Multichain
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Multichain

veMULTI Proposal — Stake $MULTI, Get Multichain Fees Rewards

Multichain (formerly Anyswap) used to offer a ‘buyback’ program, which ended last year with two rounds of ANY token buyback. The total amount of ANY burnt was 276,027.4 (160,485.25 + 115,542.15), which accounted for 20% of the bridge fees. Following the rebranding to Multichain, the governance token was converted from ANY to MULTI, and Multichain was also formally transformed into a DAO, with the DAO community having the capacity to make decisions. As seen by Telegram polls in our Multichain DAO, the veMULTI proposal was discussed and presented by a large number of community members. To foster the long-term growth of multiDAO, we launched the veMULTI proposal. Future proposals will be made through veMULTI governance voting.

With the exception of the 10% bridge fees for the purpose of the Safety Fund, 50% of the remaining bridge fees will be distributed as incentives and dispersed every quarter in USD. This proportion of bridge fees from Q1 2022 will be distributed in Q2 2022 as rewards.

  • Q1 Multichain bridge fees: $10,807,780.81
  • Q1 Multichain bridge cost (gas fee): $2,136,725.16
  • veMULTI Distribution: $ 3,901,975.04 ($8,671,055.65*0.9/2)

MULTI staking and rewards will be implemented by veMULTI contract.

How does it work?

Anyone who stakes MULTI will receive a veNFT of veMULTI, the power of which is determined by the MULTI amount and the locking duration. Calculation formula is as follows:

  • v: the number of locked MULTI
  • T: the time that you stop locking
  • t: current time
  • maxtime: maximum lockout duration, which is a fixed value of 4 years

When there are n users who finish locking, the overall Power value of the total locked MULTI is calculated as:

The share of each user’s Power is the ratio of the individual veMULTI’s power value to the total veMULTI’s. The formula is as follows:

How much reward can you get?
For example

  • Total distribution rewards of Q1 2022 — $3,901,975.04
  • MULTI circulating supply — 18,639,320
  • MULTI price — $16 (Five-day average price starting from Apr 2)
  • Average locking duration — 2 years

The reward of per 1000 MULTI staked is as follows

When will MULTI staking and veMULTI officially be launched?
It will be launched shortly after code audit. Stay tuned, it won’t be long.

Credits

Curve Finance & Michael Egorov for their ve design

Solidly Exchange & Andre Cronje for the veNFT design

About Multichain

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 41) and tokens (currently 1887). Its sustained daily volume of more than $100 million, its Total Value Locked in excess of $6 billion and its thousands of daily users are testament to its popularity and security.

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