Leading Interoperability Platform Multichain Now Supports Fuse Network
Multichain (formerly Anyswap) has enabled support for the Fuse Network blockchain. The supported tokens currently include FUSE, WETH, USDC and BIFI.
One of the core ideas animating the Fuse project is the commitment to interoperability. We believe that in the future, no single blockchain will be dominant, and that various blockchains will complement each other to enable users to get the most out of the crypto space.
Over the last few months, Fuse has made major steps towards significantly boosting the connectedness with other networks through integrating with multiple major multichain bridge providers. Today, we are announcing an important addition to the list of multichain bridges supporting Fuse Network — the Multichain (formerly Anyswap) platform.
Leading crypto’s pursuit of interoperability
Multichain is currently the most popular bridging platform in the crypto space. The protocol supports more than 1600 tokens, boasts hundreds of millions of dollars in daily transactions and more than 540 thousand users in total. It has the 8th higher total value locked among all the crypto protocols, according to DeFi Llama.
Multichain is designed to support interactions between any kind of chains, including non-EVM compatible ones. Multichain’s bridges rely on secure multiparty computation by SMPC nodes for their functioning. SMPC nodes run outside of any blockchain to collectively sign transfers via a distributed key generation algorithm.
Multichain supports both mint-and-burn and liquidity-enabled bridges. The former function by locking the transferred amount of a token on the starting chain and minting the same amount of the relevant token’s version (wrapper) on the destination chain. When an amount of the token is bridged back to the original chain, the same amount of the wrapper token is burned. Hence, mint-and-burn.
Liquidity-enabled bridges require routers to make sure that when the transferred tokens are locked on the starting chain, an equal amount of the wrapper token is available on the destination chain. This design is usually used when a certain wrapper on the target chain is preferred or when an attempt is made to have just one wrapper.
How Fuse integrates Multichain
Fuse Network has been added to the list of the Multichain-supported blockchains. Multichain has already enabled transfers for Fuse’s native FUSE token between the Fuse Network blockchain and Ethereum, BNB Chain (formerly Binance Smart Chain) and Polygon. WETH and USDC transfers via Multichain are available between Fuse Network and Ethereum. Beefy Finance’s BIFI token can be bridged to and from almost all the networks that Multichain supports.
As Multichain is a highly popular bridge operator officially used by many projects, especially in the decentralized finance (DeFi) space, Fuse’s integration with Multichain is a major boost for our platform’s interoperability with the wider blockchain space. As Multichain is also a preferred bridge operator for many major crypto projects, it will now be easier to extend them to the Fuse Network blockchain.
