Multichain Allocates $6.75 Million in Rewards: A Deep Dive into veMULTI holders

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

With ripples in the cryptocurrency world on April 12, Multichain, a cross-chain interoperability protocol, announced that it would be giving a reward of $824,140.80 to veMULTI holders. This is one of many dividends given to veMULTI holders since its issuance.

What is Multichain?

Multichain is a cross-chain interoperability protocol that secures and transfers value between independent blockchains. Blockchain technology creates value by creating tamper-proof data in various industries, including banking, healthcare, and tourism. However, one of the biggest challenges with this technology is the lack of interoperability between chains.
Multichain has solved this problem by allowing different blockchains to communicate with each other, thereby enabling transferring of assets between chains. With the use of its network, Multichain has been able to transfer value between blockchains instantly, and it has been able to create its own digital currency, $MC.

What is veMULTI?

VeMULTI is a token incentivizing long-term staking of $MC, which is a useful feature for Multichain’s cross-chain interoperability protocol. The token is used to activate the platform’s transactional functions, allowing users to access its products and services.

The Rewards of veMULTI Holders

Multichain has made it a priority to ensure that holders of veMULTI tokens are properly rewarded for their contributions towards the platform. Since the issuance of the veMULTI tokens, the platform has allocated nearly $6.75 million in rewards to its token holders, with the latest being the $824,140.80 reward distributed on April 12.
Multichain operates a reward program based on its token holding and staking mechanisms. This means that by just holding veMULTI, investors are able to receive rewards, making it a highly attractive token for long-term investment.

How to Hold veMULTI Tokens

Holding veMULTI tokens is easy, and there are a couple of ways to do it. One common way is by purchasing $MC on participating exchanges; then, by staking $MC, one can also earn veMULTI tokens. Users can also receive veMULTI tokens as loyalty rewards for holding $MC tokens for a predetermined period.

The Future of Multichain and veMULTI

The interoperability of blockchain has the potential to revolutionize numerous industries worldwide. The use of veMULTI tokens incentivizes the creation of a strong, long-term community holding $MC, directly benefiting the network’s stability and the value of $MC itself. The continued allocation of rewards for veMULTI holders is expected to increase network participation and stability, thereby creating value for token holders.

Conclusion

Multichain understands the value of creating a strong community of users for its network, which is why it has made it a priority to reward veMULTI holders. The future of blockchain technology is intercommunication, and Multichain seeks to lead the way, by expanding its network, creating new use cases for its technology, as well as, keeping its token holders happy and engaged.

FAQs

1. How do I earn veMULTI tokens?

You can earn veMULTI tokens by either purchasing $MC on participating exchanges and staking it or by holding $MC tokens as a loyalty reward for a predetermined period.

2. Can I use veMULTI tokens for purchases?

VeMULTI tokens are not designed for purchases. Instead, they are used to activate the platform’s transactional functions, allowing users to access Multichain’s products and services.

3. How will the allocation of veMULTI rewards benefit the network?

The continued allocation of rewards for veMULTI holders is expected to increase network participation and stability, creating a strong, long-term community of users. This, in turn, will directly benefit the stability and value of $MC tokens themselves.