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  • Multibit MUBI
  • ( -5.92 % )
  • Rank #790
  • Coins

₹3.16

₹3.16

Contracts : Ethereum : 0x38e...951de93   

  • Rank #790
  • Coins

Market Cap

₹2.81 B -4.7568%

Circulating Supply

950000000

Max Supply

1000000000

Volume

₹495.15 M

All Time High :

₹30.7

All Time Low :

₹1.31

Price change in 24H :

₹-0.136414

24H High :

₹3.22

24H Low :

₹2.91

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   Multibit ( MUBI ) Price Live Chart


What does Multibit (MUBI) represent?

MultiBit represents the pioneering dual-sided bridge aimed at facilitating seamless cross-network transactions between BRC20 and ERC20 tokens. By enhancing liquidity for these tokens, MultiBit advances cross-chain interoperability. MUBI's goal is straightforward: to cultivate greater liquidity and ease of access for both BRC and ERC tokens in a secure and user-centric approach.

How does Multibit operate?

Multibit operates as a two-way link connecting the Binance Smart Chain (BSC) and Ethereum network. It allows users to transfer tokens between these platforms without relying on intermediaries or centralized exchanges. Utilizing smart contracts, Multibit ensures speedy, transparent, and dependable token transfers.

Multibit boasts several advantages over other cross-chain solutions. Firstly, it offers unparalleled liquidity for both BRC20 and ERC20 tokens, granting users access to optimal prices and opportunities across both networks. Secondly, it enhances cross-chain interoperability, enabling interaction with various decentralized applications (DApps) and protocols on BSC and Ethereum. Thirdly, it minimizes transaction costs and delays by eliminating the necessity for multiple conversions and fees.

The benefits of Multibit extend not only to token holders but also to developers. Through Multibit, developers can create DApps supporting both BRC20 and ERC20 tokens, expanding their user base and market reach. Additionally, they can capitalize on existing infrastructure and tools on both networks, saving time and resources.

What are the main functions of Multibit?

MultiBit functions as a conduit connecting two separate blockchain networks, facilitating seamless token transfers between Bitcoin's BRC20 and the Ethereum Virtual Machine (EVM) networks. Here's an in-depth breakdown of MultiBit's operations:

  • Token Transfer Initiation: Users commence the process by transferring their BRC20 tokens to a specified BRC20 address. This action signals the intent to bridge these tokens onto the EVM network for use within Ethereum-based applications.

  • Token Minting: Upon confirming the BRC20 token transfer, MultiBit's system initiates the minting process on the EVM network. Minting involves creating equivalent ERC20 tokens on the Ethereum blockchain mirroring the original BRC20 tokens held on the Bitcoin network.

  • Dual-Sided Bridge: MultiBit's innovation lies in its dual-sided bridge functionality. It facilitates seamless transitions not just from Bitcoin's BRC20 to the EVM network but also vice versa, ensuring users can transfer tokens between both networks as needed, maintaining liquidity and accessibility.

  • Cross-Chain Interoperability: Serving as a bridge, MultiBit encourages cross-chain interoperability, boosting liquidity for both BRC and ERC tokens. Users can utilize the platform to move tokens between Bitcoin and Ethereum networks securely and conveniently.

  • Security and User-Friendliness: MultiBit prioritizes security and user experience, ensuring a secure, reliable, and easily navigable token transfer process across different blockchain networks.

In essence, MultiBit's architecture and dual-sided bridge capability provide an efficient means for users to bridge their BRC20 tokens from Bitcoin to Ethereum and back. The platform's mission revolves around enhancing liquidity and accessibility while upholding the security and user-friendliness of token transfers across diverse blockchain ecosystems.

What are the recent developments in Multibit?

  • AMM Ordinals: The AMM Ordinals platform is a decentralized exchange protocol designed for trading Ordinals tokens ($ORDI). This system operates on automated market principles, enabling seamless and rapid token exchanges by providing liquidity.

  • Ordinal Farming: MultiBit introduces Ordinal Farming as an enticing opportunity for the BRC community to earn additional ORDI tokens. Users can achieve this by either contributing liquidity or staking tokens in the liquidity pool. This farming process incentivizes participants to enhance the ecosystem's liquidity while earning corresponding rewards.

  • Ordinals-backed Stablecoins: These stablecoins are backed by ORDI tokens, serving as a reserve fund that upholds the stability and value of the stablecoin. The conversion mechanism maintains a 1:1 ratio with USDC, ensuring stability in its value.

     To read more on Multibit (MUBI), visit Suncrypto Price Explorer

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