Curve released cross-chain gauges empowered by Multichain's anyCall

Pushing the boundaries of multi-chain universe

SINGAPORE, April 19, 2022 /PRNewswire/ -- Curve and Multichain revealed the first use case of Multichain's V4 product anyCall. anyCall, recently launched by Multichain, is a generic cross-chain messaging protocol, which can send cross-chain messages and call contracts from chain A to chain B. With anyCall, Curve developed a unified CRV rewards mechanism, allowing Curve to create gauges on other chains. Now veCRV holders can vote for them to assign CRV to them and then the stakers on respective chains would receive it.

What problem does Curve cross-chain gauges solve?

Ethereum L1 is the main chain where veCRV exists and governance happens, however, it's inevitable that Curve expands on other EVM compatible chains as Ethereum remains expensive to use and out of reach for many users discovering the wonderful world of DeFi. Now Curve is deployed on Fantom and Polygon with other chains planned. One issue with this is that finding deep enough liquidity without a new token or rewards can be difficult for Curve when a lot of protocols can offer high APYs as they launch and begin their emission schedule. To address this issue, Curve initiated and passed the proposal of "cross-chain gauges".

How does Curve leverage anyCall to make this happen?

With anyCall, Curve can assign CRV rewards for veCRV holders more efficiently than ever. Before, liquidity pools on different chains were fragmented and Curve had to calculate and assign rewards separately. Under cross-chain gauges, CRV rewards are determined by the aggregate number of liquidity pools on multiple chains. There's no need to pre-allocate rewards on different chains.

Let's put it more specifically:

In terms of CRV rewards, Curve deployed the Root Liquidity Gauge and Child Liquidity Gauge contracts on Ethereum and Fantom respectively, to keep track of the liquidity.

1. Liquidity providers claim CRV rewards on Fantom and make a request to the Fantom Child Liquidity Gauge contract.
2. Child Liquidity Gauge contract calculates the user's Power value and liquidity pool on Fantom, and then submits cross-chain requests by calling the anyCall API on Fantom.
3. anyCall sends "messages" to the API contract deployed on Ethereum, by which to call the Root Liquidity Gauge contract deployed on Ethereum to deliver the requests and related Power data.
4. The Root Liquidity Gauge contract receives the 'message' and calculates the rewards. Meanwhile, the Root Liquidity Gauge calls the CRV mint contract to mint CRV.
5. Minted CRV cross back to Fantom and transfer to the Child Liquidity Gauge contract.
6. The Child Liquidity Gauge contract sends rewards to users.

With anyCall, we have unlimited possibilities for cross-chain Dapps. Click here to learn more about how anyCall will revolutionize cross chain interoperability.

About Curve

Curve is DeFi's leading AMM, (Automated Market Maker). Hundreds of liquidity pools have been launched through Curve's factory and incentivized by Curve's DAO. Users rely on Curve's proprietary formulas to provide high liquidity, low slippage, and low fee transactions among ERC-20 tokens.

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. The solutions developed by Multichain allow almost all blockchains to inter-operate. With the launch of anyCall, a generic cross-chain messaging protocol, Multichain takes cross-chain interoperability to the next level.

SOURCE Multichain