We are welcoming Multichain to imToken! Open imToken and start bridging between 30+ blockchains and Layer 2 chains.
Multichain, rebranded from Anyswap, is one of the biggest cross-chain protocols with a TVL of over $7 billion.
The protocol currently supports 1,546+ tokens for transfer between Ethereum, BSC, Fantom, Polygon, Arbitrum, Moonriver, Moonbeam and 20+ more.
Why Multichain? And how does it work?
The DApp allows you to send your assets from one chain (or Layer 2) to another in one simple interface. With some clever tricks up its sleeve, the protocol aims to make the experience both simpler and a pleasure to use!
Let’s dive in!
Suppose you want to move 100 USDC from Arbitrum to Fantom. From the outset, the Multichain Router holds funds in a pool on Fantom ready to send to your Fantom address. When you click ‘swap’ and confirm your transaction, you are actually sending funds to Multichain’s Arbitrum pool and Multichain sends equivalent funds to your Fantom address.
But what happens if Multichain’s Fantom pool has less than the 100 USDC available for your swap? The protocol uses clever accounting to make sure you receive what you paid for.
Instead of sending the USDC directly, Multichain creates a placeholder anyUSDC token on the source chain. Multichain’s Secure Multi Party Computation (SMPC) nodes detect the token, confirming that your USDC has been received by the Arbitrum pool, and anyUSDC on Arbitrum is burned, whilst creating anyUSDC on Fantom.
You are now able to claim your USDC on Fantom. As long as there is enough USDC available, the same amount of anyUSDC on Fantom is burned, releasing the USDC to your wallet. And if not, you will be able to convert more anyUSDC to USDC later, making sure that all funds are settled.
Now for some assets such as MIM, Multichain has a simpler process. In these cases Multichain’s smart contracts are able to burn and mint tokens directly, so no need for any accounting in the background. For you, the user, this means that there are no worries about token supply on the target chain, and you spend less gas!
How to use Multichain on imToken
To get started, download the latest imToken from Google Play, Apple App Store, or directly at token.im.
Enter your wallet, and switch to your favorite in the top menu: ‘Ethereum Mainnet’, ‘Arbitrum’, ‘Polygon’, ‘Avalanche’, ‘Gnosis Chain’ and many others.
Search for ‘Multichain’ in the ‘Browser’ and start bridging.
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Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.