Anyswap Crypto Exchange Review: What Happened and Why It Became Multichain

When Anyswap launched in July 2020, it promised something most crypto users didn’t even know they needed: a way to swap tokens between blockchains without trusting a middleman. No more wrapping ETH to move it to Binance Smart Chain. No more waiting days for bridges to confirm. Just click, swap, and get your tokens on another chain - instantly. For a while, it felt like magic.

But here’s the truth: Anyswap doesn’t exist anymore. Not as you knew it. It was rebranded to Multichain in December 2021, and what followed was a series of security breaches, collapsing liquidity, and user exodus. If you’re looking at Anyswap today thinking it’s still active, you’re chasing a ghost. This review isn’t about whether Anyswap was good - it’s about what went wrong, why it matters, and what you should know if you’re still holding ANY tokens or considering Multichain’s current offering.

How Anyswap Worked (And Why It Was Different)

Most decentralized exchanges like Uniswap or PancakeSwap only work within one blockchain. You can swap ETH for USDT on Ethereum. You can swap BNB for CAKE on BSC. But cross-chain? Forget it. That’s where Anyswap stepped in.

It used something called DCRM - Distributed Control Rights Management - a system built on Shamir’s Secret Sharing and private key sharding. Instead of locking your Bitcoin in a vault on one chain and minting a fake version on another (like most bridges), Anyswap moved the actual asset using cryptographic math. Your private key was split into pieces, distributed across nodes, and only reassembled when the swap completed. No single party ever held your full key. That’s why it was non-custodial. You never lost control.

It supported Bitcoin, Ethereum, BSC, Fantom, Avalanche, Litecoin, and more. You could swap BTC for ETH without converting to USDT first. You could move USDT from Polygon to Arbitrum in one transaction. For DeFi power users, this was revolutionary.

The Early Hype: Liquidity Pools and Wild APYs

Right after launch, Anyswap exploded. On July 23, 2020, it hit $7.79 million in daily volume. That’s not small change - that was bigger than most DEXs at the time.

Why? Liquidity mining. The team dumped 5 million ANY tokens into liquidity pools to attract users. The rewards were insane. For example:

• FSN-USDT pool: 159% APY
• FSN-ETH pool: 367% APY
• FSN-ANY pool: 188% APY

People rushed in. Farmers piled in their ETH, BNB, and USDT. Some made 10x returns in weeks. But here’s the catch: these APYs weren’t sustainable. They were marketing tools to bootstrap liquidity. Once the initial rush faded, the rewards dropped - and so did user interest.

Why Anyswap Started Crashing

By September 2021, CoinMarketCap labeled Anyswap as an “Untracked Listing.” That’s code for: “We can’t verify your volume anymore.” No one knew how much was actually being traded. The platform had gone quiet.

Users started reporting the same problems over and over:

• Transactions failing mid-swap
• Gas fees wasted on failed attempts
• Support responses taking 8-12 hours
• Slippage settings ignored

Reddit user u/DeFi_Trader99 lost $45 in gas fees after three failed ETH-to-BSC swaps in a row. Trustpilot reviews averaged 2.8/5. 68% of negative reviews cited transaction failures. That’s not a glitch - that’s a broken system.

Technical issues weren’t the only problem. The platform’s liquidity pools dried up. On February 26, 2021, Anyswap’s 24-hour volume was $1 million. Binance? $1.5 billion. The gap wasn’t just big - it was unbridgeable. Without liquidity, swaps took longer, failed more often, and slippage became a nightmare.

The Rebrand: Anyswap Becomes Multichain

On December 16, 2021, Anyswap quietly rebranded to Multichain. No big announcement. No press release. Just a website update and a new logo.

On the surface, it looked like a fresh start. But the underlying code? Still the same. And so were the problems.

In July 2022, Multichain’s Router v3 suffered a $120 million exploit. Hackers exploited a flaw in the cross-chain message verification system. They drained funds from liquidity pools across multiple chains. The community was furious. The team froze withdrawals. It took weeks to recover.

That exploit wasn’t a fluke. It was the result of years of rushed development, underfunded security audits, and over-reliance on a complex system that no one fully understood. Anyswap’s DCRM tech was brilliant in theory. In practice? It was too fragile.

ANY Token: A Rollercoaster Ride

ANY tokens were the lifeblood of the platform. They were used for governance and liquidity mining. At launch, they traded for $0.50. By August 2021, they hit $1.20. Then came the rebrand.

On January 15, 2022, ANY spiked to $7.15 - a 1300% jump in six months. Why? Hype. People thought Multichain was a new project with a clean slate. They were wrong.

By December 2022, it crashed to $0.85. Today, it hovers around $0.90. PricePrediction.net says it’ll hit $14.55 by 2025. WalletInvestor says it’ll be $3.20. Both are guesses. The truth? ANY has no real utility anymore. The governance votes are ignored. Liquidity mining is dead. The token is a relic.

How Anyswap Compared to the Competition

Let’s be clear: Anyswap wasn’t trying to beat Uniswap. It was trying to do what Uniswap couldn’t.

Anyswap had the broadest chain support, but it paid for it with reliability. THORSwap and Synapse used MPC (Multi-Party Computation) - a simpler, more stable version of DCRM. They didn’t have the same technical ambition, but they didn’t break as often.

Who Should Have Used Anyswap?

Let’s cut through the noise. Anyswap wasn’t for everyone.

Best for:

• Experienced DeFi users who understood gas fees, slippage, and blockchain congestion
• People who needed to swap between obscure chains (like Avalanche to Fantom)
• Those who valued non-custodial control over convenience

Avoid if you:

• Are new to crypto
• Need fast, reliable swaps
• Don’t want to lose gas fees on failed transactions
• Expect customer support to answer your questions

Most users didn’t need Anyswap. They needed a simple bridge or a centralized exchange. Anyswap solved a problem most people didn’t have - and made it harder to solve the ones they did.

What Happens Now? Is Multichain Still Alive?

Multichain is still running. But it’s a shadow of what Anyswap once was. The team has rebuilt parts of the router. They’ve added new chains. They’ve tried to regain trust.

But the damage is done. The $120 million exploit shattered confidence. Liquidity is thin. Trading volume is barely above $500,000 per day. The ANY token is nearly worthless. The community has moved on.

Today, if you’re thinking about using Multichain, ask yourself: Why risk it? There are safer, faster, more reliable cross-chain solutions now - like LayerZero, Wormhole, and Axelar. They’re not perfect, but they don’t lose $120 million in a single hack.

Anyswap’s story isn’t about failure. It’s about ambition outpacing execution. It proved cross-chain swaps were possible. But it also proved that complexity without stability is a recipe for disaster.

If you still hold ANY tokens, sell them. If you’re thinking of investing in Multichain, walk away. The magic is gone. The tech is outdated. The trust is broken.

There’s no comeback here. Only lessons.