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Multichain (formerly Anyswap) is a Cross-Chain Router Protocol (CRP) that supports cross-chain interoperability of tokens, NFTs, and general data across multiple chains.

 

How does it work?

Multichain’s cross-chain bridge allows an asset on one chain to be ‘sent’ to another chain. 

Multichain’s cross-chain router enables any assets to be transferred between multiple chains, whether native or created with Multichain’s Bridge.

What tokens and chains does Multichain support?

So far, Multichain has established routing channels between 25 blockchains to realize the free interaction of assets among these ecosystems. Currently, over 1,100 tokens are supported by Multichain.

How to swap with Multichain Router

Multichain users can easily swap assets using router and pool tools and check transaction status via Explorer.

Setup

Visit Multichain and get your wallet connected. In this case, we use MetaMask.

Network setup

When connecting your MetaMask wallet, you will find that the default network setting Ethereum mainnet. This means you will need to set up MetaMask on other networks. 

In this case, we use the BSC network as an example for the setup process.

Network setup

Swap

Multichain router allows you to swap assets between two chains arbitrarily. However, before your first swap on Multichian Exchange, contract approval is required with every token that interacts with a contract. 

Swap

It is a once-off process, and you will not go through it again when it comes to the same token.

Approval

Your transaction is done when status turns into ‘Success’.

Swap between two chains is super-fast using the Multichain router. Chances are that you will receive anytokens when liquidity is insufficient in target chain. For instance, you will receive anyUSDC if there is a lack of liquidity (USDC) in BSC network, but you can redeem anyUSDC to USDC in Multichain pool later on.

A small notification window will appear when you’ve sent a transaction. Check out your MetaMask account.

Complete transaction

Liquidity Removal

In case you receive anytokens (e.g., anyUSDC), don’t worry. First, please wait a while for Multichain pool to rebalance. Then, show how once pool is refilled, you can redeem anyUSDC into USDC.

Remove liquidity

Status Check

check cross-chain transaction status by filling out your MetaMask wallet address on Multichain Explorer.

Multichain Explorer

Final thoughts

With Multichain pool, the process is similar to what we’ve done with ‘swap.’ Contract approval is required for every token that interacts with a contract. 

Multichain has just rebranded from Anyswap and now incorporates many improvements for a better user experience. For example, it now features integrated functions, and users can easily swap assets using router and pool tools and check transaction status via Explorer afterward.

Source: https://blog.educationecosystem.com/multichain-cross-chain-router-protocol-for-web3-0/

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