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 problem, and almost every L1 and L2 chain has its own. But it would be great to have a one-stop-shop for everyone, so the Multi-Chain-Cross-Chain Router Protocol (PRC).
Multichain is an open-source 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 multi-chain
The platform has a native token called $MULTI. Thus, token holders can participate in platform governance activities such as voting, decision-making, as well as the growth and ecosystem of the Multichain community.
Since the platform originated as AnySwap in 2020, if one has a token, he can convert it into the same amount of MULTI token using the Multi dApp.
How to Use the Multi-Channel Platform
1. Connect Wallet
To be able to access the platform, users must first connect their wallets. The Multichain platform offers the possibility to use either MetamaskCoin98, OKEx, Coinbase Wallet, Wallet ConnectWhere BitKeep.
2. Supported network
The platform supports a large number of networks which include almost all major networks like Ethereum, Polygon, Binance Smart Chain, HECO, PhantomAvalanche, etc To see the supported networks, click on the Network field.
3. Exchange (MULTI)
The MULTI function allows any token to be converted or exchanged into a MULTI token in a 1:1 ratio. The multi-chain protocol provides cross-chain token support for projects and native assets held in a secure smart contract. The assets are identified as bridge assets. However, the conversion is a one-way process, meaning one can convert any token to MULTI but not the other way around.
Also, the conversion is only available for BSC, Ethereum, and Fantom networks. To convert, enter the amount of any token you wish to exchange and confirm the process.
You need to manually add the MULTI token contract address to see the token balance.
At the top right of the screen, there is a network and account selection section. Always make sure they configure Metamask for any channel they want to use. Below there is the Of section, where we select the network. If the selected and connected networks do not match, the platform will ask you to change the network.
Under the Of section contains information about the pool and the liquidity of the relevant pool. If there is no pool information, the selected token is not native to the chain and the bridge protocol will be used for the exchange.
There will be two buttons below the form, either Approve or Redeem.
The Approve button gives the privilege to the application to use the selected tokens from its account. On the other hand, the Swap button executes the swap.
There are a number of assets that exist natively across multiple chains. For example, there is USDC which exists in Ethereum. Avalanche and many more. Multichain cannot hit native USDC on these chains.
Router functionality allows users with cross-chain assets to transfer between different 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 the Avalanche pool to the user’s wallet.
To transfer their tokens, an individual must first select the source network and the destination network. From the drop-down list, select the token and indicate the amount you wish to transfer.
If you are satisfied, confirm the process and wait for it to complete.
The router relies heavily on pools, and sometimes there is insufficient liquidity for a swap. Therefore, Multichain mints an equivalent amount of anyTokens on the target chain representing an individual’s share in a pool. AnyTokens are pool tokens.
5. Configure CELO network details
Users must have the CELO network configured in their Metamask wallet.
6. Add BNB in Metamask
The next step is to add a contract address of the BNB token to see the balance in the CELO Network. Copy the address from the token contract, then import the token. After that, you can see the desired BNB token in the CELO network.
The pool tab lists different tokens in different tokens in various support networks where users can provide liquidity.
To add liquidity, select the token in the desired network. Then change the network setting in the wallet, and the add remove the button will become visible.
Click on the Add button, which brings up a window to enter the amount of token you wish to deposit into the pool. Confirm the process by clicking the Add Liquidity button. A Metamask transaction is generated for confirmation. Once confirmed, one can see their pool share.
Multi-chain has evolved from a one-to-one inter-chain bridge to a complex inter-chain router system connecting multiple chains. Multichain offers an advanced cross-chain router protocol that works in real time and provides cross-chain interoperability to tokens and NFTs across multiple chains.
In the future, Multichain is set to become the ultimate Web3 router.
Vincent Munene is a freelance writer and blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return he enjoys educating people and keeping them up to date on all things blockchain. He is a biochemist by profession and also enjoys playing the piano.