Multichain protocol launches joint minting feature, aiming to integrate cross-chain ecosystems

The cross-chain protocol Multichain (formerly known as Anyswap) and Conflux have launched Co-Mint, a feature that reportedly allows many different cross-chain bridges to co-mint the same asset.

Issues Addressed in Practice?

The official article highlights the benefits of this feature from different perspectives, seemingly in response to the endless hacking incidents in the past; as the cross-chain protocol is essentially a protocol for mapping assets, locking assets on one chain, and minting certificates for those assets on another chain, once this mechanism is compromised by hackers, asset losses can easily occur.

The Co-Mint solution introduced by Multichain is as follows:

• Security: Bridges can set limits on how much can be minted. If a bridge is hacked and authorized to mint up to 1 million tokens, for example, only a maximum of 1 million tokens will disappear. If one bridge is compromised, another bridge can be used to exchange the same assets as a substitute.
• Liquidity: Each bridge mints its own token, leading to fragmented liquidity in each DEX. However, with Co-Mint, each bridge will mint the same assets. Therefore, liquidity fragmentation will be eliminated.
• Prevention of Confusion: Since each bridge will add the respective name of that bridge version to the mapped assets, such as various versions of USDC on different bridges with names like ceUSDC, nUSD, madUSDC, etc., using Co-Mint can share names to reduce confusion.
• Total Supply: Co-Mint can help fix the cross-chain asset supply without changing the total supply. Low Cost: Asset cross-chain costs can be reasonable as they all use Co-Mint.
• Anti-Monopoly: Co-Mint can still maintain the independence of different branded cross-chain bridges, and users can choose to use a good experience.
• Ownership: Ownership of the Co-Mint bridge contract can be transferred to the most suitable person to manage it.