Co-Mint — Multichain’s Universal Cross-chain Bridge
Welcome to the Co-Mint — a new epoch in the evolution of cross-chain multiple minter bridging has dawned
Just as dinosaurs gave way to mammals, you cannot stop evolution. The ability to co-mint tokens is here.
When Multichain launched the Router, it quickly became indispensable and so too now with Co-Mint.
Multichain has always followed the path of openness and decentralization. And to embrace this better, we have launched Co-Mint with Conflux.
What is it?
- Co-Mint is a powerful symbol of decentralization. It allows multiple bridges to co-mint the same assets. That means one bridge will be truly compatible with other bridges.
- We have had this function since 2021, cross chain token deployment as can clearly be seen in this tech guide.
What problem does it solve?
- Security: the owner can always set a cap for how much a bridge can mint. If a bridge is hacked and was authorized to mint a maximum number of 1 million, then only a maximum of 1 million will be gone. And if one bridge is compromised, you can always use another bridge to swap the same asset as an alternative.
- Liquidity: Every bridge mints its own tokens, leading to liquidity fragmentations in every dex. However, with Co-Mint, every bridge will mint the same asset. Thus, liquidity fragmentations will be eliminated.
- Confusions: ceUSDC, nUSD, madUSDC…Are you tired of all those names? With Co-Mint, those names can share a joint name to reduce confusion.
- Total supply: Co-Mint can help a fixed supply asset go cross-chain without changing the total supply.
- Low-cost: You can choose to bridge using a reasonably priced protocol since they all mint the same assets with Co-Mint.
- Anti-monopoly: Co-Mint can facilitate all bridges to work together. If you have a terrible UX with a certain bridge, you can always choose another one.
- Ownership: And who should own the bridge contracts? Well we can transfer ownership of the Co-Mint bridge contract to whoever is best placed to administer it. Let’s enable competition on security, price and UX alone.
Apart from Conflux, we have worked with Paraswap on Co-mint as well, and more Dapps are joining the initiative. We welcome anyone who wants to be part of this decentralization initiative to make cross-chain bridging a better place.
Multichain was born as Anyswap on the 20th July 2020 to service the clear needs of different and diverse blockchains to communicate with each other. Multichain is now the leader in the cross-chain field, with a rapidly expanding family of chains (currently 39) and bridges (currently 1781). Its sustained daily volume of more than $200 million, its Total Value Locked in excess of $6 billion and its thousands of daily users are testament to its popularity and security.