SINGAPORE, March 22, 2022 /PRNewswire/ -- Multichain has partnered with the Conflux Network to release Co-Mint - A radical bridge solution to unify blockchain bridges, promote decentralization and efficient use of liquidity.
What is Co-Mint
A revolutionary tool that allows multiple bridges to co-mint the same assets. That means one bridge will be truly compatible with other bridges. Multichain has had this function since 2021, cross chain token deployment as can clearly be seen in this tech guide. More importantly, the ownership is transferable to any bridge contracts.
Why does Multichain initiate Co-Mint
There are an increasing number of cross chain bridges present in the market today. It resolves the interoperability problems, however on the other side, it results in liquidity fragmentation as most bridges are incompatible to each other. The goal of the Co-Mint bridge is to act as the mediator to unify between multiple bridges and better promote the blockchain network and ecosystem. Multichain has always followed the path of openness and decentralization. And to embrace this better, we have launched Co-Mint with Conflux.
What problem does Co-Mint solve
- Security: Multiple minter bridge is a failsafe solution. 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, Co-Mint makes it possible for other bridges to take it from here.
- Liquidity Fragmentation: Before, multiple bridges that bridge the asset to a blockchain are almost always not interoperable (for example - there are separate bridges for the same USD-backed stablecoin like anyUSDC, ceUSDC, nUSD, and madUSDC). However, with Co-Mint, every bridge will mint the same asset. Thus, liquidity fragmentations will be eliminated. When DEXs will access one common liquidity pool, it will definitely boost capital efficiency, price stability, and a better user experience.
- 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.
- Total supply: Co-Mint can help a fixed supply asset go cross-chain without changing the total supply.
- Ownership: Who should own the bridge contracts? Co-Mint can always transfer the ownership to the most efficient bridge contract.
The Multichain team has been the pioneer of decentralized bridging solutions. When Multichain launched the Router, it quickly became indispensable and so too now with Co-Mint.
Today, we are thrilled to launch the first-ever iteration of Co-Mint with Conflux. We are also working on it with Paraswap. We look forward to having more protocols and bridges to team up with Multichain and take the next step towards a universally interoperable multi-chain future!
About multichain:
Multichain, born as Anyswap on the 20th July 2020, is positioned as a decentralized Cross-Chain Router Protocol (CRP), an infrastructure supporting multi-chain ecosystem. Multichain envisions to be the ultimate router for web3.
Multichain is now the leader in the cross-chain field with a rapidly expanding ecosystem. It currently supports 40 chains and has deployed bridges for over 1,700 tokens. It has sustained daily trade volume of more than $300 million and Total Value Locked in excess of $8.6 billion. Nearly 10,000 daily users are testament to its popularity and security.
SOURCE Multichain
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