, and BTC by 102.16% of the underlying assets.
Multichain Presents the Report Covering the Top 5 Assets on the Platform
This ensures the bridging requests by the consumers at any time. While giving this report, the venue focused on transparency. Multichain is considered to be a cross-chain mechanism endeavouring to turn into the peak router providing for the multi-chain and Web3-based requests made by the clients. In this respect, the company has transformed from its previous status of a bridge to becoming a router in the previous year.
This revolutionarily evolved the fundamental sense of cross-chain bridges interlinking the chains. In a conventional lock-mint bridge, there is a source chain-based deposit address that keeps locked assets as well as a destination chain-based token contract for the issuance of the minted assets. The minted assets’ supply mustn’t be larger than the amount of the locked assets present on the escrow or deposit address (operating as collateral).
Following the router upgrade, the assets of the consumers can be bridged by Multichain protocol from one chain to the other. Subsequently, a consumer can even bridge the assets from the 2nd to the 3rd chain without moving back to the 1st chain. The Multichain-based deposit addresses are categorized as multi-chain compatible. The usage of the Multichain protocol by the customers determines the location of the assets.
Wemade Joins Forces with Multichain for a Free Bridging Experience for 1 Month
A few days back, a systematic collaboration has taken place between Multichain as well as Wemade to provide a bridging experience without charging any fees for a whole month. Wemade is celebrating the mainnet WEMIX 3.0’s launch with this systematic collaboration. The respective event started on the 22nd of the previous month, utilizing Multichain to bridge from and into WEMIX with no charges at all.
Multichain started its operations on the 20th of July 2020 under the title Anyswap. The position of Multichain is that of a decentralized router operating across the chains to deal with the explicit requirement for diverse and distinct blockchains for the interaction between them. Multichain advocates for interoperability throughout diverse networks along with actualizing plain value and asset transactions through the provision of a cross-chain architecture.
Apart from that, it additionally enables seamless message and data transmission between the chains via anyCall (which permits the construction of decentralized applications across the chains). The platforms have a prominent place in the world of cross-chain space, with a continuously advancing list of non-EVM and EVM chains.