On May 24th, according to the responses of multiple communities and social media users, there was an abnormal delay in the arrival of Multichain; cross-chain funds. Subsequently, Multichain; tweeted that although most of the "Multichain" protocol The chain router is operating normally, but due to force majeure, some cross-chain routers cannot be used, and the time to restore the service is unknown. After service is restored, pending transactions will be credited automatically. And; PANews; learned from multiple sources that Multichain; co-founder and; CEO Zhao Jun; is currently out of contact. Fusion; founder of the foundation, Multichain; former co-founder Qian Dejun also said on Twitter that he has not yet contacted; Zhao Jun.
For a while, various speculations gradually arose, and there was even the sound that the "Multichain" team had been arrested. Due to the market sentiment of fear, hesitation and doubt, the single-day transaction volume of the cross-chain bridge has increased; 5; times. Some people assert that Multichain is down, but whether this is really the case, encryption KOL Ignas disagrees, and starting from the data indicators on the chain, it is believed that the suspension of Multichain did not cause a large amount of capital outflow.
Multichain;'s transaction volume is; 129; million US dollars, second only to; Stargate. However, when zoomed out, cross-chain bridge transaction volumes do not show clear signs of panic.
Thanefield Capital; Research; An Ape's Prologue; tweeted that Fantom; Department of; Multichain; the most exposed protocol:
One is that "35%" of the total lock-up volume (TVL) is locked on "Multichain", and a large part of the chain's assets are issued by "Multichain".
The second is that "Multichain" issued; 40%; of "Fantom" assets, excluding its native token; FTM. These assets (mainly encapsulation assets) total $650 million, indicating a heavy reliance on Multichain.
The third is the stable currency, in the "Fantom" ecosystem, the market value of the stable currency issued by Multichain (458; million US dollars) accounts for "81%" of the total market value of the "Fantom" ecological stable currency (567; million US dollars), of which; USDC; leads with $194 million.
From this, it is not difficult to speculate that there should be a large outflow of market funds, but in fact, the withdrawn funds are only $18 million more than the deposited funds. That's just 1% of its $1.78 billion total TVL, and there's not much to panic about here either.
Due to the reliance on;Multichain;, Fantom; should experience a large outflow of;TVL;. Despite a "TVL" drop of "9.55%" in dollar terms, the data showed no significant outflows.
The most obvious signs of panic are the ;Multichain LPs on;Fantom; In total, LPs; withdrawn; $33 million; from Fantom; while deposits were only; $1.7 million;
Multichain; officially stated that "some cross-chain routes cannot be used due to force majeure", Kava, zkSync and Polygon zkEVM; routes are temporarily suspended. There are ;83; transactions pending for more than a day.
Maybe the worst is yet to come, but on-chain data doesn't show massive outflows. However, what is worrisome is the lack of communication between the teams.
Finally, to borrow; Vitalik;'s views on cross-chain bridges:
"Minimize reliance on cross-chain bridges."
If you are concerned about the security of your assets, it is better to keep your tokens on their native blockchain. The future direction of the event may change soon, PANews reminds users to pay attention to asset safety.
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Interpretation of the Multichain event by on-chain data: There has not been a large outflow of funds after the suspension of the service
Original Author: Ignas, Encryption; KOL
Compiled by: Felix, PANews
On May 24th, according to the responses of multiple communities and social media users, there was an abnormal delay in the arrival of Multichain; cross-chain funds. Subsequently, Multichain; tweeted that although most of the "Multichain" protocol The chain router is operating normally, but due to force majeure, some cross-chain routers cannot be used, and the time to restore the service is unknown. After service is restored, pending transactions will be credited automatically. And; PANews; learned from multiple sources that Multichain; co-founder and; CEO Zhao Jun; is currently out of contact. Fusion; founder of the foundation, Multichain; former co-founder Qian Dejun also said on Twitter that he has not yet contacted; Zhao Jun.
For a while, various speculations gradually arose, and there was even the sound that the "Multichain" team had been arrested. Due to the market sentiment of fear, hesitation and doubt, the single-day transaction volume of the cross-chain bridge has increased; 5; times. Some people assert that Multichain is down, but whether this is really the case, encryption KOL Ignas disagrees, and starting from the data indicators on the chain, it is believed that the suspension of Multichain did not cause a large amount of capital outflow.
Multichain;'s transaction volume is; 129; million US dollars, second only to; Stargate. However, when zoomed out, cross-chain bridge transaction volumes do not show clear signs of panic.
Thanefield Capital; Research; An Ape's Prologue; tweeted that Fantom; Department of; Multichain; the most exposed protocol:
One is that "35%" of the total lock-up volume (TVL) is locked on "Multichain", and a large part of the chain's assets are issued by "Multichain".
The second is that "Multichain" issued; 40%; of "Fantom" assets, excluding its native token; FTM. These assets (mainly encapsulation assets) total $650 million, indicating a heavy reliance on Multichain.
The third is the stable currency, in the "Fantom" ecosystem, the market value of the stable currency issued by Multichain (458; million US dollars) accounts for "81%" of the total market value of the "Fantom" ecological stable currency (567; million US dollars), of which; USDC; leads with $194 million.
From this, it is not difficult to speculate that there should be a large outflow of market funds, but in fact, the withdrawn funds are only $18 million more than the deposited funds. That's just 1% of its $1.78 billion total TVL, and there's not much to panic about here either.
Due to the reliance on;Multichain;, Fantom; should experience a large outflow of;TVL;. Despite a "TVL" drop of "9.55%" in dollar terms, the data showed no significant outflows.
The most obvious signs of panic are the ;Multichain LPs on;Fantom; In total, LPs; withdrawn; $33 million; from Fantom; while deposits were only; $1.7 million;
Multichain; officially stated that "some cross-chain routes cannot be used due to force majeure", Kava, zkSync and Polygon zkEVM; routes are temporarily suspended. There are ;83; transactions pending for more than a day.
Maybe the worst is yet to come, but on-chain data doesn't show massive outflows. However, what is worrisome is the lack of communication between the teams.
Finally, to borrow; Vitalik;'s views on cross-chain bridges:
"Minimize reliance on cross-chain bridges."
If you are concerned about the security of your assets, it is better to keep your tokens on their native blockchain. The future direction of the event may change soon, PANews reminds users to pay attention to asset safety.