Top US crypto exchange Coinbase is rolling out trading support for an under-the-radar cross-chain bridge altcoin built on Ethereum (ETH).
The exchange’s customers can now trade Multichain (MULTI), a cross-chain protocol that aims to be “the ultimate router for Web 3.0.”
[adinserter block="1"]Formerly known as Anyswap, the project launched in July 2020 and has processed $103.45 billion in total volume. It currently supports 92 different chains.
Multichain currently ranks third among all cross-chain bridge projects in terms of total value locked (TVL), with $1.8 billion at time of writing, according to DeFiLlama.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
MULTI, the protocol’s governance token, is trading at $9.12 at time of writing. The 199th-ranked crypto asset by market cap is down 3.73% in the past 24 hours and more than 5.1% in the past seven days.
The token is also nearly 73% down from its all-time high of $33.64, which it hit in January 2022.
Coinbase announced it was adding MULTI to its listing roadmap last month. The exchange created the listing roadmap last year to increase transparency and reduce the possibility of front-running their listing announcements.
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