Multichain

About Multichain (MULTI)

Multichain (MULTI) is the governance token of Multichain, a cross-chain bridge and router protocol that began as Anyswap in 2020 and let users move tokens between dozens of blockchains. In July 2023 the project announced that it was ceasing operations, following the detention of its CEO and large unexplained outflows from its bridges. It matters today mainly as a reference case for the risks of cross-chain bridges and of infrastructure that depends on a small group of key holders.

What Is Multichain?

Multichain's documentation describes it as "the ultimate Router for web3," an "infrastructure developed for arbitrary cross-chain interactions." At the time the docs were written, it supported 26 chains. Users locked tokens on one chain and received wrapped versions on another, or swapped between existing tokens on different chains through liquidity pools.

MULTI is the protocol's governance token. On Ethereum it lives at 0x65ef703f5594d2573eb71aaf55bc0cb548492df4, and it was also deployed on chains such as BNB Chain, Polygon, Avalanche, Arbitrum, Fantom and Moonriver.

Who Founded Multichain? (History)

• 2020: the protocol launched as Anyswap, a cross-chain swap protocol with DEX trading and liquidity mining.
• Rebrand: Anyswap was repositioned as Multichain, and the ANY token was converted to MULTI at a fixed 1:1 ratio, according to the governance token page of the docs.
• May 21, 2023: according to CoinDesk's report of Multichain's statement, the CEO, known as Zhaojun, was taken away by Chinese police and lost contact with the team.
• July 6 to 7, 2023: CoinDesk reported unannounced outflows exceeding $130 million from several of Multichain's bridges. Multichain's statement, as reported by CoinDesk, said unauthorized logins from a Kunming IP address were found on its cloud servers, followed by transfers from its MPC addresses.
• July 14, 2023: Multichain announced it was ceasing operations "due to lack of alternative sources of information and corresponding operational funds," as quoted by CoinDesk. The same report said the team stated that the CEO's sister had also been taken into custody.

These accounts come from the project's own statements as reported by the press; we do not characterize them further.

How Multichain Works

The docs describe two services built on a network of Secure Multi-Party Computation (SMPC) nodes. These nodes "exist separately from any blockchain and collectively sign transactions," and each only ever knows part of the signing key.

1. Bridge An asset is locked in an MPC-controlled contract on the source chain, and a wrapped version is minted on the target chain.

2. Router The router can move assets between any two or more chains and can work with existing native tokens by using liquidity pools on each side.

The design depends on the MPC node set remaining independent and operational. Multichain's own July 2023 statement said that funds and server access sat with its CEO, which shows how concentrated that control was in practice.

Key Ecosystem Components

• SMPC node network: the signers that authorize cross-chain transfers.
• Bridge and Router contracts: deployed on each supported chain.
• Wrapped "any" tokens: bridged representations of assets on destination chains.
• MULTI token: governance.
• Explorer: the protocol ran its own transaction explorer at anyswap.net; the MULTI contract can be inspected on Etherscan.
• Code: repositories are published at github.com/anyswap.

MULTI Token Utility

According to the governance token page, MULTI "is the governance token used to allow MULTI token holders to vote and participate in governance." The total supply was set at 100 million, matching ANY's 100 million supply. At the time of the ANY-to-MULTI swap the docs said 81.36% of supply was uncirculated and locked in smart contracts, with its use to be determined by the DAO, and that ANY's buyback-and-burn model would be upgraded to a veMULTI model. Our own on-chain read in September 2026 (an inference from the chain) returned a total supply of 100 million MULTI on the Ethereum contract, consistent with the documented figure.

What Makes Multichain Unique?

At its peak Multichain was one of the broadest bridges by chain coverage, and its router model let projects make their own tokens cross-chain without creating separate wrapped versions for each route. Many smaller chains relied on it as their main bridge.

How Multichain Differs from Similar Chains

Multichain is a bridge protocol, not a chain. Among comparable bridges:

• Stargate Finance uses LayerZero messaging with unified liquidity pools.
• Wormhole uses a guardian network to attest to messages between chains.
• Axelar runs its own proof-of-stake network for cross-chain messaging.
• Celer Network and Synapse offer liquidity-based bridging with their own validator or messaging layers.

Multichain's SMPC model placed trust in a relatively small, off-chain set of signers, and the project's own 2023 statements describe that control as concentrated with one individual.

Use Cases of Multichain

Historically, Multichain was used to move stablecoins and other tokens between chains, to bridge native assets to smaller networks, and by projects wanting their tokens available on many chains. Because the project announced it had ceased operations in July 2023, users should not assume any of these services still work.

How Multichain Is Secured

Security depended on the SMPC signer set and the contracts on each chain. The events of 2023 as described in Multichain's own statements (server access tied to one individual and transfers from MPC addresses) show that the practical security of the system rested on operational control of those keys.

Risks and Considerations

• Operations ceased: the project announced in July 2023 that it had stopped operating.
• Wrapped assets: bridged tokens depend on backing held by the bridge; if that backing is gone, the wrapped tokens may not be redeemable.
• Governance value: MULTI's governance role has little meaning without an operating protocol.
• Website availability: when we checked in September 2026, multichain.org returned an HTTP 522 error (origin unreachable), while the docs site still loaded.
• Liquidity: trading venues for MULTI may be limited; check before trading.

Why Multichain Matters

Multichain is one of the clearest lessons in crypto infrastructure risk: a protocol serving many chains can fail through off-chain key custody rather than a smart contract bug. It is often cited when evaluating how decentralized a bridge's signer set really is.

Where Can You Buy Multichain?

Some venues may still list MULTI, but availability has changed since 2023. Check whether an exchange currently supports deposits, withdrawals and trading of MULTI before sending funds, and verify the contract address for the chain you use.

Storage Options After Purchase

MULTI is an ERC-20 token on Ethereum and a standard token on other EVM chains, so it can be held in EVM wallets such as MetaMask or a hardware wallet like Ledger. Add it by contract address on the correct network.

Related Coins

• Stargate Finance (STG)
• Wormhole (W)
• Axelar (AXL)
• Celer Network (CELR)
• Synapse (SYN)