When Anyswap launched in July 2020, it promised something rare in DeFi: true cross-chain swaps without wrapped tokens or trusted bridges. You could trade Bitcoin for Ethereum directly, no middleman, no custodian. For a brief moment, it felt like the future of decentralized finance had arrived. But by 2026, Anyswap doesn’t exist as a standalone platform. It’s now called Multichain-and its legacy is mixed, filled with breakthroughs, exploits, and hard lessons about what happens when ambition outpaces security.
How Anyswap Worked (Before It Became Multichain)
Anyswap wasn’t a typical exchange. You didn’t deposit funds into an account. You didn’t hand over your private keys. Instead, it used something called DCRM (Distributed Control Rights Management), a system built on Shamir’s Secret Sharing and multi-party computation. This meant your Bitcoin or Ethereum never left your wallet. The protocol split the cryptographic control of assets across multiple nodes, allowing swaps between blockchains without ever moving the actual coins.That’s different from what most bridges do. Platforms like Wormhole or RenBridge create wrapped versions of assets-like wBTC-that represent your Bitcoin on another chain. Anyswap avoided that. It swapped the asset itself, using cryptographic locks and unlocks. This made it faster and more trustless than most alternatives at the time.
It worked across Ethereum, Binance Smart Chain, Fantom, Avalanche, Polygon, and even Bitcoin (via pegged sidechains). You connected your MetaMask or Trust Wallet, picked your tokens, set your slippage tolerance, and clicked swap. Fees were 0.30% for makers, 0.40% for takers-lower than most centralized exchanges. Liquidity came from users who staked tokens in pools. For example, in late 2020, staking FSN in an ANY-USDT pool earned over 150% APY. That drew in early adopters.
Why Anyswap Gained Traction Fast
Anyswap exploded during DeFi Summer 2020. On its first full day live, July 23, 2020, it hit $7.79 million in daily volume. Within weeks, liquidity pools totaled over $3.5 million. The platform didn’t do a token sale or private round. It launched directly to users, distributing 5 million ANY tokens to liquidity providers as rewards. That fairness model attracted attention.Binance noticed too. In October 2020, it awarded Anyswap a $350,000 grant from its $100 million Accelerator Fund. That wasn’t just cash-it was credibility. Suddenly, Anyswap was listed on CoinMarketCap and CoinGecko. Reddit threads praised its ability to swap BTC for ETH in one click. One user on r/cryptocurrency reported swapping 2.5 BTC for 50 ETH and saving $120 in fees compared to using centralized exchanges.
Compared to Uniswap (Ethereum-only) or PancakeSwap (BSC-only), Anyswap was unique. It didn’t force you to choose a chain. You could move assets freely. That made it a favorite among advanced DeFi users who juggled multiple chains.
The Problems Started Showing Up
But behind the hype, cracks formed fast.First, liquidity was thin. On February 26, 2021, Anyswap’s 24-hour volume was $1 million. Binance did $1.5 billion that same day. That meant slippage was high, and large trades often failed. Users reported getting only 70% of the expected amount after a swap, even with 5% slippage set.
Second, network congestion killed transactions. During Ethereum gas spikes, swaps would hang for hours-or vanish entirely. Reddit user u/DeFi_Trader99 lost $45 in gas fees after three failed ETH-to-BSC swaps in a row. The protocol didn’t refund gas. You paid, and if the transaction didn’t complete, your money stayed stuck.
Third, customer support was nearly nonexistent. Trustpilot reviews from May 2021 showed a 2.8/5 rating. 82% of negative reviews complained about slow or no replies. Telegram and Discord support teams took 8-12 hours to respond, even for urgent issues. Documentation on GitHub was incomplete. Critical details about how cross-chain locks worked were missing.
For beginners, the learning curve was brutal. First-time users took 45-60 minutes to complete a single swap. Experienced traders managed it in 15-20 minutes. But even then, failure rates on first attempts hit 35%. CoinGecko’s July 2021 survey found only 28% of new users would recommend Anyswap. Experienced users? 73%. That gap told the whole story.
The Rebrand: Anyswap Became Multichain
On December 16, 2021, Anyswap quietly rebranded to Multichain. The team said it was a “strategic evolution.” In reality, it was a reset.By then, CoinMarketCap had already labeled Anyswap as an “Untracked Listing” in September 2021-meaning it no longer reported volume. The platform had lost over 90% of its market share. The ANY token price had crashed from its January 2022 high of $7.15 to under $1 by the end of the year.
Multichain kept the same tech but added new features: a multi-chain router, expanded node network, and upgraded security layers. But the damage was done. In July 2022, the Multichain Router v3 suffered a $120 million exploit. Hackers manipulated the signature verification system, draining funds from liquidity pools. The team froze assets and refunded some users-but trust was shattered.
Today, Multichain still operates. It supports over 30 blockchains and claims to have processed over $100 billion in cross-chain swaps since 2021. But it’s no longer the underdog innovator. It’s a legacy system trying to recover from its own mistakes.
Is Multichain Still Worth Using?
If you’re looking for a cross-chain swap tool in 2026, Multichain is still an option-but it’s not for everyone.Pros:
- Still one of the few platforms that doesn’t rely on wrapped assets
- Supports more blockchains than most competitors
- Low fees compared to centralized exchanges
Cons:
- History of major exploits-security is still questionable
- Liquidity is fragmented; swaps often fail or have high slippage
- No customer service worth relying on
- ANY token is volatile and lacks clear utility beyond governance
For experienced users who understand gas, slippage, and blockchain risks, Multichain can still work. But if you’re new to DeFi, avoid it. Use a centralized exchange like Binance or Coinbase for cross-chain swaps. They’re slower, less decentralized, but far more reliable.
What Replaced Anyswap? Alternatives in 2026
If you’re looking for cross-chain swaps without the risk, here are the top alternatives:- THORSwap: Uses a thorchain model with native asset swaps. No wrapped tokens. Higher liquidity than Multichain. Better uptime.
- Synapse Protocol: Uses a bridge-and-burn model but with strong audits and insurance pools. Good for stablecoins.
- LayerZero: Not a DEX, but a messaging protocol. Powers many cross-chain DEXs. More secure, less direct control.
- Wormhole: Backed by Solana and major VCs. Supports 20+ chains. High liquidity, but uses wrapped assets.
None are perfect. But none have a $120 million exploit on their record.
What Happened to the ANY Token?
The ANY token was the heart of Anyswap’s incentive model. It rewarded liquidity providers and gave holders voting rights on protocol upgrades. At its peak in January 2022, it hit $7.15. Today, it trades around $0.85.Price predictions are all over the place. WalletInvestor forecasts $3.20 by 2027. PricePrediction.net says $14.55. Neither is grounded in current fundamentals. The token has no real use case anymore. Multichain’s governance votes rarely get traction. Most holders are speculators waiting for a pump that may never come.
If you still hold ANY, treat it as a speculative bet-not an investment. Don’t stake it expecting yield. The pools are empty. The rewards are gone. The only value left is hope.
Final Verdict: Anyswap Was Ahead of Its Time-But Didn’t Survive It
Anyswap was brilliant in concept. It solved a real problem: cross-chain liquidity without trust. For a year, it showed what was possible. But it failed on execution. Poor liquidity management, weak security, and zero user support turned innovation into a cautionary tale.Multichain is the ghost of Anyswap. It’s still running. It still processes swaps. But it’s a shadow of what it promised. The technology lives on, but the trust doesn’t.
If you’re looking for a reliable cross-chain swap today, look elsewhere. Anyswap’s story isn’t a guide-it’s a warning.
Is Anyswap still active as a separate exchange?
No, Anyswap was officially rebranded to Multichain on December 16, 2021. The Anyswap platform no longer exists. Any website claiming to be Anyswap is either outdated or a scam. Always check for the official Multichain domain.
Can I still swap tokens using Multichain?
Yes, Multichain still allows cross-chain swaps across 30+ blockchains. But users report frequent failures during high congestion, and liquidity is much lower than in 2020. Always check the slippage tolerance and expect delays. Never send large amounts without testing first with a small transaction.
Is Multichain safe to use?
Multichain has a history of serious security issues, including a $120 million exploit in July 2022. While the team has patched vulnerabilities, no major audit has fully restored confidence. Use it only for small, non-critical swaps. Never store funds on it. Treat it like a tool-not a bank.
What happened to the ANY token?
The ANY token lost nearly 90% of its value since its January 2022 peak. It no longer powers meaningful rewards or governance. Most liquidity pools have been shut down. Holding ANY now carries speculative risk only. There’s no active development roadmap tied to the token.
Why did Anyswap fail when other DEXs succeeded?
Anyswap’s technology was advanced, but it prioritized innovation over user experience. It had low liquidity, no customer support, poor documentation, and no emergency response plan. Competitors like THORSwap and Synapse focused on reliability, audits, and liquidity incentives. Anyswap assumed users would tolerate flaws because the tech was cool. That assumption cost it everything.
Should I use Multichain instead of Binance for cross-chain swaps?
Only if you understand the risks. Binance is centralized, so you give up control-but you get speed, reliability, and customer support. Multichain is decentralized but unstable. For most people, Binance is the better choice. Only use Multichain if you’re doing small, experimental swaps and know how to recover from failed transactions.
