Project Highlights
What it does: Multi is a digital currency backed by a portfolio of tokens designed to automatically improve itself through crowdsourced intelligence.
- It leverages recurring Asset Performance Competitions to continuously optimize and adapt its portfolio to changing market conditions. Here, participants stake capital (‘skin in the game’) for direct portfolio adjustments, which are then evaluated on performance.
- It integrates a novel Automated Liquidity Orderbook DEX. This exchange automatically uses Multi’s own reserves to add deep liquidity, aiming for highly efficient trading and potentially more advantageous prices.
Target Users: Currency users, DeFi users, DAO participants, Asset managers, Macro strategists
Problem Addressed: Aims to create a truly decentralized, self-optimizing, asset-backed currency with transparent operations and trustless mechanics, overcoming limitations of static reserves or centralized controls.
How it Works
The Multi system operates through a clever interplay between community governance, performance-based competition (The Foresight Protocol), and an integrated order book exchange. The following diagrams illustrate the core mechanics:
As the diagram shows, the system functions as a continuous cycle:
- DAO Governs Competitions: The Foresight DAO, using Foresight governance tokens, defines the rules and parameters for the Asset Performance Competitions.
- Competition Drives the Reserve: As participants engage in the Asset Performance Competitions, Multi’s asset portfolio (its reserve) is continuously updated.
- Multi Token: The Multi token itself represents this dynamically managed, 100% collateralized, and redeemable basket of assets.
- Meritocracy: Successful participants in the Asset Performance Competitions accumulate more governance tokens, leading to greater influence within the Foresight DAO. This system ensures their demonstrated ability to improve the reserve gives them more say over its rules and direction.
The core adaptive mechanism functions as follows:
- Staking (“Skin in the Game”): To actively participate and make direct changes to the asset basket, users must lock up stake (Foresight & Multi tokens) tied to their specific adjustment strategy.
- Performance Evaluation: A reward function continuously compares how well the assets related to different participants’ strategies perform against each other over time.
- Stake Redistribution: Based on this relative performance, the system automatically and continuously redistributes the staked tokens. Successful strategies gain stake from underperforming ones, directly rewarding positive contributions.
- Proof of Improvement: Performance is also judged against the current portfolio composition (the ‘status quo’). New Multi tokens are only minted as rewards for strategies that outperform this baseline. Conversely, strategies that underperform the baseline must effectively return Multi tokens, ensuring rewards truly reflect improvement over the existing state.
- Long-Term Focus: Evaluations occur over extended periods, incentivizing robust, diversified strategies focused on sustainable growth rather than short-term speculation.
The novel Automated Liquidity Orderbook DEX has these key features:
- Built-in Algorithm: The system’s algorithm automatically adjusts Multi’s supply using atomic issue/redeem operations.
- Extra System Liquidity: The effect of this algorithm is that an extra layer of system orders are added on top of existing orders in the order book.
- Better Trading Prices: This extra depth from system-added liquidity usually means more stable and better prices for your trades.
- Preserves Value: As Multi’s supply changes, the precise mix of reserve assets backing each Multi token is strictly maintained, so its fundamental redeemable value stays consistent.
- Low-Risk Liquidity Provisioning: The system itself provides this extra liquidity directly from its reserves (not user LPs), avoiding impermanent loss risks common in AMMs for these operations.
- Market Stability: The extra liquidity and auto-adjusting supply help handle large trades and stabilize prices by linking the different reserve asset prices together.
Connecting it All:
This performance-driven cycle allows Multi’s asset backing to constantly adapt and optimize based on the collective, demonstrated intelligence of its participants. The integrated Automated Liquidity Orderbook DEX further enhances the system by facilitating efficient trading and seamless creation (minting) or redemption (disassembling) of Multi tokens directly against the underlying reserve assets.
Token Design
Multi operates through a dual-token system on ICP. The Foresight token handles governance and allows participation in the protocol’s competitions, while the Multi token functions as the currency backed by reserve assets. These tokens share a symbiotic relationship - competitions require staking both types, and outcomes affect both simultaneously. This creates a balanced ecosystem where utility comes from active participation in the protocol rather than traditional fee structures.
Key Advantages
- Blueprint for an Ideal Digital Currency: Unlike Bitcoin (lacking direct redeemability) or traditional stablecoins (reliant on specific governments), Multi offers true, decentralized redeemability from a dynamic, diverse on-chain reserve.
- Self-Improving System: Multi’s unique “Proof of Improvement” mechanism allows the reserve composition to adapt organically over time, based solely on objectively measured performance outcomes. The system constantly evaluates and refines itself.
- Meritocratic “Act First” Governance: Multi establishes a true meritocracy where influence is earned only through demonstrated positive performance. Participants can act proactively (“Act now, judge later”), bypassing traditional voting bottlenecks.
- Simplified Diversified Exposure: Offers users simplified access to a dynamically managed, diversified basket via a single asset (Multi), easing the complexity compared to managing numerous individual tokens.
- Automated Liquidity Orderbook DEX: This hybrid DEX combines the advantages of both AMMs (automated liquidity) and Order Books (price precision), using multilateral matching to interconnect asset markets seamlessly for enhanced efficiency and reduced slippage.
- Secure Native Cross-Chain Functionality: Uses ICP’s Chain Fusion for direct, bridge-less interaction with other major blockchains, offering superior security for asset integration.
How it is Built
Multi is developed in Motoko and runs entirely on the Internet Computer (IC) with both backend and frontend on-chain. Much of the core logic is consolidated within a main backend canister to ensure atomic operations, speed, and security. A Custodial Manager and Virtual Account System handle user deposits of ICRC-2 tokens and manage the separation between available balances and competition-committed assets.
The system consists of these key components:
- Multi Token: The core token representing the dynamic asset basket, featuring system-managed atomic issue (minting) and redeem (disassembly) operations.
- Asset Performance Competitions: The engine driving portfolio adaptation. Users stake capital (Foresight & Multi tokens) on adjustments. Notable features include adjustable stake rates based on participation, continuous competition cycles, and the direct rebalancing of the portfolio based on user staking.
- Automated Liquidity Orderbook DEX: Handles efficient trading and settlement, interacting directly with the virtual accounts and reserve assets. It mints and redeems Multi tokens based on market activity, automatically adjusting supply to meet demand.
Internet Computer Superpowers
Multi leverages unique capabilities of the Internet Computer (IC) for its core functions. For instance, its fully on-chain operation, hosting both frontend and backend directly on the IC, enhances decentralization, security, and the robustness of its governance mechanisms. Furthermore, being built on the IC allows Multi to securely incorporate assets from other major blockchains like Bitcoin and Ethereum right from the start, utilizing existing infrastructure such as ckAssets. Finally, the IC’s cost-effective computation model is crucial for affordably handling the intensive, ongoing performance tracking required by the Asset Performance Competitions.
From Research to Reality
Multi evolved from Henrik Westerberg’s 2019 Master’s thesis, which introduced the multilateral order matching algorithm used inside the Automated Liquidity Orderbook DEX. While this solved the “how” of efficient asset exchanges, it raised a more fundamental question: what should the optimal reserve composition be?
After years of research, this led to the 2025 publication “Multi: A Self-Improving Currency Leveraging Collective Intelligence,” introducing the Foresight Protocol. This mechanism addresses the “what” and “when” questions of reserve management through competitive staking and performance tracking, creating a truly adaptive currency system.
Go-To-Market Strategy
Our go-to-market initially engages expert users (DeFi enthusiasts, asset managers, macro strategists) by showcasing Multi’s groundbreaking and novel aspects through structured challenges, workshops, and performance leaderboards. Subsequently, as operational statistics emerge, sharing these insights transparently (via dashboards, reports, and community updates) and making Multi accessible on key mainstream DEX/CEXs will be pivotal in attracting a wider audience.
Further ecosystem expansion will be driven by strategic collaborations, dedicated academic validation, integration of Real World Assets (RWAs) to attract new market segments and diversify Multi’s reserve, and Chain Fusion utilization for broader interoperability and asset reach. These initiatives will enhance Multi’s overall utility and credibility. We will track our progress and success through key growth metrics: strategy diversity, participant retention, and Total Value Locked (TVL).
Summer 2025 Testnet
This summer (Q3 2025), we’ll be launching our testnet featuring Asset Performance Competitions with simulated assets and no real money at stake. Instead, participants will compete in a point-based system, earning points by developing successful strategies that outperform other participants and the system itself. This risk-free testnet phase serves as both a proof-of-concept and a training ground before our official launch in Q4 2025, when the platform will transition to using real assets. We invite you to join us in this preliminary phase to test the mechanics, refine your strategies, and contribute to this exciting experiment in collective intelligence.
Status of the Project
- Whitepaper published (Jan 2025)
- Selected for European Blockchain Sandbox (3rd Cohort) & received DFINITY Grant
- Actively preparing for testnet launch with Asset Performance Competitions (Summer 2025)
Resources
- Website: https://www.multicurrency.io/
- Whitepaper: https://www.multicurrency.io/Multi.pdf
- GitHub: Multi · GitHub (available soon)
- Twitter/X: @MultiCurrencyIO
- Discord: discord.gg/frqwFFnreU
- Telegram: Telegram: View @MultiCurrencyIO
- OpenChat: https://oc.app/community/suqps-5iaaa-aaaaf-bm6ma-cai/
Future Plans
Key Milestones:
- MVP/Testnet with point-based Asset Performance Competitions (Q3 2025)
- SNS DAO Launch (Q4 2025)
- Official Asset Performance Competitions with real assets (Q4 2025)
- Automated Liquidity Orderbook DEX Launch (Q1 2026)
Goal: Establish Multi as a trusted, self-improving financial primitive for diversified, decentralized asset exposure.
