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1. What is Multibit?
Multibit is a cross chain project that allows users to easily convert BRC-20 standard tokens on Bitcoin to ERC-20 tokens on EVM chains such as Ethereum, BNB Chain.
By connecting ERC20 tokens to BRC20 tokens, Multibit enhances the liquidity of BRC20 tokens and promotes the growth of the Bitcoin ecosystem .
2. Multibit products
2.1. Bridge
Users can bridge assets back and forth between blockchains from Bitcoin back and forth to Ethereum, Core Dao, BNB Samrt Chain, Solana and Polygon via Multibit bridge.
The process to convert users' BRC-20 tokens to ERC-20 will be as follows:
- Step 1: User deposits BRC-20 tokens to the unique wallet address provided by Multibit . The platform will verify token bridge transactions and require users to enter their Bitcoin wallet address to use for transferring tokens back.
- Step 2: After successful verification, Multibit will generate an equivalent number of ERC-20 tokens on EVM chains such as Ethereum or BNB Chain. An equivalent number of BRC-20 tokens will be held in Multibit's wallet to serve the transfer from the EVM chain to the Bitcoin network.
- Step 3: When creating an ERC-20 token, the transaction will require the user's signature. After completing the signature, users can generate tokens on the EVM chain.
2.2. Staking
This feature allows users to stake $MUBI tokens to earn additional rewards.
2.3. AMM
MultiBit's Ordinals Automated Market Maker (OAMM) is a decentralized exchange protocol designed for trading BRC20 tokens. Currently Multibit's feature is in the development stage.
2.4. Farm
In addition to staking, users can earn additional profits by providing liquidity on Multibit. Each different pool will have a different APR.
2.5. Bridge NFTs
In addition to transferring tokens between blockchains, Multibit allows users to bridge NFTs between the Bitcoin network and the Ethereum network.
3. Development team
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4. Partners and investors
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5. Tokenomics
5.1. General information
- Token name: Multibit Token
- Token code: MUBI
- Contract:
-Ethereum: 0x38e382f74dfb84608f3c1f10187f6bef5951de93
-BNB Chain: 0x38e382f74dfb84608f3c1f10187f6bef5951de93
-Polygon: 0xb1a91036e4a3c144efed953e0b6cc5f6b98ad256
- Total supply:
5.2. Token feature
MUBI token has the following features:
- Staking and farming: MUBI token holders can participate in staking and farming activities on the platform to earn profits from other BRC-20 tokens.
- Liquidity provision: MUBI is used as a reward to provide liquidity to the platform. MUBI token holders can contribute to liquidity provision and receive corresponding rewards.
- Project governance: MUBI token holders can participate in project governance. This means that they have the right to participate in decisions and influence important decisions related to the project.
5.3. Where to trade Mubi tokens?
Mubi can be bought and sold on cex exchanges such as OrangeX, Gate.io , Bitget, Mexc Lbank, BingX, Bitmart, Kuboin, Woo X and on DEX Uniswap V3.
6. Development roadmap
Q1/2024:
- Multibit focuses on improving the user interface to increase user experience.
- Multibit links to more DeFi protocols and allows users to leverage token bridges to perform activities such as swaps, lending, farming, etc.
Q2/2024
- Multibit expands partnerships with other blockchain projects, exchanges, and DeFi platforms to expand liquidity reach and increase cross-token interoperability.
7. Communication channels
8. Conclusion
The project aims to provide a safe, efficient, and seamless cross-network switching experience for users. Multibit combines the strong liquidity of Bitcoin with the programmable flexibility of EVM networks. In the project's development roadmap, there are many highly anticipated products that bring the defi breeze to the Bitcoin network.
Above is all the information about the Multibit project that Theblock101 wants to provide to you. Hopefully through the above article, readers will have more perspectives on this project.
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