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Updates of Recently Exposed Centralisation Risk in this Bridging Product


Please note these centralization risk warnings of the Multichain Bridge from the Ethereum Classic DAO team. Additionally the BUSD stablecoin asset was found to be in volation of regulations and has been deprecated by Paxos. The crypto landscape has changed a lot in one year. At the original time of writing, Multichain was the most reputable bridge in the crypto ecosystem and BUSD was the fastest growing stablecoin asset in the space. All of the negative events of the previous years has further reinforced the need for truly decentralized protocols and financial products free from human greed.

May 2023 Update: https://twitter.com/EthClassicDAO/status/1661949980389830656

November 2022 Update: https://twitter.com/EthClassicDAO/status/1591917970850185224

Ethereum Classic added to Multichain Cross-Chain Router Protocol
Ethereum Classic added to Multichain Cross-Chain Router Protocol

Through development efforts on ETCswap by Ethereum Classic DAO, it is with great joy to announce that the Ethereum Classic network has a reputable interoperability solution in Multichain, the leader in cross-chain routing protocols. Multichain's integration with the Ethereum Classic network adds a well-known and heavily audited bridging solution for Ethereum Classic to the greater cryptoverse. Multichain has greater than $5+ Billion in total value locked (TVL) in its cross-chain routing protocol throughout 50+ chains. This Multichain integration provides a smooth transition for meaningful assets to migrate from other chains to Ethereum Classic. The ETCswap protocol removes the requirement of centralized services to exchange meaningful assets with Ethereum Classic's native token Ether (ETC). All of this reinforces the Ethereum Classic networks principles of decentralization and building unstoppable applications.

Guide: How to use Multichain Router (Crosschain)

No Fees on Cross-Chain Transactions

For the benefit of the Ethereum Classic community, Multichain offers no fees on cross-chain transactions to the Ethereum Classic network from the Ethereum and Binance Smart Chains. Most cross-chain transactions complete in under 200 seconds through Multichain's easy to use interface. In the near future, Multichain will continue to connect blockchains to Ethereum Classic to increase interoperability with the greater blockchain ecosystem.

No Fee transactions on Multichain Cross-Chain Router Protocol
No Fee transactions on Multichain Cross-Chain Router Protocol

ETCswap Supports Multichain Assets

ETCswap supports the 28 markets for these Multichain-Pegged assets. Please note, bridged assets through Multichain are listed with the assets traditional ticker symbol but will include "Mulitchain-Peg USDC" in the alt description. This is done to clearly signify that the traded asset is bridged through the Multichain cross-chain router and not natively issued on the Ethereum Classic chain by the token's development team. We expect major stablecoins like Tether USD and USD Coin to natively issue these assets on Ethereum Classic in the future as the network's hashrate continues to rise.

Guide: Using MetaMask with Ethereum Classic

ChainID 56: Binance Smart Chain (BNB)

Bridged Assets through Multichain: BNB, BUSD

Note: these assets are listed with "Multichain-Peg" in their alt descriptions. 2023 Update Note: Paxos has deprecated issuance of BUSD, you should bridge this asset back to its native chain and convert to a different stablecoin.

ChainID 61: Ethereum Classic chain (ETC)

Native Assets: ETC, WETC

Note: Canonical Wrapped ETC is supported in ETCswap and all EthereumClassic.com protocols.

ChainID 1: Ethereum™ Foundation chain (ETH)

Bridged Assets through Multichain: DAI, ETH, USDC, USDT, WBTC

Note: these assets are listed with "Multichain-Peg" in their alt descriptions.

ETCswap Assets
ETCswap Assets

Earn Rewards in ETCswap Liquidity Pools

So what does this all mean for Ethereum Classic participants?

  • To open a path to self-sustainability, the code for ETCswap includes a small protocol reward mechanism of 0.05% and a liquidity provider reward of 0.25%. This feature, including the exact percentage amounts, is hardcoded into the core contracts which remain decentralized and non-upgradable.
  • Ethereum Classic users are financially incentivized to help the network by transferring liquidity over to the Ethereum Classic network for no fee through the Multichain cross-chain routing protocol.
  • This transferred liquidity through Multichain can then be deposited into the decentralized liquidity pools via the ETCswap user interface or its decentralized IPFS user interface. By supplying tokens to ETCswap liquidity pools, users can earn rewards while enabling peer-to-peer trading.
  • Ethereum Classic users then earn real-time rewards on trades executed in the liquidity pools via payment of Liquidity Pool Tokens which are redeemable through these decentralized, on-chain ETCswap markets. Anyone, anywhere, can supply tokens to liquidity pools, trade tokens, or even create and list their own tokens (using Ethereum Classic’s ERC-20 protocol).
  • All of these transactions are executed by audited smart contracts without the need to trust third-party intermediaries, as Multichain and ETCswap are non-custodial protocols with smart contracts verified on-chain and open-source for public and peer review. 2023 Update Note: Custody of bridged assets has been exposed in the Multichain bridge as of November 2022 through the FTX collapse.

Why is this beneficial to Ethereum Classic?

  • This Multichain integration connects the Ethereum Classic network to the greater blockchain space through a non-custodial protocol. This means Ethereum Classic and its ecosystem are no longer dependent on centralized exchange services to interact with other blockchain networks. The Ethereum Classic network finally has a large, reputable on-ramp for liquidity to freely move through without centralized friction points like accounts, custody risk, or unreasonable regulation requirements. 2023 Update Note: Custody of bridged assets has been exposed in the Multichain bridge as of November 2022 through the FTX collapse.
  • Additionally, this Multichain integration benefits the Ethereum Classic ecosystem by building on-chain liquidity pools of meaningful assets on the ETCswap decentralized exchange protocol.
  • These on-chain liquidity pools enable Ethereum Classic users to safely acquire digital assets without intermediaries and, in doing so, increases transaction activity on the ETC network through peer-to-peer trading.
  • This increase in transaction activity generates a fee market which makes securing Ethereum Classic with mining equipment more profitable.
  • This increase in mining profitability results in increased security for the Ethereum Classic network which signals to developers that Ethereum Classic is a secure layer one blockchain that can operate as expected.
  • This increased security results in a vibrant cryptocurrency ecosystem built on top of Ethereum Classic.
  • A robust development ecosystem should result in a rapid increase of value built and stored on the Ethereum Classic network-- the largest proof of work smart contract platform in the blockchain space.

Join the decentralized and open ETC community in building the Web3 future on Ethereum Classic, the Original Ethereum Vision.

Multichain connects Ethereum Classic to the EVM ecosystem
Multichain connects Ethereum Classic to the EVM ecosystem

Update 23-06-20: Update title and add disclaimer. Update links and embed text warnings in the article regarding known centralised risk with the Multichain bridge.

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The content on this website is user-generated and solely for informational purposes. Do not interpret any content as an endorsement of any product or service. There's "no official anything" in Ethereum Classic. Always do your own research, and remember: don't trust, verify!