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Multichain has announced its partnership with the NEAR protocol. Through this partnership, Multichain wants to facilitate the use of multi-chain assets and to boost communication between blockchains. This will promote interactions between the NEAR protocol and other leading networks.
Multichain working with the NEAR protocol
Multichain will support the NEAR protocol by enabling it to communicate with other blockchain networks in the sector. NEAR is a protocol that has become highly popular for user-friendly features and tools.
🥳Thrilled to be partnering with @NEARProtocol#Multichain will enable multi-chain assets and communication to easily bridge between NEAR and other networks, and we’ve got more cross chain integrations coming too!
Truly exciting time to work with NEAR toward a multi-chain future! pic.twitter.com/daFbc4kQFZ
— Multichain (Previously Anyswap) (@MultichainOrg) March 1, 2022
The NEAR protocol was developed to enable developers and teams to be incentivized for developing decentralized applications (DApps). The protocol uses the sharding process to boost speed and scalability.
The recent integration with Multichain comes at a critical time, as the NEAR protocol has recorded significant growth over the past few months. NEAR provides scalability despite being a layer one network. It has recorded increased adoption from decentralized finance (DeFi) and NFT projects.
This is not the first time that NEAR is exploring cross-chain solutions. The protocol had earlier collaborated with Allbridge. The latter is a cross-chain solution that works with some leading blockchains, including Solana, Terra and Celo.
As one of the popular blockchain networks in the market, the NEAR protocol will work with the most popular bridge operator, boosting interoperability and bringing top solutions to the many users who operate on the two. The partnership could even boost market awareness for the two networks.
The growth of Multichain
Multichain is a platform that boosts interoperability between different networks. The blockchain system has evolved significantly over the past few years, and the future of this sector is now believed to be interoperability. Through interoperability, different blockchains can work together, boosting convenience for users.
Multichain has been at the forefront of promoting interoperability, and it has worked with some of the leading blockchains in the space. For this reason, it is believed to be at the forefront of changing the future of the entire blockchain space.
The only way the blockchain space can foster increased adoption is if blockchains can find a way to work together. Working together not only works for the benefit of the users, but blockchains can also complement each other and improve their attributes. This is a key factor that can promote the growth of the entire blockchain ecosystem and make it even stronger to stand against external threats.
As mentioned earlier, Multichain is the most popular platform for bridging across different blockchains. The platform has fostered growth, and it can support over 1600 tokens. The daily transactions on Multichain amount to hundreds of millions of dollars. The platform also boasts over 540,000 users.
The Multichain protocol was designed to support blockchains that are incompatible with the Ethereum Virtual Machine (EVM). Non-EVM compatible blockchains are usually disadvantaged when it comes to interoperability, which is where Multichain steps in.
Multichain was developed in July 2020. At the time of creation, it was known as Anyswap. From the very beginning, the objective was to foster communication between different blockchains. Each blockchain network in the space has unique attributes, a dedicated community and a development ecosystem. Each has a set of services that it seeks to provide to its users.
The solutions provided by Multichain allow every blockchain network to interact with another. It is unique from other bridges because it supports liquidity-enabled and mint-and-burn bridges. Mint-and-burn bridges are the most popular in the sector. It functions by allowing a user to lock tokens on the starting chain and then minting an equal number of tokens on the second chain.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.