Multichain Rewards veMULTI Holders with Over $824K

04/12/2023 12:22 • Metaverse Matters • 143 views

On April 12, it was reported that Multichain, a cross chain interoperability protocol, would distribute a reward of $824140.80 to veMULTI holders. Since the issuance of veMULTI rewards, Multichain has allocated nearly $6.75 million in rewards.

Multichain will distribute rewards exceeding $800000 to veMULTI holders

Cryptocurrency is a revolutionary new field, promising a decentralized, transparent economy that plays by new rules. One of the most important concepts in this space is interoperability – the ability for different blockchain networks to communicate with one another. Multichain, a cross chain interoperability protocol, is making strides in this direction by allocating rewards to veMULTI holders worth over $824K.

What is veMULTI?

Before going deep into the rewards system, let’s take a moment to understand what veMULTI is. In simple terms, veMULTI is a token created by Multichain, awarded to users who stake their tokens to participate in network governance and voting. Essentially, veMULTI gives users a say in how the network operates.

Multichain’s $6.75 Million Rewards Program

Multichain is an ambitious project, bringing together different chains and allowing them to communicate with one another, essentially ‘unifying’ the ecosystem. To incentivize participation and build a strong community around Multichain’s protocol, the company has launched a generous rewards program. In the past, they have allocated rewards in the form of tokens that are proportional to the amount of veMULTI users stake on the network.
However, this time around, Multichain has decided to go big by allocating $824K worth of tokens (in ETH) to veMULTI holders. This is a significant amount, and it has cemented Multichain’s place as one of the most generous and committed projects in the cryptocurrency space.

How to Qualify for Multichain Rewards

To qualify for the rewards program, users need to hold veMULTI tokens. This token is easily obtainable on popular exchanges such as Uniswap, PancakeSwap, and Sushiswap. Once the users have acquired the tokens, they need to stake them on the network and participate in the governance process. By doing so, they earn veMULTI on a pro-rata basis, which they can later convert into ETH, USDT, or any other supported cryptocurrency.
Multichain’s rewards program is unique in that it incentivizes participation and encourages users to become active members of the community. By holding veMULTI tokens, users not only get a say in the network’s decision-making process but also get rewarded for their commitment.

Conclusion

Cryptocurrency is still a relatively new field, and projects like Multichain are at the forefront of innovation in this space. By incentivizing community participation, Multichain is building a strong foundation that ensures the project’s long-term success. The $824K rewards program is just one example of how Multichain is committed to building a sustainable ecosystem around their cross chain interoperability protocol.

FAQs

Q. What is Multichain?

Multichain is a cross chain interoperability protocol that allows different blockchain networks to communicate with each other.

Q. How do I get veMULTI tokens?

veMULTI tokens are easily obtainable on popular exchanges such as Uniswap, PancakeSwap, and Sushiswap.

Q. Why is Multichain’s reward program significant?

Multichain’s reward program is significant as it incentivizes participation and encourages users to become active members of the community, building a strong foundation that ensures the project’s long-term success.

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