Multichain Released veMULTI Q3 Rewards - 1.36 million to be distributed in USDC

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Multichain

Jul 18, 2022, 22:52 ET

SINGAPORE, July 18, 2022 /PRNewswire/ -- Cross-Chain Router Protocol - Multichain announced its Q3 veMULTI rewards program that 1,362,987.45 USDC from the Q2 bridge fee was distributed on July 14th, over the following three months. Meanwhile, the veMULTI Q2 rewards distribution has concluded, with a total of $3,901,975.04 from Multichain Q1 bridge fee paid out. veMULTI NFT holders can earn USDC rewards from Multichain bridge fees and participate in the governance by staking MULTI, the governance token of Multichain.

What's veMULTI rewards program?

According to the veMULTI proposal, except for the 10% bridge fees for the purpose of the Safety Fund, 45% of Multichain bridge fees are distributed as incentives and dispersed every quarter in USDC. This proportion of bridge fees from Q2 2022 are distributed in Q3 2022 as rewards, starting from July 14th at 2:00 AM UTC.

  • Q2 Multichain bridge fees: $3,802,713
  • Q2 Multichain bridge cost (gas fee): $773,852
  • veMULTI Q3 rewards: 1,362,987.45 USDC ($3,028,861*0.9/2)

What's veMULTI NFT?

veMULTI is the governing scheme for multiDAO. Anyone who stakes MULTI on Ethereum, Fantom, or BNB chain, will receive veMULTI NFT. The NFT holders have the power to share Multichain bridge fee and initiate and vote for the governance proposals. The rights and power are determined by the MULTI amount and lock duration. The longer (up to 4 years) and more MULTI staked, the greater the rewards and voting power.

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. veMULTI NFT is now tradable on opensea.

Visit here for more veMULTI details

About Multichain

Multichain, born as Anyswap on the 20th of July 2020, is positioned as a fully decentralized Cross-Chain Router Protocol (CRP), an infrastructure supporting a multi-chain ecosystem. Multichain envisions to be the ultimate router for web3. Multichain is now the leader in the cross-chain field with a rapidly expanding ecosystem. It currently supports 56 chains (both EVM and non-EVM) and has deployed over 2,500 bridges.

SOURCE Multichain

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