Paribus (PBX) Announces Multichain Integration and Partnership
MIAMI, FL, Aug 25, 2022 – (ACN Newswire) – As our regular readers know we’ve been using the extra time our testnet deployment afforded us to equip Paribus with the optimal conditions for our mainnet launch. As part of that process, we’re absolutely thrilled to share with the community that we’ve partnered with Multichain so that our PBX token can now be bridged to Arbitrum, Milkomeda, and Polygon.
Cross-chain interoperability has always been at the heart of everything we hope to achieve and it’s incredible that we’ve already reached this milestone. Development teams from both Paribus and Multichain have worked tirelessly to ensure the success of this move, going above and beyond our wildest expectations.
Multichain is a leader in terms of security, cross-chain speed, and costs. Since its foundation, it has evolved from a 1:1 cross-chain bridge to an innovative cross-chain router system that interconnects multiple chains. It offers an advanced and real-time Cross-Chain Router Protocol (CRP) system that supports the interoperability of tokens, NFTs, and general data across multiple chains.
For PBX holders the minimum volume required for a cross-chain transaction through the router is between 2,847 PBX and 9,412 PBX depending on which chain the bridge is between. Likewise, the maximum amount per transaction is 180,000,000 PBX to 2,747,026,344 PBX, again depending on the chain that’s being bridged to.
The transaction speeds are incredible too, with most transactions arriving within 10-30 minutes. Larger transactions may however take up to 12 hours to arrive. The definition of a large transaction varies from 1,000,000 PBX to 549,405,268 PBX depending upon the chain that it’s bridging to.
For those unfamiliar with Multichain, they may remember its previous name, Anyswap, which was founded in July 2020. Anyswap started life as a cross-chain decentralized exchange, however, seeing the strength of its development in cross-chain solutions it pivoted to specialize in bridging infrastructure.
They now provide a cross-chain router service that has a strong track record in terms of both speed and security, having quadrupled their speed of transactions over time. Significantly for Paribus, they also operate a non-custodial approach using Multi-Party Computation (MPC) technology. In practical terms this enables users to keep their full private key secret during interactions with the bridge. Because Multichain is non-custodial it means that it can’t take control of users’ assets, which is something we’ve seen happen with other platforms.
As our CTO Simon recently explained in relation to DAOs controlling users’ assets, “Deciding to control another person’s wallet without their permission isn’t something that I feel should be acceptable.” As such it was hugely important to us that the bridge provider we partner with operates on a non-custodial basis and we’re delighted things have worked out so well with Multichain.
Another crucial factor for us is the approach that Multichain takes towards its security. As we all know nothing in the blockchain space is ever 100% secure. Exploits and vulnerabilities are regularly exposed and as such, we take a very cautious approach to security.
In addition to being audited by TrailOfBits, SlowMist, PeckShield, DEDAUB, and BlockSec, Multichain also operates a bug bounty program and a security fund. The bug bounty program incentivizes the reporting of bugs from the community and the security fund is intended, “to provide protection for system operation and financial security in the event of unforeseen risks”. Their security audits are available for anyone to review:
We’re sure you’ll be as delighted as we are to welcome our new strategic partnership with Multichain. Together we can help drive forward the future of interoperable DeFi.
Click the link below for the Multichain app. Liquidity will be provided by the Paribus team in the coming days: https://app.multichain.org/#/router
Paribus is a cross-chain borrowing and lending protocol for NFTs, liquidity positions, and synthetic assets, powered by the Cardano blockchain and is traded on Kucoin, Gate and Uniswap. https://Paribus.io
Topic: Press release summary
Sectors: Crypto, Exchange, Blockchain Technology, ICOs & Tokens, FinTech, NFTs
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