Disclaimer: Anyswap (which has rebranded to Multichain in May 2021) is no longer operational as of July 2023. Therefore, we can no longer recommend Anyswap or Multichain. If you are looking for another Decentralized Exchange to use, Kine is a top choice. Check out my full review on Kine here.
What is Anyswap?
Anyswap — the decentralized exchange (DEX) that emerged during the “DEX Year” in 2020 — has made quite a name for itself. The exchange is known for its fully decentralized cross-chain swap protocol, powered by Fusion DCRM technology and offers automated pricing and liquidity systems. This, including other notable features of the platform has piqued the interest of many DeFi enthusiasts, including myself.
Anyswap operates on the Fusion Blockchain, which results in lower network costs and utilizes Fusion's DCRM technology for cross-chain functionality. In 2021, it officially rebranded as “Multichain, a Cross-Chain Router Protocol,” but many still prefer the original name, Anyswap, especially investors and traders.
In this review, I’ll provide insights based on my trading experience on the platform to help you better understand what makes Anyswap a popular and trustworthy DEX.
Let’s get started!
My Overall Thoughts on Anyswap
Considering my thorough research, one of the primary reasons I recommend Anyswap is its emphasis on security. For one, the exchange is powered by Fusion. Fusion Network uses a mechanism known as private key sharding to ensure asset security. In this mechanism, the private key is divided into many parts and handled by various network nodes.
What further strengthens its security is that various private key components are never joined during transfers or trading. This keeps the private keys unreadable for any software, preventing data theft and hacks. Additionally, Anyswap's smart contracts are open source, which improves security through individual audits.
Not to mention how Anyswap allows users to exchange cryptocurrencies instantly. While all these features make Anyswap fast and highly secure for traders, here are some additional factors that I believe make Anyswap stand out from other DEXs like Uniswap:
Native Token Use Cases: Anyswap's native token, ANY, has various utility and governance use cases. I will discuss these use cases further in this article.
Various Liquidity Supplier Rewards: Unlike other protocols like Uniswap, AnySwap liquidity suppliers receive additional rewards through ANY tokens.
Key Features & Advantages of Anyswap
While Anyswap has a lot to offer as a DEX exchange, let's briefly explore some features and advantages that I believe are the best it offers:
Negatives & Disadvantages of Anyswap
Anyswap is a great crypto exchange, but it is not perfect or flawless. There are a few things that might compromise the experience of traders and investors when they choose to go with this platform. Let's take a look at what these are below:
What Services does Anyswap offer?
If you plan to trade on a faster and highly secure decentralized exchange, Anyswap is a reliable option. Coming from my own experience, here are some key factors that I believe make Anyswap stand out from other DEXs:
Anyswap Governance Token
As previously mentioned, ANY tokens are distributed to Fusion Chain users. This token was created on the Fusion blockchain without undergoing a presale or fundraising process. This unique approach sets ANY apart from many other tokens that typically generate excitement and recognition through fundraising and presales.
However, there are additional reasons to consider holding this governance token. In particular, it has various use cases — including the ability to vote on protocol-related matters. Beyond this, the governance token also serves specific purposes for its holders, including:
$ANY Popularity and Supply
Besides the use cases of ANY as a governance token, it also allows holders to compare coins to select the best coin. In comparison to many other DEXs, Anyswap prioritizes community involvement through its governance token, ANY which contributes to its recognition in the crypto world.
To put things into perspective, ANY currently has a market capitalization of USD 28.71 million, with a total supply of 100 million tokens. Initially, the supply started at 15 million ANY, with 5 million allocated to the FSN/ANY pool and 10 million earmarked for community and ecosystem development.
The remaining 85 million ANY tokens are scheduled for distribution over the next four years, alongside Fusion network blocks. Here’s how they will be allocated:
As someone who values a user-friendly trading experience, I know that a trade view is a vital component of any trading platform. It's where you analyze a cryptocurrency's price chart and its current market price. This section typically includes buy-and-sell boxes for placing orders and often provides access to your order history and previous transaction records.
Having a straightforward and intuitive trading view can greatly enhance your trading and transaction monitoring. After all, nobody wants to deal with a complex and confusing interface. That's where Anyswap shines – it understands the importance of simplicity and user-friendliness.
With Anyswap, you get a clear, easy-to-navigate, and straightforward trading view that lets you effortlessly track your records, trades, and transaction history with just a few clicks. This makes managing your crypto assets a breeze.
With the Anyswap protocol, I appreciate the Anyswap protocol for its ability to facilitate instant swaps from one coin to another with just a few clicks. This means that users can switch and immediately receive coins at the price of the currency they are swapping to without creating orders and waiting for them to be filled. As a result, even though Anyswap doesn't feature an order book, this swap protocol makes buying/selling and trading tokens more straightforward and time-saving.
Support to Various Tokens
Besides Anyswaps native token ANY being accessible on all exchanges, users on this exchange can also trade with token exchanges and cryptocurrencies based on any blockchain that supports ECDSA or EdDSA. Specifically, this includes USDT, XRP, FSN, BTC, LTC, FSC, ETH, and BNB. Besides this, Anyswap allows you to trade with all BEP20 and ERC20 tokens.
In my experience, one aspect of Anyswap that stood out was its supported wallets. While the exchange might not offer an extensive selection, it doesn't disappoint with its limited options.
What I found particularly intriguing is that the platform is exclusively accessible when you connect your wallet. This approach caters to a broad community of traders who prefer and rely on the most popular and trustworthy wallets like MetaMask and Ledger.
So, if you're like me and use one of these trusted wallets, you can conveniently trade on the platform without any hassle. This adds an extra layer of security and ease of use to your trading experience.Note: The exchange does mention that it will soon support more wallet options. Hence, I suggest you watch out for its new updated list of supported wallets.
Another notable feature of Anyswap is that the decentralization of this exchange is ensured by the usage of Anyswap Working Nodes (AWN). This node is a component of the blockchain architecture that maintains the public transaction record. Notably, the ANY token's sole purpose is also to allow the election of Anyswap Working Nodes (AWNs).
Hence, ANY token holders help elect these nodes and control funds custody. As a result, Anyswap has no control over its users' funds, excluding the possibility of theft or scams by the Anyswap team. This is another reason that makes Anyswap reliable for traders looking for complete control and privacy of their funds.
As I’ve already mentioned before, one key advantage of Anyswap as a cross-chain exchange is its use of Fusion's DCRM technology. This Fusion DCRM system is a patent-pending cryptographic solution that allows various digital assets to be locked in and locked out across blockchains without needing private keys to be accessed.
It secures users' assets through "private key sharding" and "Shamir's Secret Sharing" concepts. Using this technology, Anyswap users can deposit any coin into the protocol and swap assets between blockchains. You can swap between coins on any blockchain that uses the ECDSA or EdDSA signature algorithm, such as BTC, USDT, ETH, XRP, FSN, LTC, and more.
Automated Pricing and Liquidity
Anyswap's automated pricing ensures that the exchange rate between two tokens is fair and transparent. For this, Anyswap calculates the exchange rate using an algorithm based on current market conditions and the liquidity available for each token.
Besides this, Anyswap's liquidity function allows users to trade tokens without worrying about finding a buyer or seller. This works by combining tokens from several users into a single liquidity pool which facilitates the trading of various tokens. This automated pricing and liquidity feature makes trading rapid and reliable for traders.
What I don't like about Anyswap
Below are a few points about Anyswap that can detract from the experience for existing and new users. You can take a look at them and see if these will affect you personally or not.
No Fiat Deposit
Anyswap, like all (or nearly all) other DEXs, does not accept fiat currency deposits. This means that crypto investors with no prior crypto holdings can't trade on this trading platform. As a result, to buy your first cryptocurrency on the exchange, you'll need to use an entry-level exchange, which accepts deposits in fiat currency.
Afterward, you can transfer or swap assets on Anyswap using a supported wallet. This absence of fiat currency deposits limits Anyswap for beginner traders just starting their trading journey in the crypto world. This makes the wallet only ideal for traders who already hold any cryptocurrency.
High Withdrawal Fee
Another notable downside of trading on Anyswap is its 0.001 BTC withdrawal fee for every BTC withdrawal. This fee is significantly more than the global norm of the crypto trading industry. In fact, at the time of writing, the value of 0.001 BTC was USD 29.79, which is quite expensive for a withdrawal fee of one BTC.
While I have already mentioned Anyswap's withdrawal fees and lack of fiat deposit options, it's time to discuss the exchange's trading fees. Like centralized exchanges that charge a maker and taker fee on every trade, Anyswap, despite being a decentralized exchange, also charges both maker and taker from its traders. Specifically, its trading fees include:
Taker Fee: 0.40%
Maker Fee: 0.30%
As I mentioned, this trading fee is higher than what most centralized exchanges and DEXs charge. If I consider even the most popular and globally recognized centralized exchange, Binance for example, they charge a low spot trading fee of 0.1000% for both maker and taker.
Anyswap's decentralized protocol offers lower trading fees compared to most other protocols on Ethereum. This is primarily due to the consistently increasing gas fees associated with trading on the Ethereum network.
Pros and Cons of Anyswap
- Lower trading fees compared to protocols on the Ethereum network
- The DCRM technology helps secure user funds.
- The automated pricing and liquidity feature ensures that all trades are priced fairly and competitively.
- $ANY token features various substantial use cases on the exchang
- The exchange features swap trades for instant buying and selling of tokens
- The exchange currently only supports Metamask and Ledger wallets.
- Users cannot directly purchase assets with fiat money.
There you have it. The complete run down of the Anyswap exchange. In a nutshell, the platform has plenty to offer. From being powered by Fusion DCRM technology to having operational nodes and automatic pricing, Anyswap has undoubtedly brought value to the cryptocurrency network. Considering my own experience, the exchange provides secure, transparent and decentralized swaps for users on Fusion networks.
With that said, the absence of a fiat deposit option and high BTC withdrawal fee are some notable downsides of the exchange.
Ultimately, while I suggest Anyswap as a reliable DEX, you must consider its features and downsides before joining the platform.
Comparison Table of the Best Crypto Exchanges in the USA
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Frequently Asked Questions
Yes, Poloniex is a legitimate and trusted cryptocurrency exchange. We note that Poloniex was once hacked in 2014, compromising the funds of many users. However, since then, it has been one of the safest platforms to go with, and there have been no more reports of breaches or compromises of the platform.
Poloniex withdrawals usually only take about 4 hours to process, but this can be affected by market conditions, request volume, and other circumstances. The platform also encourages users to wait at least 12 hours before opening a ticket.
Unfortunately, US users are not allowed to open accounts on Poloniex or perform any type of financial activity there. If you are from the US, you can have a look at these top crypto exchanges that you will be able to use with no restriction.
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