MultibitPrice

(MUBI)

MultiBit (MUBI) is a specialized dual-sided bridge created to enable the smooth transfer of BRC-20 tokens from the Bitcoin network to EVM-compatible chains like Ethereum, BNB Chain, and Polygon. It primarily addresses the liquidity challenges faced by Bitcoin-based tokens. By bridging these assets to EVM networks, MultiBit allows users to participate in the broader Decentralized Finance (DeFi) ecosystem, enabling them to use Bitcoin-native tokens for activities like lending, borrowing, and yield farming that were previously unavailable.

The MUBI token serves three essential roles: governance, staking, and platform fees. Holders can participate in governance by voting on protocol upgrades and the inclusion of new token listings. Users can also stake their MUBI tokens on the platform to earn rewards, which helps secure the network. Additionally, MUBI is used to cover transaction fees within the ecosystem. The token's distribution is notable, as a vast majority of the total supply is already in circulation, minimizing the impact of future supply releases.

The bridging process involves a clear, three-step sequence. First, a user sends their BRC-20 tokens from a Bitcoin wallet to a dedicated address provided by the MultiBit protocol. Second, the platform verifies this transaction on the Bitcoin network to ensure accuracy. Finally, once confirmed, equivalent tokens are minted on the target EVM chain and delivered to the user's EVM-compatible wallet. Because this process relies on the Bitcoin network for confirmation, transfers typically take between 20 and 60 minutes depending on network congestion.

Yes, MultiBit has expanded its utility beyond fungible tokens with the introduction of an NFT Bridge. This feature allows users to transfer Bitcoin Ordinals (NFTs) directly to the Ethereum network. By moving these digital collectibles to EVM chains, users can access established NFT marketplaces and integrate their Bitcoin-native assets into the wider Ethereum NFT ecosystem. This provides Bitcoin Ordinals with increased visibility and access to more sophisticated trading and display tools available on EVM networks.

Security is a high priority for MultiBit, which utilizes several layers of protection to safeguard bridged assets. The protocol uses multisig cold wallets for asset storage and features an approval-based withdrawal system designed to block unauthorized or automated fund drains. To verify the robustness of its smart contracts, MultiBit has collaborated with security experts such as MoveBit for technical audits. These protocols are essential for maintaining the safety of the bridge and ensuring user confidence when moving assets between different blockchain networks.

The MultiBit roadmap focuses on expanding cross-chain compatibility and enhancing decentralized trading features. Future plans include adding support for additional blockchains like Solana and Cosmos to increase the reach of Bitcoin-native assets. Furthermore, the protocol is working on an Ordinals Automated Market Maker (OAMM) to facilitate decentralized trading directly within its ecosystem. Other improvements include refining the user interface to make bridging more accessible and efficient for the growing community of users interacting with Bitcoin and EVM ecosystems.