Key players in crypto ecosystem are distancing themselves from MultichainOrg, highlighting a crisis of confidence in the bridging protocol. realDannyNelson reports
Key players in the crypto ecosystem are shoring up their defenses amid growing concerns over the state of Multichain, a major venue for moving assets between different blockchains.
The situation is compounded by Multichain’s prominence among bridges. It is the third-largest bridging protocol by transfer volume and total value locked, according to data from Messari and DeFiLlama. This setup works as long as the bridge does. At the height of Multichain’s troubles this week, it didn’t, and wrapped USDC tokens on Fantom lost their dollar peg. Some arbitrage traders told CoinDesk they bought wrapped USDC tokens at a 30% discount during the fracas over Multichain, which is responsible for 80% of the stablecoins on Fantom.
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