Bitcoin 
Ethereum 
Tether 
BNB 
Solana 
Lido Staked Ether 
USDC 
XRP 
Dogecoin 
Cardano 
Toncoin 
Shiba Inu 
Avalanche 
Wrapped Bitcoin 
Chainlink 
TRON 
Polkadot 
Bitcoin Cash 
Uniswap 
NEAR Protocol 
Polygon 
Litecoin 
Pepe 
Internet Computer 
Fetch.ai 
LEO Token 
Dai 
Wrapped eETH 
Ethereum Classic 
Aptos 
Render 
Renzo Restaked ETH 
Hedera 
dogwifhat 
Cosmos Hub 
Immutable 
Kaspa 
Arbitrum 
Mantle 
Filecoin 
Cronos 
Stellar 
The Graph 
Ethena USDe 
Stacks 
First Digital USD 
Arweave 
OKB 
Bittensor 
Optimism 
Monero 
VeChain 
Maker 
FLOKI 
Injective 
Sui 
Bonk 
Theta Network 
Fantom 
THORChain 
Rocket Pool ETH 
Lido DAO 
Celestia 
Bitget Token 
Mantle Staked Ether 
Ondo 
Core 
Algorand 
Aave 
GALA 
JasmyCoin 
Pyth Network 
Jupiter 
Sei 
WhiteBIT Coin 
Starknet 
Flow 
Beam 
Quant 
Chiliz 
Ethena 
Notcoin 
Bitcoin SV 
SingularityNET 
Akash Network 
Cheelee 
Worldcoin 
Kelp DAO Restaked ETH 
BitTorrent 
dYdX 
Flare 
Axie Infinity 
Tokenize Xchange 
Zebec Protocol 
MultiversX 
Gate 
NEO 
Wormhole 
ORDI 
The Sandbox 
Ronin 
Pendle 
KuCoin 
Tezos 
Safe 
Mina Protocol 
eCash 
EOS 
Brett 
Marinade Staked SOL 
Synthetix Network 
BOOK OF MEME 
Ribbon Finance 
Conflux 
Gnosis 
ether.fi Staked ETH 
Decentraland 
NEXO 
AIOZ Network 
ApeCoin 
Ethereum Name Service 
Lido Staked SOL 
Dog 
Aevo 
Frax Ether 
PancakeSwap 
Axelar 
DeXe 
Klaytn 
Kava 
Nervos Network 
IOTA 
SATS (Ordinals) 
USDD 
Livepeer 
Terra Luna Classic 
Fasttoken 
Blur 
Swell Ethereum 
Echelon Prime 
Coinbase Wrapped Staked ETH 
MAGA 
PepeCoin 
CorgiAI 
Helium 
Theta Fuel 
Oasis Network 
Frax 
WOO 
Ocean Protocol 
Staked Frax Ether 
Bitcoin Gold 
Osmosis 
Curve DAO 
Manta Network 
Tether Gold 
Illuvium 
Memecoin 
dYdX 
Mog Coin 
Aerodrome Finance 
Arkham 
IoTeX 
1inch 
MANTRA 
Ether.fi 
Enjin Coin 
XDC Network 
AltLayer 
Dymension 
Golem 
Trust Wallet 
Astar 
TrueUSD 
Stader ETHx 
GMT 
Terra 
WEMIX 
Raydium 
Jito 
cETH 
Celo 
Rocket Pool 
Polymesh 
APENFT 
SuperVerse 
Zilliqa 
0x Protocol 
Popcat 
Metis 
Ankr Network 
Holo 
Biconomy 
MX 
SKALE 
Turbo 
PAX Gold 
Galxe 
Radix 
Compound 
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 steps to address the situation.
Stargate Proposal And Voting
The first measure in the proposal involves setting STG emissions on the Fantom pools to zero. By doing so, Stargate aims to temporarily halt emissions and minimize potential disruptions caused by the uncertainties surrounding Multichain.
The voting period commenced on May 27, 2023, at 3:47 AM and will conclude on May 30, 2023, at 3:47 AM.
Next, Stargate plans to disconnect the Fantom pools from all other pools within the network. This isolation is necessary to prevent any potential contamination or adverse effects on the wider Stargate ecosystem. By segregating the Fantom pools, Stargate can contain any risks and ensure the stability of the remaining pools.
Read How Fantom Is Most Affected In This..?
Issues With Multichain
To further protect the ecosystem and mitigate potential issues associated with anyUSDC on Fantom, the proposal suggests removing and unwinding anyUSDC POL via Multichain. This process involves transferring the anyUSDC POL to the Ethereum USDC pool, which offers a more established and stable environment for the asset.
On May 25, Binance announced a temporary suspension of deposits for bridged tokens related to Multichain. Meanwhile, multiple sources claim Multichain co-founder and CEO Zhao Jun is currently missing and is suspected of being investigated by the police.
In addition to the technical steps, Stargate recognizes the importance of ensuring a smooth transition for its liquidity providers (LPs). The proposal emphasizes the need to whitelist existing LPs, enabling them to redeem their LP to any other chain.
