GMultipli Gang!🫡

Did you know you that Multipli had two versions, namely Multipli v1 and Multipli v2? And you use a different version based on the network and token you access?

But why does Multipli have two versions?

The reason is simple, the ERC-4626 standard.

What is ERC-4626?

ERC-4626, also called as Tokenised Vault Standard, provides a unified framework for yield-bearing tokens. This standardised the way tokens generated yield, and provided a simple API to onboard different tokens.

Previously,

• Each token required a unique onboarding process

• Each token had its own mechanics, which sometimes hindered their growth beyond native platforms

The unified framework standardised this process by enabling the tokens to accrue yield and increase in value, and every token under this framework will follow this method irrespective of the platform and protocol it belongs to.

Multipli v1

Multipli v1 is the primary version of Multipli. When you buy xTokens using your funds and hold onto them, yield is generated for you.

Yield = Increase in amount of xTokens based on the time you hold it and the APY.

However, xTokens were only usable in Multipli, and each token we on-boarded took time, and required different strategies and unique code. Multipli v2 would use the ERC-4626 to solve these issues.

Multipli v2 (enabled by ERC-4626)

Multipli v2 introduced a more liquid, composable, and compatible version of xTokens.

In v1, the amount of xTokens you held increased over time based on the APY, but in v2, the value per xToken increased over time based on the APY.

Yield = Increase in value per xToken based on the time you hold it and the APY.

You can also withdraw your xTokens and use it in other platforms to invest, provide liquidity, etc.

What will happen to Multipli v1 now?

Although v2 offers a more sophisticated version of xTokens, only some networks are currently compatible with ERC-4626. Multipli v1 will be available till all the networks can be migrated to v2.

Which networks and tokens does Multipli currently support?

Currently, Multipli v2 supports USDC and BTC.B tokens on the Avalanche network and USDC on the Monad network. We're actively working to add more networks soon.

Can I migrate from Multipli v1 to v2?

Currently, migrations have been paused.

For more FAQs, visit out Multipli v2 FAQ section in our Docs.

Conclusion

Whilst Multipli slowly transitions into v2 completely, each version currently has advantages and limitations. Based on preference, users can choose which version they’d like to access and use. For quick access, here is the link to each version of Multipli.

Multipli v1: app.multipli.fi

Multipli v2: v2.multipli.fi

See you soon 🫡