Multipli
MULTA yield and stablecoin protocol based on real-world assets
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About Multipli
Multipli is a multi-chain yield protocol that offers tokenized yield products (xTokens) on networks such as Ethereum, BNB Chain, Base, and Arbitrum. Its core business revolves around issuing tokens like xUSDC and xwBTC, which generate returns through delta-neutral strategies, primarily combining spot and perpetual futures positions to capture funding rates while hedging market risk.
The main pain point Multipli addresses is the complexity and fragmentation of DeFi yield generation. Many users lack the time or expertise to actively manage positions across multiple protocols and chains. Multipli simplifies this by packaging strategies into standardized tokens that can be bought, sold, or used as collateral. Its competitive edge lies in the delta-neutral approach, which aims to deliver consistent yields independent of market direction, and in the cross-chain interoperability of its products.
In the past six months (March to September 2026), Multipli focused on migrating from v1 to v2. The upgrade introduced a more standardized token model aligned with ERC-4626, allowing for easier integration with lending markets and aggregators. Key changes include a shift from rebasing tokens to value-accruing tokens, partial redemption functionality, and simplified yield distribution. The migration process required users to consent to moving funds to a chosen destination network, with a deadline of July 7, 2026. After this date, v1 features were disabled, and pending withdrawals were processed. The transition aimed to improve user experience, reduce friction, and broaden the protocol's compatibility across DeFi ecosystems.
Multipli completed a $5 million funding round, bringing its total raised to $21.5 million.
As an RWA lending protocol, Multipli launched the MULT community public offering.
From Mar to Sep 2026, Multipli delivered major protocol milestones. In June, Coinbase Ventures invested via the Base Ecosystem Fund, with ~$300M assets managed per RWA.xyz, making Multipli the leading RWA protocol on Base . On July 8, Multipli completed its v1-to-v2 migration: xTokens shifted from balance-growth to yield-per-token accrual, enabling withdrawal, partial sale, and eliminating manual yield claims . The $MULT Community Sale ran from Aug 17 to Sep 1, with reward holders offered an Ecosystem Preferred Rate or zero-cost vesting of ORBs/Crystals rewards . The protocol surpassed $400M TVL and 90,000 users by May 2026, with $200M rwaUSD minted across four chains . Official roadmap: Q3 2026 expands institutional credit and rwaUSD distribution; Q4 2026 targets $1B TVL and $500M active borrows .
Shaaran Lakshminarayanan: Co-founder & CEO (since Sep 2024). B.Tech in Electronics and Instrumentation from VIT; Executive Leadership program at Harvard Business School. Previously founded Krypto (crypto social platform); served as Google Machine Learning Facilitator. Recipient of InterCon Top 50 Tech Innovator Award; Forbes 30 Under 30 nominee.
Ritumbhara Bhatnagar: Co-founder & Chief Digital Officer (CDO). B.Tech in CSE with specialization in Information Security from VIT. Co-founded Krypto, growing it from 0 to 1.2 million users in under two years. Leads design and growth.
Bhavesh Praveen: Co-founder. Background in CSE from VIT. Previously Software Engineer at WorkIndia and Product Engineer at Float. Co-founded Krypto and Multipli.