Magic Eden welcomes BRC-20 tokens to its multi-chain platform

In a stride towards diversification, NFT marketplace Magic Eden has recently divulged its initiative to assimilate BRC-20 token functionality within its open-source secondary marketplace and creator launchpad.

Timeline of Multichain

Storage proofs, a feature that could minimize cross-chain exploits by allowing users to keep their assets on one chain and prove that it's there on a different chain, will go live on Starknet soon.

Gate.io, a prominent digital asset exchange, has issued a warning of potential legal actions as rumors of insolvency swirl around the platform. Speculation linking Gate.io to Multichain, a cross-chain protocol currently grappling with complications, has fueled the chatter within the cryptocurrency sphere.

After plunging as low as $3.3156 last week following the news of its force majeure challenge that saw some of its operations halted a few weeks back, Multichain protocol has resumed operations, according to insights shared by crypto analytics provider Lookonchain.

On-chain data showed that multichain transactions on Polygon, Avalanche, zkSync Era, and Kava networks resumed on Monday.Cross-chain services across 11 chains remain suspended as the team announced last month.Users first reported abnormal activity and stuck transactions on May 21, prompting exits from investors and ecosystem stakeholders in the following days.The MULTI token increased 46% in price on June 5 after activity resumed across these four chains.Monday's activity could suggest that the project's CEO is in touch with the team. Multichain transactions on Polygon, Avalanche, Zksync Era, and Kava networks resumed on Monday, June 5 data from on-chain explorers showed.

Multichain Network token MULTI rose nearly 30% after several users confirmed that the cross-chain bridge services resumed operation on its official Telegram channel on June 5. According to CryptoSlate's data, MULTI reached as high as $4.89 before retracing to $4.39 at the time of writing.

Some cross-chain bridges of the Multichain protocol are back online as on-chain experts confirmed transactions happening on the protocol on June 5. Admin also confirmed that Multichain's router2 is back, indicating that the core part of the bridge is operating normally.

Four days ago, on May 31, 2023, the cross-chain protocol Multichain announced on Twitter that the team has been unable to locate the firm's CEO. As a result, controls to several blockchain network routers have been impaired.

The Multichain (MULTI) protocol is seeing a massive bullish revival today in what is baffling investors who have been tracking activities around the platform since it witnessed a force majeure event last week. At the time of writing, MULTI token is up by 37% and changing hands at $4.69, growth that is pushing the asset to pare off the losses it accrued over the past week.

In the swirling world of cryptocurrency, major participants rally their security measures as worry over the Multichain platforms stability intensifies. Multichain, an essential crossroads for transferring assets among various blockchains, has faced significant technical glitches, hindering some users from extracting tokens from the system.

Participants in the crypto ecosystem are on high alert as Multichain's silence fuels worries about the platform's safety. According to reports, key participants in the crypto industry are fortifying their defenses as worries about Multichain, a major platform for transferring assets between different blockchains, mount.