Fantom Foundation: FTM Tokens Unaffected by Multichain's Issues!

Key Points: Fantom Foundation has provided reassurance to FTM token holders, addressing concerns related to Multichain's issues. The foundation stated that FTM tokens, including those on wFTM, FTM ERC-20, and Opera, have never been released or managed by Multichain, ensuring their immunity from any potential impact.

Timeline of Fantom

On Thursday, July 6, the multichain bridge witnessed abnormally large outflows in what seems to be a multi-million dollar exploit of the platform. A few hours later, Multichain protocol announced that they have suspended the operations.

LayerZero Labs introduces USDC, USDT, WETH, and WBTC to Fantom with support from the ecosystem, bringing stability and longevity for projects, bridging available via Stargate Finance.

LunarCrush named Fantom [FTM] as the coin of the day based on its social and market performance. However, traders may still need to stay cautious despite all indicators in favor of the altcoin.

As the crypto market enters a new phase, the stage is set for a potential bull run driven by the increasing wave of institutional adoption. The recent surge in interest from major financial players has infused a renewed sense of optimism among crypto enthusiasts.

Fantom (FTM) has been underperforming in the past few months, shedding virtually all the profits gained at the beginning of the year. However, the bulls seem to be back in control, as the cryptocurrency price indicates increased buying pressure.

Introduction This report provides an analysis of Fantom (FTM/USD) based on the latest data as of 19 June 2023. The analysis includes a review of the current price, volume, bid/ask prices, day's range, technical indicators, and moving averages.

In response to the recent “force majeure” event affecting Multichain and the resulting concerns over the stability of anyUSDC, Stargate, the LayerZero cross-chain bridge protocol, has proposed a comprehensive plan to safeguard its ecosystem.

Stargate proposes to disable Fantom Pool and cross-chain paths due to concerns over the stability of anyUSDC. This proposal aims to mitigate risks by taking several steps, including removing and unwinding anyUSDC POL via Multichain.

Stargate, the LayerZero cross-chain bridge protocol, has presented a comprehensive proposal in response to the recent “force majeure” event affecting Multichain and the resulting concerns over the stability of anyUSDC, Fantom's primary USDC asset. With the aim of mitigating risks and ensuring the integrity of its ecosystem, Stargate has laid out a series of strategic

Fantom (FTM), a high-speed scalable blockchain network, is facing a precarious situation due to its significant exposure to Multichain, its official cross-chain bridge. A substantial portion of the total value locked (TVL) on the Multichain network comes from Fantom, raising concerns regarding the potential impact of recent developments.