What is Multibit (MUBI)?

The year 2023 marked a new beginning for Bitcoin. Thousands of new tokens were released under the BRC-20 token standard. These tokens, unique to the Bitcoin base chain, form the cornerstone of Multibit's offering, leveraging Ordinals and Inscriptions for a novel approach to tokenization. The platform's defining feature, the Multibit Bridge, expertly facilitates the transfer of these tokens between the ETH chain, BNB chain, and BTC network. This bridging mechanism not only enhances the liquidity and utility of BRC-20 tokens but also marks a significant stride in cross-chain interoperability, a critical aspect of blockchain evolution.

What is Multibit (MUBI)?

Multibit Protocol is a groundbreaking endeavor aiming to unify liquidity among the Bitcoin network and Ethereum Virtual Machine (EVM) networks. Central to its offerings is Multibit Bridge, a secure and efficient solution for seamless token transfers between the ETH chain, BNB chain, and BTC network. This innovative bridging mechanism not only enhances the liquidity of BRC-20 tokens but also fosters the growth and development of the entire Bitcoin ecosystem.

How MUBI works

Migrating Ethereum’s most dominant application - decentralized exchange - to the Bitcoin blockchain, Multibit seeks to empower users across different ecosystems by offering a seamless cross-chain experience. Multibit Protocol consists of 4 major components:

DeFi for BRC-20 tokens

Multibit is driven by a bold vision: to revolutionize decentralized finance (DeFi) for BRC20 tokens, thereby unlocking their untapped potential. By bridging BRC20 tokens with Ethereum, Multibit enables their participation in critical DeFi activities such as lending, borrowing, yield farming, and decentralized exchanges. This integration not only elevates their utility and market presence but also invites more participants into the crypto space. Their innovative bridging technology also promises to improve market dynamics, benefiting token holders and enriching the DeFi landscape.

Ordinals Automated Market Maker (OAMM)

Multibit's Ordinals Automated Market Maker (OAMM) represents a groundbreaking decentralized exchange protocol tailored for trading Ordinals ($ORDI) tokens. This platform adopts automated market making principles to ensure liquidity, enabling efficient and seamless swaps of $ORDI with other paired tokens. In this ecosystem, users can effortlessly exchange $ORDI tokens through the AMM, which intuitively calculates and executes trades based on current reserve ratios, facilitating instant transactions at fair market prices. The AMM's dynamic nature continuously adjusts token prices in response to trading activities and liquidity pool interactions, ensuring effective price discovery rooted in the supply and demand dynamics of the traded assets. Additionally, users have the opportunity to contribute to the liquidity pool by depositing $ORDI tokens and their paired counterparts, receiving liquidity provider (LP) tokens in return. These LP tokens denote their pool share, entitling liquidity providers to a proportionate slice of the trading fees while bolstering the pool's liquidity, crucial for trader transactions.

Liquidity farming

Farming Ordinals ($ORDI) at Multibit offers a rewarding opportunity for the BRC community to earn additional tokens by engaging in liquidity farming and staking. Through liquidity farming, participants add $ORDI tokens and a compatible token (like ETH or stablecoins) to Ordinals liquidity pools or automated market makers (AMM). This process not only facilitates trading pairs but also significantly enhances the liquidity of the $ORDI token. Furthermore, users can participate in staking by locking their $MUBI tokens in specific staking pools. This staking activity contributes to the network's stability and security, rewarding users with additional $ORDI tokens. These farming mechanisms within Multibit allow users to actively contribute to the $ORDI ecosystem's liquidity while benefiting from their investment and support.

Stablecoin

Multibit's Ordinals Stablecoin, anchored in stability and transparency, is bolstered by a collateralization mechanism using Ordinals ($ORDI) tokens. This system maintains the stablecoin’s value, pegging it to a 1:1 ratio with USDC. The key features include offering a stable medium of exchange and a resilient store of value within the Ordinals ecosystem, effectively countering the typical volatility of cryptocurrencies. Additionally, the stablecoin's value preservation is reinforced by the collateralization process, providing users with a dependable asset. Transparency is integral to this system, with the collateralization ratio and $ORDI token reserves being transparent and auditable on the blockchain, ensuring trust and visibility. The use of $ORDI as collateral also amplifies the token's utility and demand within the ecosystem, strengthening the Ordinals platform's overall functionality.

MUBI goes live on Bitget

Multibit is revolutionizing the crypto landscape with its novel protocol that seamlessly bridges BRC20 tokens with ERC20 tokens. This initiative greatly expands token migration possibilities, allowing users to effortlessly transfer their BRC20 tokens to the Ethereum network, thus opening up a new realm of opportunities. With Multibit, users are no longer confined by the constraints of individual blockchain ecosystems, enabling them to tap into Ethereum's extensive network, robust infrastructure, and vibrant DeFi ecosystem. This platform promises enhanced liquidity, interoperability, and financial flexibility, making it a gateway to a broad spectrum of investment opportunities within the decentralized finance space.

Multibit (MUBI) will be listed on Bitget on December 13.

How to trade MUBI on Bitget

Step 1: Go to the MUBIUSDT spot trading page

Step 2: Enter the amount and the type of order, then click Buy/Sell.

For detailed instructions on how to trade spot in Bitget, please read ​​The Uncensored Guide To Bitget Spot Trading.

Multibit stands as a testament to the evolving capabilities of blockchain technology, particularly in enhancing cross-chain interoperability. Its innovative approach to bridging Bitcoin and EVM networks opens up new avenues for DeFi and DApps, allowing them to leverage the unique strengths of these diverse blockchain ecosystems. As the blockchain industry continues to mature, platforms like Multibit will play a crucial role in driving innovation, security, and efficiency, shaping the future of decentralized finance and blockchain integration.

Trade MUBI now on Bitget!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.