About
Multichain (formerly Anyswap) was once the largest cross-chain bridge with billions in TVL across dozens of chains, but it collapsed in mid-2023 after the arrest of its CEO and a roughly $1.5B loss of user funds, becoming a landmark cautionary tale for bridge custody risk.
Stablecoins
Key products
Chains
- Founded
- 2020
- HQ
- China / Singapore
- Stage
- Defunct
- Funding
- $60M (Binance Labs, Sequoia, IDG); MULTI token
Related companies
Across Protocol
Intent-based optimistic cross-chain bridge
Across is an intents-based bridge where users deposit on the origin chain and relayers fill on the destination in seconds, settling via UMA's optimistic oracle. It co-authored the ERC-7683 cross-chain intents standard and offers fast, low-cost stablecoin bridging across major L2s.
Avalanche ICM / Teleporter
Native cross-L1 messaging for Avalanche
Interchain Messaging (ICM) and its Teleporter contracts are Avalanche's native cross-chain messaging layer built on Avalanche Warp Messaging. The TeleporterMessenger contract lets dApps and assets, including stablecoins, move and invoke functions across Avalanche L1s with relayer incentives, replay protection and a standard developer interface.
Axelar
Universal interoperability network
Axelar is a proof-of-stake interoperability network with a permissionless validator set and slashing, providing General Message Passing (GMP) and cross-chain token transfers across 70+ chains. It connects Cosmos and EVM ecosystems and underpins aggregators like Squid Router.
Bungee
Consumer bridge aggregator by Socket
Bungee is the consumer-facing cross-chain bridge aggregator built by Socket that finds the cheapest and fastest route across many bridges and DEXs in one click. It is a popular front-end for stablecoin and token transfers across EVM chains.
Cata Labs
Cross-chain liquidity protocol (Catalyst)
Cata Labs was a New York-based team building Catalyst, an open-source permissionless cross-chain liquidity protocol for modular blockchains that used a 'unit of liquidity' abstraction to enable atomic swaps of native assets across rollups and app-chains. The Catalyst AMM wound down and Cata Labs was acquired by LI.FI in February 2025.
cBridge / Multichain alternatives — Allbridge
Cross-chain stablecoin transfer protocol
Allbridge is a cross-chain bridge focused on stablecoin transfers between EVM and non-EVM chains (including Solana, Tron, Stellar, and Sui), offering Allbridge Core stable pools and Allbridge Classic wrapped-asset bridging.