Spin Evolves: The Rebranding to MultiVM and a Strategic Pivot in Development

6 min readNov 15, 2023

Spin’s journey began with ambition and technical prowess, leveraging the NEAR Protocol’s RUST-based framework to create a robust infrastructure. But as the derivatives sector matured, Spin encountered a hurdle.

Adapting and evolving its infrastructure from NEAR to other blockchains was not just a matter of time — it was a marathon. Competing with EVM-based derivatives products became increasingly challenging as they flexibly migrated to new L2 blockchains, avoiding the hefty development costs that Spin was burdened with.

It was this competitive pressure and a vision for inclusivity that sparked the inception of MultiVM. The necessity for a platform that transcends the limitations of single-chain operations became clear. MultiVM emerged as a beacon of flexibility and interoperability, an Ethereum rollup layer that bridges the gap, allowing protocols from various VMs and blockchains to deploy with ease.

What Is MultiVM?

MultiVM is more than a solution; it’s a revolution in the DeFi space. It’s a Layer 2 zk-rollup engineered to support multi-language smart contract development, providing a singular, cohesive environment for dApps from diverse blockchains. With MultiVM, Spin and protocols on non-EVM blockchains are no longer confined to the boundaries of NEAR — it’s a gateway to the Ethereum ecosystem and beyond.

Advantages of MultiVM

Shared Liquidity: By facilitating easy communication in computation due to shared storage, MultiVM promotes optimum capital efficiency and utilization among virtual machines (VMs).
Scalability: With the ability to have multiple smart contract platforms operate concurrently, different sectors of a blockchain network can process transactions autonomously. This approach minimizes congestion and amplifies transaction throughput.
Compatibility: MultiVM stands out by supporting the execution of smart contracts written in varied programming languages. This flexibility broadens our blockchain’s adaptability to a diverse spectrum of applications and scenarios.
Ethereum L2 zk-rollup: Harnessing Ethereum’s inherent security and stability, our rollup leverages Zero-Knowledge proofs. It also offers a frictionless bridge with Ethereum L1.
Interoperability: Thanks to Cross-VM calls, smart contracts can seamlessly communicate and collaborate. This interconnectedness fosters synergy among different modules and paves the way for intricate decentralized applications.
Upgradability: A standout feature is the ability to modify, introduce, or phase out VMs without necessitating a blockchain-wide hard fork. This fluidity streamlines the blockchain’s continuous evolution and refinement.
Security Isolation: A unique advantage of running multiple VMs within a single blockchain is the fortified security isolation among various smart contracts. Thus, if a particular smart contract encounters a vulnerability or a severe glitch, the overall security or steadiness of the blockchain remains unscathed.

The Future of Spin in the Wake of MultiVM

The evolution from Spin to MultiVM encapsulates a narrative of adaptation, resilience, and strategic foresight. As Spin transitions into MultiVM, it aims to forge a realm filled with boundless potential for protocols that seek a seamless integration across diverse blockchain landscapes, epitomizing the harmony of varied developmental approaches with unified execution.

Flexibility and the ability to tackle current challenges are paramount for any burgeoning protocol. While Spin’s derivatives DEX will sustain its presence on the NEAR Protocol, its developmental efforts will remain within this scope.

Conversely, the primary focus will shift towards cultivating MultiVM, a platform designed to facilitate the operation of any dApp from any chain on a singular Ethereum Rollup.

Inheriting Spin’s commitments, MultiVM will honor all existing obligations regarding token distributions, airdrops, and privileges previously extended to Freaky Elves holders:

Eligible users awaiting an airdrop from Spin will be entitled to claim equivalent rewards from MultiVM.
A dedicated airdrop claim page will be launched as MultiVM approaches its Token Generation Event (TGE).
Any unclaimed tokens will be reallocated to incentivize early MultiVM users, including participants of the forthcoming incentivized testnet.
Loyal supporters who remained with the brand through the transition to MultiVM will receive double the initially allocated airdrop amount.
Detailed announcements concerning MultiVM tokens, incentivized testnet rewards, and TGE specifics are forthcoming.
Freaky Elves holders will retain their guaranteed token sale allocations, which will be transferred to MultiVM. This privilege may manifest as an exclusive sale round or a pre-sale event, ensuring Freaky Elves holders have access to tokens at a preferential rate.
Further announcements detailing the continued development, use cases, and evolution of Freaky Elves will be disseminated in due course.

This rebranding is not merely a change of name but a strategic redirection of focus, ensuring the legacy of Spin thrives in a more expansive and innovative ecosystem that MultiVM promises to offer.

The MultiVM Go-To-Market Strategy

The MultiVM GTM strategy is a pioneering approach tailored to capitalize on onboarding protocols from various non-EVM blockchains gradually.

By focusing on specific non-EVM blockchains during designated periods called Seasons, MultiVM can systematically and effectively broaden its ecosystem, offering protocols from these chains a direct conduit to the vibrant EVM user base. This strategy not only fosters diversity and innovation within MultiVM but also provides these protocols with a low-barrier transition to the liquidity and user base of the EVM environment.

Phase 1: The Solana Season

The inaugural phase of this strategy, termed the “Solana Season,” is a concerted campaign to integrate dApps from the Solana ecosystem into MultiVM. Recognized for its high throughput and innovative projects, Solana is ripe with potential candidates that could benefit from the liquidity and expansive user network of Ethereum Rollups.

The ultimate goal of MultiVM’s GTM strategy is to create a robust, interoperable platform where dApps from various blockchains can interact seamlessly and leverage the strengths of Ethereum Rollup. As the MultiVM ecosystem matures, it will become a melting pot of blockchain innovation, with each season contributing fresh perspectives, users, and possibilities, thereby enriching the entire blockchain space.

Gratitude and Vision: Embracing the Community at the Heart of Our Evolution

As we stand at the crossroads of a new chapter in our journey, we extend our deepest gratitude to the Spin community. Your unwavering patience and support have been the bedrock of our resilience and the driving force behind our transformative pivot to MultiVM. We recognize that such transitions come with anticipation and a need for clarity, and we are immensely thankful for the trust you have placed in us during these times of change.

The pivot to MultiVM was born out of necessity, to keep pace with the rapidly evolving demands of the DeFi market. The landscape of blockchain technology is one of perpetual motion, where staying static equates to falling behind.

Our decision to evolve is a reflection of our commitment to not only stay relevant but to lead and shape the future of decentralized finance. By embracing MultiVM, we are positioning ourselves at the forefront of innovation, ensuring that we can offer the most advanced and integrated solutions in a market that values flexibility and interoperability above all.

Your feedback has always been invaluable, and as we navigate this transition, your voice remains crucial.

We encourage each member of our community to share their thoughts, hopes, and concerns. Let’s keep the conversation going — join us in our community forums, social media channels, and direct engagements. Together, we will continue to refine our vision, align our goals with the needs of the community, and stride confidently into a future where MultiVM redefines the potential of decentralized applications.

As we take this bold step forward, we ask for your continued support and active participation.

Share your insights and help us shape an ecosystem that reflects our collective aspirations. Your input will guide us as we build a more connected, efficient, and user-centric DeFi environment through MultiVM. Let’s embark on this exciting journey together, shaping the narrative of DeFi with every step we take.