AnyswapPrice

(ANY)

Anyswap, launched in July 2020, was a decentralized cross-chain swap protocol designed to facilitate seamless transfers and exchanges of tokens across various blockchain networks. Its primary function aimed to solve interoperability and liquidity issues within the decentralized finance (DeFi) ecosystem. It enabled users to swap assets between different chains supporting ECDSA or EdDSA signature algorithms, including Ethereum, LBank Smart Chain, Fantom, Polygon, and Fusion, thereby connecting disparate blockchain environments and enhancing asset fluidity across the Web3 landscape.

Anyswap rebranded to Multichain in October 2021 to signify an expanded vision beyond simple token swaps. This evolution reflected its ambition to become a comprehensive cross-chain router protocol for the broader Web3 space. Multichain aimed to establish itself as core infrastructure for arbitrary cross-chain interactions, encompassing the interoperability of tokens, NFTs, and general data across diverse blockchain networks. The rebranding underscored a strategic shift towards providing a more generalized and robust solution for blockchain connectivity.

The ANY token served as Anyswap's native governance token, initially on the Fusion blockchain. Its utility included empowering holders to vote on system administrators, Anyswap Working Nodes (AWN), and propose critical system changes, like which currencies to feature on the Anyswap DEX. ANY also incentivized liquidity providers and stakers on the Fusion platform, and was distributed as rewards to nodes, providers, and traders. Post-rebranding, the MULTI token replaced ANY as the governance token at a 1:1 conversion rate, maintaining similar governance functions.

Anyswap leveraged Fusion's Decentralized Control Rights Management (DCRM) technology, which involved private key sharding. This method split a private key into multiple parts, managed by various network nodes, ensuring these parts were never combined during transfers or trading, thus enhancing security. Additionally, its smart contracts were open-source and regularly audited by firms like Slow Mist. Multichain later incorporated a Multi-party Computation (MPC) model to further secure the processing of cross-chain bridging and smart contract methods, aiming for robust transactional integrity.

Yes, both Anyswap and its rebranded form, Multichain, faced notable security breaches. Anyswap initially suffered an $8 million hack. Later, in 2023, Multichain endured a major exploit stemming from a critical vulnerability in its router V3 implementation on the LBank Smart Chain. This incident led to the loss of millions of dollars, as an attacker exploited a recurring value to calculate a private key and gain unauthorized access. These events highlighted significant security challenges and vulnerabilities inherent in cross-chain protocols.

As of early 2024, Anyswap (Multichain) is no longer operational. Its operations were disrupted and ultimately ceased in 2023 following the arrest of its CEO, Zhaojun, and subsequent exploits that drained funds. While former engineers reportedly attempted to launch a "Value Router" project, the original Multichain project's future remains uncertain. LBank also delisted MULTI, the rebranded ANY token, in early 2024 due to it no longer meeting their listing criteria, signifying the definitive end of its active presence in the Web3 ecosystem.