The Anyswap blockchain is set to create a new type of financial ecosystem that bridges the gap between traditional and crypto worlds. This innovative project aims to provide users with a quick, easy way to exchange fiat for digital assets.

The “bartolomeo de vitis” is a cryptocurrency that has been rebranded from the “Anyswap”. The goal of this currency is to bridge the gap between traditional and decentralized currencies.

Anyswap announced a rebranding as Multichain on December 16, signifying a shift in emphasis from asset cross-chain solutions to multi-chain asset interaction technologies. In a nutshell, Anyswap (now known as Multichain) aspires to be the ideal Web 3.0 router. 

According to the most recent statistics from Footprint Analytics, Multichain’s TVL increased by 273 percent from $1.5 billion on October 6 to $5.6 billion on October 11. The Multichain’s stability is tied to the market size of blockchains, creating a massive cross-chain market for assets to be transferred interoperably across multiple blockchains. With TVL currently stable above $4.5-4.8 billion, the Multichain’s stability is tied to the market size of blockchains, creating a huge cross-chain market for assets to be transferred interoperably across multiple blockchains.

Footprint Analytics: Will the rebranded Anyswap be the next Web 3.0 bridge?Anyswap TVL by Chain Footprint Analysis

Anyswap & Multichain: An Overview

Until February 2021, Anyswap employed the AMM method to offer cross-chain trading of most major tokens, but the trading functionality was withdrawn to concentrate on asset cross-chain solutions with Fantom, Polygon, xDAI, Avalanche, and other projects. Cross-chaining of Terra stablecoin UST between Terra and the Fantom mainnet will be supported by Avalanche and other projects.

Multichain’s TVL is now ranked 15th on the web, with 27 on-chain assets and 1,197 Tokens, making it the market leader in cross-chain bridges. The improved Multichain has a strong basis thanks to a number of improvements and modifications.

Footprint Analytics: Will the rebranded Anyswap be the next Web 3.0 bridge?Multichain, Multichain, Multichain, Multichain, Multichain, Multichain, Multi

 

Footprint Analytics: Will the rebranded Anyswap be the next Web 3.0 bridge?Top 20 Protocols TVL Ranking based on Footprint Analytics

Why did Anyswap change its name to Multichain?

Anyswap’s status as a third-party developer and independent operator of the same technology was endangered as the number of official cross-chain bridges provided by various blockchains grew.   

The project, now known as Multichain, intends to become the ultimate router for Web 3.0, an architecture designed for arbitrary cross-chain transactions, allowing tokens, NFTs, and common data to be exchanged across chains swiftly, securely, and affordably. Multichain has the following features:

  • Models such as non-custodial and MPC (Multi-Party Secure Computing). On other chains, MPC handles Multichain cross-chain bridge and smart contract approaches.
  • Swap with No-Slippage. Users may make 0 slippage transfers and avoid the hidden costs connected with AMM thanks to Multichain’s 1:1 swap.
  • Router with many chains. Users may effortlessly switch between any two chains using Multichain Router. It lowers costs and simplifies operations, making it simpler to move across chains.

From ANY to MULTI, the token changes. 

ANY is the token used by Anyswap, which has a current circulating quantity of 18.64 million and a maximum supply of 100 million. 

ANY’s early use cases were limited to that of a governance token.

  • In the supported mainnet, voting is utilized to choose whether or not to access it.
  • Anyswap worker nodes are rewarded for providing reliable and secure cross-chain services.
  • Previously, it was used to vote on governance norms.

ANY’s governance applications, on the other hand, suffer since the protocol concentrates on the asset cross-chain business. 

Anyswap released the first token repurchase and destruction mechanism in June, charging 20% Cross-chain business fees for buybacks and destroying ANY to go into deflationary mode. Following that, ANY was mostly used for pledging and voting in node elections.

Since Anyswap revealed the new method, the price of ANY has risen steadily, climbing from $2.02 on June 20 to a high of $20.50 on December 15, a 915 percent gain, before dipping to $18.94.

ANY’s trading volume has stayed above $15 to $30 million for the previous four months, peaking at $200 million on December 4. Binance introduced Anyswap (ANY) on the same day and enabled trading pairings for ANY/BTC, ANY/BUSD, and ANY/USDT, allowing users to pay ANY as a bridge transaction fee, resulting in a surge in trading activity.

Footprint Analytics: Will the rebranded Anyswap be the next Web 3.0 bridge?ANY Price & Trading Volume Footprint Analytics

ANY’s market capitalization has been steadily increasing since the brand refresh, and it now stands at $327 million. The price of the currency and the number of tokens in circulation and accessible for trading impact market capitalization in the DeFi business, which is largely driven by the price of the coin and the number of tokens in circulation and available for trading.

Footprint Analytics: Will the rebranded Anyswap be the next Web 3.0 bridge?ANY Market Cap Trend Footprint Analytics

Following the brand update, the governance token will be changed from ANY to MULTI, with ANY initiating a 1:1 token exchange through a smart contract. There will be a new token logo as well.

Footprint Analytics: Will the rebranded Anyswap be the next Web 3.0 bridge?Multichain, Multichain, Multichain, Multichain, Multichain, Multichain, Multi

What has changed in the cross-chain experience after the upgrade?

On Dec. 16, the Anyswap team launched a new website called Multichain, which combines the original cross-link bridge and multi-link routing functionalities into a single cross-link interface. 

Assume the user wishes to utilize 12 USDT to cross-link Polygon from BSC.

Prior to the update,

The user needed to understand how Anyswap worked before upgrading so that he or she could select between cross-chain bridge and multi-chain routing. One of the key objectives was to make the procedure as simple as possible.

Footprint Analytics: Will the rebranded Anyswap be the next Web 3.0 bridge?Anyswap interface before the update (screenshot source).

Following the update,

The user may utilize the multi-link routing capability to perform cross-link operations for a cost of 0.9 USDT. Polygon will get 11.1 USDT, and the whole transaction will take less than 5 minutes.

Footprint Analytics: Will the rebranded Anyswap be the next Web 3.0 bridge?

Users can now view the chains that each token supports, as well as the liquidity funds of users across chains to each chain, thanks to an enhancement to the pool function. Ethereum and BSC, the most active blockchains in cryptocurrency, currently have the biggest cross-chain pools.

Users may now quickly obtain cross-chain reference data and assess possible risks and opportunities. Users should also think about how to pick the correct bridge based on a variety of factors such as top TVL and scale, security, high industry awareness, cross-chain timeliness, and gas charge.

In the cross-chain market, multichain is anticipated to play a significant role.

Multichain now provides the following benefits as a result of its rebranding:

  • With additional new chains, a multi-chain asset interaction solution is available.
  • A more pleasant user experience

The transfer of user assets has become an urgent requirement for everyone as the DeFi industry continues to develop.

Footprint Analytics is the source of this report.

What does it mean to have a footprint?

Footprint Analytics is a one-stop shop for analyzing blockchain data and uncovering insights. It cleans and combines on-chain data so that users of any skill level may begin exploring tokens, projects, and protocols right away. Anyone may create their own personalized charts in minutes using over a thousand dashboard templates and a drag-and-drop interface. With Footprint, you can discover blockchain data and invest more wisely.

Posted in: DeFi, Analysis

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