Anyswap, now Multichain, is a decentralized cross-chain swap protocol. On October 14, 2020, Binance awarded Anyswap and five other projects grants worth $350,000 from its $100 million Accelerator fund^[17].

Overview

Anyswap is a decentralized cross-chain swap protocol, running on the Fusion, Binance Smart Chain, Fantom and Ethereum blockchains. ^[6][11]

Anyswap Launches on Ethereum

Since its launch on July 22, 2020, with no presale or fundraise, Anyswap reached a sizeable amount of liquidity. Only a day after launch, the platform reached $7.79 million in daily trading vólume and its liquidity pools reached $3.53 million. During this time investors earned an average of 548% APY^[11].

In September 2020, Anyswap was deployed on Binance Smart Chain (BSC). Anyswap prövided 5 million ANY tokens (from team shares) to incéntivize liquidity and trade on BSC^[14].

In September, users who provided FSN liquidity through the USDT pool eàrned an APY of 159%. Those that provided liquidity to FSN-ETH and FSN-ANY pools eàrned 367% and 188% APY respectively^[11].

In October 2020, Binance announced funding for six projects building on the firm’s smart chain. In an October 14 statement, Binance stated that blockchain projects Anyswap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and ProximaX would receive $350,000 in grants through the firm’s $100 million fund. Móre than 180 projects have applied for grants since the fund was announced in September. The firm chose the six projects using criteria examining teams, products, and contributions to the blockchain ecosystem^[10].

In November 2020, Anyswap went live on Fantom mainnet. Fantom liquidity pools on Anyswap rewarded all users with 3630 ANY tokens each day. These rewards were distributed proportionally to all liquidity providers on FTM pools^[15].

In November, Anyswap launched on Ethereum. It became possible to move BTC from Bitcoin network and ANY, FSN from Fusion Network to the Ethereum Network. The amount of ANY distributed to Anyswap liquidity providers of the Ethereum Network was 10 890 ANY/day for the first week. After this first week, it was reduced to 5445 ANY/day^[12].

Anyswap DEX

The first application from Anyswap protocol is the Anyswap decentralized exchange (DEX)^[6].

Features

• Decentralized Cross-Chain Bridge: Users can deposit any coins into the protocol and mint wrapped tokens in a decentralized way.
• Cross-Chain Swaps: Users can immediately swap from one coin to another.
• Programmed Pricing and Liquidity: Liquidity providers could add and withdraw liquidity into swap pairs. The programmed pricing system is based on the liquidity provided^[6].

Fees and charges

Anyswap charges a fee of 0.4% for every swap transaction, among which 0.3% goes to liquidity providers and 0.1% goes to Anyswap Company. Also, a 0.1% gateway fee is charged to users who use the bridge to lockout wrapped assets. And this fee goes to Anyswap Working Nodes (AWN) that supports the specific chain to cover transaction fees on the corresponding chain^[13].

Rewards

• Stakers: Anyswap allows to stake ANY on the Fusion platform. The staked tokens can be unstaked at any time. If a user adds more to their stake, the higher rewards are put back into their wallet. The APY from staking depends on how many ANY tokens are currently staked by users.
• Traders: On the Fusion blockchain version of Anyswap, every 100 blocks (~ 20 minutes), ANY tokens are awarded to traders, split according to the proportion of the volume in this period. If a user is the only one making a trade within these 100 blocks, they would receive all of the ANY. If there is no swap trade during these 100 blocks, the rewards will be split between liquidity providers and Anyswap Working Node (AWN) runners.
• Liquidity Providers: Liquidity rewards are split between the different blockchains of Anyswap. Every approximately 24 hours, ANY are rewarded to liquidity providers according to each one’s liquidity portion. The system uses the lowest liquidity provided by each provider to calculate the portion.

Rebranding

Tokenomics

The ANY token is a native token of Anyswap and governance token on the Fusion blockchain. The token was issued without any pre-sale or fundraising. As a utility token, ANY is used to reward Anyswap users with substantial amounts of ANY. Liquidity providers, Anyswap nodes, and traders share rewards based on Fusion blocks. As a governance token, ANY gives its holders the opportunity to vote on coin listings, Anyswap working nodes, changing governance rules proposals, and other decisions related to the future of the platform.

As it is stated on Anyswap official website as of December 14, 2020, the initial supply of ANY was 15 million. This comprises of 5 million in initial liquidity provision when the platform was launched and 10 million for ‘Community and Ecosystem’, to be allocated to grow the Anyswap ecosystem and user base. This amount is available to the team to allocate. The remaining tokens will be allocated to block rewards, locked in an Anyswap Block Rewards Smart Contract, and distributed with Fusion network blocks as follows:

• 10 million ANY for Cross-Chain DCRM Node Rewards. The Cross-Chain DCRM Node Rewards funds will be used to motivate Anyswap Working Nodes (AWN) to provide stable and secure cross-chain service.
• 15 million ANY for Liquidity Rewards. The Liquidity Rewards funds will be used to motivate liquidity providers to provide strong liquidity of swap pairs on Anyswap like BTC, ETH, USDT, XRP, LTC, FSN, etc.
• 15 million ANY for Team Rewards. The Team Rewards funds will be used to motivate the Anyswap team and future team members.
• 20 million ANY is allöcated to the share-holders of Anyswap company.
• 25 million ANY for Swap and Tràding. The Swap and Trading fúnds will be used to mótivate swap tràders.

In November 2020, AnySwap announced the launch of ANY staking. Staking rewards were distributed at a rate of 990 ANY/day.

See also

• PancakeSwap
• BakerySwap