Fantom (FTM) Shows Resilience, Gains 15% In A Single Day

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.

Timeline of Fantom

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.

Fantom Network, accounting for the highest proportion of Multichain's TVL, has not experienced significant outflow despite the Multichain arrest rumors and lack of communication from the team.

In a recent development, Fantom Foundation, led by Director Andre Cronje, has chosen to withdraw its funds from liquidity pools on the popular decentralized exchange, SushiSwap. This decision comes in response to the ongoing uncertainty surrounding the Multichain protocol.

A rug-pull kind of incident at the Multichain protocol has sent shockwaves across the crypto market. A staggering $1.8 billion in multichain wallets have been locked and rumors have it that the Chinese authorities have arrested Multichain team members with law enforcement taking control over the wallets.

Rumors of the arrest of the Multichain team have sent shockwaves throughout the Fantom ecosystem. Despite trading volumes of $129 million, the fear, uncertainty, and doubt (FUD) have resulted in a 5x increase in daily bridging volumes.

The Fantom Foundation – the team developing the Fantom blockchain – removed millions of dollars in liquidity from a trading pool for the native token of Multichain on Wednesday, compounding concerns over the cross-chain bridging protocol's stability.