Introducing MultiBit: Unlocking BRC20 on EVM Networks
What is MultiBit?
MultiBit Bridge offers a secure and efficient bridging mechanism to allow for seamless transfers of tokens between the ETH chain, BNB chain, and BTC network. Bridging ERC20 tokens with BRC20 tokens, the MultiBit Bridge enhances the liquidity of BRC20 tokens and promotes the growth and development of the Bitcoin ecosystem.
With Mutibit, the process of bringing BRC20 tokens to Ethereum becomes efficient and straightforward. No longer bound by the limitations of separate blockchain ecosystems, users can harness the power of Ethereum’s vast network, robust infrastructure, and thriving decentralized finance (DeFi) ecosystem.
Whether you’re a seasoned crypto enthusiast or a budding investor, Mutibit offers a gateway to a world of expanded liquidity, interoperability, and enhanced financial flexibility. Seamlessly migrate your BRC20 tokens to Ethereum, opening doors to diverse investment opportunities, decentralized exchanges, lending platforms, and more.
MultiBit Bridge: Bridging BRC20 to the Ethereum Ecosystem
Token Deposit
The journey begins when you deposit your Bitcoin RC-20 tokens (BRC20s) into a unique address provided by the Multibit Protocol. Multibit verifies the token deposits transactions.
Token Minting
Following a successful verification, the Multibit Protocol gets into action and mints an equivalent amount of tokens on Ethereum or BNB chain.
Security
Periodically, the Multibit Protocol gathers up tokens from all the unique addresses it’s given out. These tokens are securely moved to a unified cold wallet.
Token Withdrawal
When you’re ready to withdraw your tokens, the Multibit Protocol will remove (or “burn”) the corresponding amount of tokens from the EVM chain. It then transfers an equivalent value from the secure cold wallet back to you.
User Experience Overview
Here’s a walkthrough of MultiBit’s current product, showcasing our seamless BRC20 bridging experience. We’ve also been developing new features and capabilities, with exciting updates coming soon, stay tuned
Sign-up/login:
Users can connect a variety of wallets powered by WalletConnect:
Choose Networks:
Users can choose which EVM network they want the BRC20 asset to be bridged to, MultiBit currently supports Ethereum Mainnet and BNB Chain.
BRC20 Bridging to EVM:
1. We’ll provide you with a unique BRC-20 deposit address. Please access your BTC wallet and select the specific quantity of assets you’d like to transfer cross-chain.
2. After you’ve completed the transfer, return to your account to verify the status of your deposit. Upon successful confirmation, you’ll be able to generate your cross-chain ERC-20 assets.
Bridging ERC20 to Bitcoin:
Specify the quantity you wish to withdraw and provide the BRC-20 receiving address where you’d like to receive the BRC20 assets back from EVM networks.
Vision
MultiBit envisions leading the vanguard in cross-chain transfers across the blockchain universe. We are dedicated to ceaseless innovation and technological enhancements, all with the primary goal of providing a secure, efficient, and seamless cross-chain transfer experience for users.
MultiBit interweaves the robust store of value characteristic of Bitcoin with the programmability of Ethereum’s EVM networks. Enhancing Bitcoin’s utility through interoperability, MultiBit aims to enrich the Ethereum ecosystem with a stable, significant assets. Spurring innovation and amplifying the potential of decentralized applications and DeFi. This symbiotic merger holds the promise of creating a vibrant, interconnected blockchain landscape, sparking a new era of growth in the crypto space driven by BRC20s.
