AMA Recap with Multichain
ThunderCore Host: Hello everyone! This is bubbalex from ThunderCore. We are proud that we are now supported by Multichain, the leading Web3 cross-chain router protocol. DAI, AVAX and APE are supported as part of our initial partnership. Today we are pleased to have our special guest Mandy from the Multichain marketing team to present the project and the benefits of this partnership!
Multichain Mandy：Hello guys! Happy Tuesday and nice to e-meet you here!
ThunderCore Host: Thank you for joining us. Let’s move to our first question.
Q1: Multichain is a leading Cross-Chain Router Protocol for Web3. We are so excited that ThunderCore is now supported by Multichain. Can you let us know the history of Multichain and how you benefit the ThunderCore ecosystem/ developers/ investors?
Multichain Mandy: Multichain was born as Anyswap in 2020 July. At that time, Uniswap proved that AMM-based DEX was the way to go, as they gathered hundreds of millions in liquidity. However, most of the TVL across the chains was focused on Ethereum, which was already not the cheapest and the most efficient chain. Therefore, we decided to create a cross-chain DEX that could deploy on different chains and support any asset from any chain.
We had mediocre success as a DEX, but we saw potential in the bridging aspect, so we decided it was best to focus on it. That’s what we did in early 2021 when Anyswap removed the DEX function and focused on cross-chain bridge services. In order to provide users with better cross-chain services, Anyswap rebranded to Multichain at the end of last year.
Benefits for ThunderCore: As we seek to build the foundation for a fully interoperable Web3, our integration with ThunderCore enables users/players to seamlessly transfer ERC-20 assets ($DAI, $AVAX, $APE) between ThunderCore and other chains at a reasonable cost. Users will have a better UX.
Furthermore, by enabling cross-chain interoperability for ThunderCore, we can boost the ThunderCore ecosystem by allowing numerous developers to port DApps to ThunderCore. Due to the ease of onboarding new protocols to ThunderCore, it opens up new use cases and limitless DeFi possibilities.
ThunderCore Host: Thanks for your response.
Q2: ThunderCore rebranded with a brand new logo and fresh visual identity to lead the mobile entertainment revolution into Web3 in April 2022. Multichain also rebranded as Multichain in December 2021. What is your purpose for the brand refresh?
Multichain Mandy: As we mentioned that the purpose of the brand update is because we have shifted our focus to the cross-chain bridge since the beginning of last year. In order to focus more on our cross-chain services, we carried out a brand upgrade last December. We also have a quest to be the perfect router for the decentralized Web3 world, building an infrastructure that makes it ideal for arbitrary cross-chain interactions.
ThunderCore Host:Thank you for the detailed introduction! It’s very impressive.
Q3: What does Multichain provide and what are its advantages as an infrastructure for arbitrary cross-chain interactions?
Multichain Mandy: Since our foundation in 2020, we have evolved over three iterations from a 1:1 cross-chain bridge to an innovative cross-chain router system that interconnects multiple chains. We offer an advanced and real-time Cross-Chain Router Protocol (CRP) system that supports cross-chain interoperability of assets, NFTs, and general message across multiple chains.
Advantages: First, we are a non-custodial protocol secured by SMPC network ensuring the safety.
Second, we provide zero-slippage cross-chain transfer services to the users who can thus avoid the impermanent loss associated with AMM. Which most of the time results in a lower fee. When you initiate the cross chain bridging you know exactly what you are going to get.
Third, Multichain Router makes sure that assets can be moved between any two chains arbitrarily, without the need to go back to the native chain. It not only reduces fees considerably. But also gives easier and faster options.
Fourth, we boast a huge ecosystem with 50+ blockchains integrated and 2300+ cross-chain bridges supported, which means that we can cover more and diverse needs of users.
Fifth, we make constant efforts to upgrade our cross-chain products and develop innovative cross-chain solutions, keeping our edge in products and technologies.
Last but not least, we are dedicated to promoting the growth of the multi-chain ecosystem, by helping our partners connect between themselves and grow together.
ThunderCore Host: Amazing!!
Q4: What has Multichain achieved so far? Like how many chains, projects and tokens do you support and what are they?
Multichain Mandy: Now we have deployed more than 2400 bridges that enable various types of tokens and NFTs to move seamlessly across over 50 mainstream chains supported by us.
This March we launched Co-mint, which allows multiple cross-chain bridges to mint the same assets so that liquidity fragmentation can be eliminated and the user experience dramatically improved.
This April we released our V4 product — anyCall, a generic cross-chain messaging protocol that empowers the development of cross-chain dapps.
In May we launched veMULTI, which is the governing scheme for multiDAO. It is inspired by the Curve and Solidly Model. Anyone who stakes MULTI will receive a veMULTI NFT (which can be traded). This NFT serves as stakers’ credentials to claim future bridge fee distribution and NFT holders also have the power to vote on governance proposals so that their voice can be heard by the community.
Q5: What measures does Multichain take to ensure the security of its system?
Multichain Mandy:
- Multichain aims at providing a genuinely decentralized cross-chain infrastructure for Web3. Decentralization is made possible by non-custodial smart contracts and the secure Multi-party Computation (MPC) technology, which combined ensures the secure cross-chain transaction without any single point of failure across all links.Recently, MPC 2.0 — fastMP with improved security and performance has been released. Its testnet is now open to our community and partners.
- Multichain is audited by TrailOfBits, SlowMist and PeckShield. Security reports are available on https://github.com/anyswap/Anyswap-Audit
- Multichain has established a bug bounty scheme with up to 2millions to incentivize valid bug reporting from communities.
- Multichain has established a security fund to provide protection for system operation and financial security in the event of unforeseen risks.
ThunderCore Host: Before moving to the Twitter questions, we are gonna have our final question for the introduction part.
Q6: Can you share with us Multichain’s roadmap? What is your next plan?
Multichain Mandy: We will further support more chains and deploy more bridges for cross-chain assets transfer. And more application scenarios of anyCall will be unveiled, like cross-chain lending, cross-chain NFT migration, and etc. FastMPC will be launched on the mainnet, bringing considerably enhanced security, increased verification speed and greater decentralization to Multichain. veMULTI will be deployed on other chains in response to the public requests. And also the veMULTI Q1 rewards distribution will be conducted as scheduled. multiDAO will be officially launched, promoting the decentralized governance of the community for our long-term development.
Here are the questions we picked up from Twitter:
ThunderCore Host: Thank you for introducing Multichain to our community, let’s move to the second part of today’s AMA. Total $300 in MULTI Token will be shared by 10 winners, $30 for each. For the first 5 winners, we have selected 5 questions from Twitter and Mandy will give her answers here.
Twitter Q1 — @ReliNexus: What will be the impact of Multichain on ThunderCore by working together?
Multichain Mandy: As for users of both ThunderCore and Multichain, we provide them with 0%, fast and simple cross-chain options (stablecoins) as well as possibilities of more cross-chain solutions. For the benefit of the ThunderCore ecosystem, this integration actualizes its smooth transaction and interaction of tokens and messages with other blockchains, opening unlimited possibilities for Defi applications.
Twitter Q2 — @ImMelike32: A staking program is very important for any project. What staking options are available for $MULTI Token? Are there any incentives for staking? What are the various ways to earn $MULTI tokens and are there any limits to the amount of $MULTI i can earn?
Multichain Mandy: Anyone who stakes MULTI will receive a veMULTI NFT (which can be traded). This NFT serves as stakers’ credentials to claim future bridge fee distribution and NFT holders also have the power to vote on governance proposals so that their voice can be heard by the community. The rewards for MULTI stakers are distributed in USDC on a weekly basis, which means that there is no MULTI emission and thus no token inflation. This week for example APY is at 190% in USDC.
Twitter Q3 — @Alon14091: Liquidity, Transaction fees and slippage are always the 3 important factors in financial services. How does Multichain solve the above problem to attract more users? What innovations will it likely make to improve users trading experience?
Multichain Mandy: Firstly, we provide zero-slippage cross-chain transfer services to the users who can thus avoid the impermanent loss associated with AMM. Multichain Router makes sure that assets can be moved between any two chains. Also, we provide low-cost bridging services that stablecoins cross-chain transfers such as USDC, USDT, MIM are free of charge with $0.9 or $1.9% gas fee charged.
Second, we boast a huge ecosystem, which means that we can cover more and diverse needs of users. Third, we make constant efforts to upgrade our cross-chain products and develop innovative cross-chain solutions, keeping our edges in products and technologies.
Twitter Q4 — @SylasAtindehou: How do you keep a balance between developing the technology and security of Blockchain and also improving the value of your token?
Multichain Mandy: There is No IT system completely immune to risks at the technical level. Regarding this, Multichain has conducted a comprehensive review and has prepared for them. Firstly, we have set up a Security Fund to collect vulnerabilities that may exist in Multichain’s own systems and to pay out for the losses incurred by users due to the problems with systems. We have also established a Bug Bounty to reward those who submit bugs and find out solutions. Secondly, we have further expanded the scope of cooperation in the field of security and established long-term business rational relationships with a number of security companies in the blockchain field. For every system upgrade and product launch, we will ask each security company we cooperate with to conduct code audits separately. Finally, the technical team has been significantly expanded. The tech team will focus on cryptographic theory and technology, network and information system security, and other areas to ensure Multichain systems are constantly running at a high level.
Twitter Q5 — @Shakila09715551: What will the DAO governance structure look like for your project?
Multichain Mandy: The governance of MultiDAO is decentralized, relying on the actual voice of the community rather than centralized persons or organizations. The veMULTI voting system for multiDAO will also go live in Q3, where veMULTI holders will be further involved in the Multichain governance.
Telegram Quiz Part
ThunderCore Host: Thank you everyone for submitting your amazing questions to us on Twitter and thanks to Mandy for answering them!
Here comes the last part of our AMA to get random airdrops. Here are some simple questions from Multichain that you can fill in the quiz for 5 minutes, and 5 winners will be randomly selected among all participants with fastest and all correct answers to share the rest of the MULTI token rewards. You can easily find the answers to the quiz if you followed our today’s AMA carefully, good luck!
ThunderCore Host: Time’s up!
ThunderCore Host: Congrats to the guys who answered correctly, you guys are incredible!! Winners will be announced soon, and Rewards will be distributed within 7 working days.
On behalf of the ThunderCore team and our community, great thanks to Mandy for joining us! To celebrate our cooperation, we will also have an AMA in Multichain Telegram tomorrow at 19:00 PM (UTC+8), June 22 and start a big Twitter Giveaway from June 23, 2022! Please stay tuned to our channel @ThunderCore_Announcements! Great thanks again!
*Please note that all the services mentioned above may not be available or may be subject to certain restrictions in certain countries or regions. It’s recommended to check your local regulations and be fully aware of it before participating.
About ThunderCore
ThunderCore is a secure, high-performance, EVM-compatible and eco-friendly public blockchain with its own native currency, TT. With a breakthrough consensus protocol that overcomes the scalability “trilemma” called PaLa, the ThunderCore network offers 4,000+ TPS, 1 second confirmation times, and low gas fees that cost less than a fraction of a cent, giving decentralized applications security and scalability.
Currently, ThunderCore has an international user base that spans across more than 100 countries.
