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Home > News > Altcoin
Published: 05/04/2024
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Author: Kane
What is MultiBit? Information about MUBI Token
The surge of BRC-20 has sparked a new investment appetite among traders, likely emerging as the main trend of 2024 coinciding with the Bitcoin Halving. Multibit (MUBI) will play a crucial role in this trend. So, what is Multibit? Is investing in MUBI Token worthwhile? Let's find out!
Azcnews Breaking
Table of Contents
What is MultiBit?
Multibit (MUBI) is a cross-chain solution that enables users to move BRC-20 tokens on Bitcoin to ERC-20 tokens on EVM chains such as Ethereum, BNB Chain, etc., effectively. The goal of Multibit is to enhance the liquidity of BRC-20 tokens while fostering the development of the entire Bitcoin ecosystem.
What is MultiBit
What is MultiBit
With Multibit, the process of cross-chain token transfer from BRC-20 to ERC-20 becomes straightforward and is no longer limited by separate blockchain ecosystems. In addition to cross-chain capabilities, Multibit also develops various products to serve the goal of developing the Bitcoin ecosystem, such as Swap, Staking, Farming, etc.
How does MultiBit work?
Cross-chain process
The process of transferring BRC-20 tokens to ERC-20 tokens by users will proceed as follows:
Deposit BRC-20 tokens: Users will deposit BRC-20 tokens into a unique wallet address provided by Multibit. Multibit will verify these token transfer transactions. Users need to provide their Bitcoin wallet for use in case of token transfer back.
Mint ERC-20 tokens: After successful verification, Multibit will mint an equivalent amount of ERC-20 tokens on EVM chains such as Ethereum or BNB Chain. The equivalent amount of BRC-20 tokens will be held in Multibit’s wallet for transferring tokens from EVM chains back to the Bitcoin network.
Transaction signing: When minting ERC-20 tokens, the transaction will require the user’s signature. After signing, they will be able to receive ERC-20 tokens on EVM chains.
Work
Work
The process of transferring ERC-20 tokens back to BRC-20 tokens proceeds as follows:
Enter quantity and fee: Users will enter the quantity of ERC-20 tokens to be transferred to BRC-20 tokens, along with a certain fee.
Burn ERC-20 tokens and transfer back to Multibit wallet: Users will sign the transaction, and the quantity of ERC-20 tokens will be burned on EVM chains. Information will be sent to the wallet managed by Multibit, with the previously stored amount of BRC-20 tokens.
Transfer BRC-20 tokens back to Bitcoin wallet: BRC-20 tokens from Multibit’s wallet will be transferred back to the Bitcoin wallet provided by the user, and they will receive the tokens back.
Multibit Ordinals AMM
Multibit Ordinals AMM (OAMM) is a decentralized exchange (DEX) specifically for trading ORDI tokens. This platform applies the principles of Automated Market Maker (AMM) to ensure liquidity, allowing users to efficiently and easily exchange ORDI tokens with other tokens.
With OAMM, users can:
Participate in liquidity providing and earn profits from transaction fees.
Execute ORDI token exchange transactions with other tokens quickly and easily.
Monitor the value and volume of transactions on the platform.
Manage and track their liquidity position.
OAMM uses advanced AMM algorithms to ensure fairness, transparency, and efficiency for all users participating. This platform contributes to enhancing liquidity and circulation of ORDI tokens in the Multibit ecosystem.
What are the features of MultiBit?
Bridge
Bridge
Bridge: This is the main feature of MUBI, allowing users to convert BRC-20 tokens (on Bitcoin) to ERC-20 tokens (on EVM chains such as Ethereum, BNB Chain, Polygon). Currently, MUBI supports 3 major EVM chains.
Staking: Users can stake BRC-20 tokens on the MUBI ecosystem to receive rewards in various BRC-20 and ERC-20 tokens, with a flexible APR depending on the timing.
Farm: This is an important feature, allowing users to provide liquidity (LP) to pools to earn profits, similar to DeFi. However, this feature is still under development.
Swap: Users can swap BRC-20 tokens with each other through the MUBI DEX Ordinals AMM (OAMM), with low transaction fees. This feature has not been launched yet.
MUBI is actively developing these features to become a comprehensive DeFi ecosystem dedicated to Bitcoin and BRC-20 tokens. In addition to Multibit, the Bitcoin ecosystem also has other strong development projects, especially Merlinchain.
Related: What is Merlin Chain? Information about MERL Token?
Highlights of MultiBit
Introduction
highlights
Some highlights of Multibit (MUBI) include:
Simple and secure asset conversion experience: Multibit provides a solution to convert BRC-20 tokens on Bitcoin to ERC-20 tokens on EVM chains easily and safely for users.
Expand use cases for BRC-20 tokens: Multibit allows Bitcoin users to access various DeFi solutions, helping them optimize profits with BRC-20 tokens.
Increase liquidity for Bitcoin: Features such as Bridge, Swap, Staking, and Farming of Multibit enhance liquidity for BRC-20 tokens, making it easier for users to buy, sell, and convert between BRC-20 and ERC-20/BEP-20 to adapt better to market changes.
Overall, Multibit plays a crucial role in connecting the Bitcoin ecosystem with EVM chains, opening up many new opportunities for Bitcoin users in the DeFi field.
What is MUBI Token?
After learning about Multibit, let’s learn about the project’s token – MUBI
Basic information about MUBI Token
Token Name: MultiBit
Ticker: MUBI
Blockchain: Bitcoin, Ethereum, BNB Chain, Polygon
Token Contract: Ethereum: 0x38e382f74dfb84608f3c1f10187f6bef5951de93
Total Supply: 1,000,000,000 MUBI
Circulating Supply: Updating
Use cases of MUBI Token
Governance: MUBI token holders have governance rights in the Multibit ecosystem. They can participate in decision-making processes, such as voting for platform upgrade proposals, new token listings, fee structures, and other important decisions. This demonstrates decentralization and community participation in shaping the development of Multibit.
Staking: Users can stake MUBI tokens to receive rewards in various BRC-20 and ERC-20 tokens. Additionally, individuals can stake MUBI to become Validators of the Multibit system, contributing to maintaining and securing the network.
Allocation of MUBI Token
Allocation
Allocation
MUBI Token Release Schedule
Vesting
Vesting
Buying, selling, and storing MUBI Token
Currently, MUBI Token can be traded on various CEX exchanges such as: MEXC, Biget, HTX, Gate, …
Roadmap
November 2023: Token Generation Event (TGE) event: Multibit launches its own token through TGE, providing opportunities for users to participate and purchase tokens.
Q1/2024: Improve interface and user experience: Multibit focuses on improving the interface, making it more direct and user-friendly to enhance the overall experience.
Q1/2024: Integrate more DeFi protocols: Multibit integrates with more DeFi protocols, allowing users to use converted tokens to perform activities such as lending, borrowing, profit farming, and decentralized trading.
Q1-2/2024: Collaboration and alliances: Multibit establishes collaborations and alliances with other blockchain projects, exchanges, and DeFi platforms to expand the scope, increase liquidity options, and promote integration capabilities.
Development Team
Updating
Investors
Updating
Partners
The Multibit ecosystem has seen significant development, integrating with various wallets and different networks.
Ecosystem
Ecosystem
Project information
Website
Twitter
Telegram
Conclusion
Above, we have learned about what Multibit is. However, the decision to invest in Multibit or any other project depends on various factors such as investment goals, risk appetite, personal financial situation, etc.
This article is intended to provide information and knowledge about Multibit and is not specific investment advice. Before making a decision, readers should conduct thorough research, assess risks, and consider carefully.
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#Multibit
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