Multichain Launched Official veMULTI Mainnet

SINGAPORE, May 9, 2022 /PRNewswire/ -- Multichain announced its official launch of veMULTI mainnet on May 9^th, 2022. MULTI holders are now able to mint veMULTI NFT and are entitled to vote on Multichain community proposals. Multichain bridge fees of Q1, 2022 ($ 3,901,975.04) will be distributed in USDC over the following 9 weeks.

What is veMULTI?

To foster the long-term growth of multiDAO, Multichain launched the veMULTI proposal. With the exception of the 10% bridge fees for the purpose of the Safety Fund, 50% of the remaining bridge fees will be distributed as incentives and dispersed every quarter in USDC. This proportion of bridge fees from Q1 2022  ($ 3,901,975.04) will be distributed in Q2 2022 as rewards.

veMULTI is the governing scheme for multiDAO. Anyone who stakes MULTI will receive veMULTI NFT. The NFT holders will have the power to initiate and vote for the governance proposals. The rights and power are determined by the MULTI amount and lock duration.

• 1 MULTI locked for 4 years = 1.00 veMULTI
• 1 MULTI locked for 3 years = 0.75 veMULTI
• 1 MULTI locked for 2 years = 0.50 veMULTI
• 1 MULTI locked for 1 years = 0.25 veMULTI

veMULTI NFT is the first tradable NFT with which there are juicy rewards to be distributed on a weekly basis in addition to the NFT value.

NFT holders are allowed to extend the locking durations before it expires. Once the lock expires, users can withdraw their MULTI after claiminging all the rewards.

How to join veMULTI?

MULTI holders now can visit https://app.multichain.org/#/vest to stake their MULTI.

Click here to learn more about veMULTI and follow the guide step by step to join!

Below is the key dates:

• MULTI staking opens on May 9^th at 10:00 AM (UTC)
• The first snapshot on May 12^th at 02:00 AM (UTC)
• Reward claims commence on May 12^th after 02:00 AM (UTC)

About Multichain:

Multichain, born as Anyswap on the 20th July 2020, is positioned as a fully decentralized Cross-Chain Router Protocol (CRP), an infrastructure supporting multi-chain ecosystem. Multichain envisions to be the ultimate router for web3. It has taken an absolute leading position in the cross-chain industry in terms of its rapidly expanding ecosystem map (48 supported chains and over 2,000 bridges), large DAU number, and great product and technology development.

SOURCE Multichain