Introducing MILC Platform’s New Native Bridge Solution
As part of our ongoing commitment to security and convenience for our community, we are excited to share important updates about the MLT token’s interoperability between the Ethereum and Binance Smart Chain networks. In the wake of the challenges faced with the Multichain bridge, the MILC Platform is excited to announce the evolution of our token’s infrastructure: the introduction of our own native MLT Bridge.
Multichain has been the principal bridge solution for $MLT tokens, facilitating swaps between Ethereum and Binance Smart Chain. However, an exploit on the Fantom network in July 2023 resulted in operational halts and ended our reliance on Multichain’s Bridge-Routers. We understand the inconvenience this has caused to our community.
In response to the closure of Multichain’s services, we’ve developed our own native bridge solution. This strategic shift means moving away from the existing BEP20 smart contract to one where we have full control over our token supply and smart contracts.
How swapping will work on the new native MLT-Bridge
Our new MLT Bridge operates on a liquid pool principle, removing the complexities and security concerns associated with mint/burn smart contracts. This change translates to:
- Increased simplicity and security for token swaps
- Elimination of the ‘infinite mint’ risk
- An inherently safer smart contract structure for the community
How the Multichain principle worked:
How the new native MLT-Bridge swapping will work:
The new bridge design will ensure a consistent and streamlined swapping experience. Unlike the previous mint/burn process with Multichain, our liquid pool-based approach means swapping will be direct and inherently more secure, without the need for minting new tokens.
Supply Adjustments for a Fluid Exchange
We’re adjusting the representation of the total supply of $MLT tokens to ensure the ability to swap between chains without bottlenecks. The circulating supply of $MLT will not exceed the 200M original limit, maintaining the integrity of our tokenomics.
During the upcoming BEP20 token migration (detailed here: Token Migration Blog Post), we will:
- Supply the BEP20 side of the bridge with an equivalent number of ERC20-MLT tokens (~116M at the time of writing this article).
- Bridge the $MLT Team Token Wallet from Ethereum to Binance Smart Chain to establish a substantial ERC20 pool.
The initial MLT Bridge pool balance will reflect the total amount frozen in the bridge, serving as a reservoir for swapping activities.
So, the initial MLT Bridge pool balance will be like the following:
This reflects the total MLT-amount that will be frozen forever in the MLT-Bridge pool.
Initially the circulating supply figures will reflect like this:
These circulating supply figures will adjust based on the bridge usage, yet always remain within the predetermined limits, ensuring market stability and trust.
This new system grants our community a higher level of on-chain security. Our approach is transparent and trustless, embodying the best aspects of blockchain technology.
Important Note: Please be vigilant about the smart contracts you interact with. All associated contracts will be published during the Token Migration Event on November 6th. Trust only verified sources and official MILC communications for your transactions and interactions.
We are thrilled to embark on this journey with you and look forward to providing a more secure and seamless bridge for all our #MILCians. Stay tuned for further updates.
ABOUT MILC
The MILC platform aims to become one of the leading business and entertainment Metaverses. A melting pot, connecting the professional media industry with its fans. Through its own Open Web GL Metaverse and Web3 social community platform, it offers the possibility for all users, for the first time, to interact directly with the media and entertainment industry. In addition, MILC Platform offers a blockchain-based multimedia marketplace for professional content providers to trade licenses for movies, television, streaming, online publishing, music, gaming and art. It provides NFT-supported financing models for media projects as well as extensive small business opportunities for every market participant and user.
The MLT (Media Licensing Token) serves as a medium of exchange, contract signing vehicle and revenue sharing medium across all platforms within the MILC Metaverse.
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