Andre Cronje stated that “if something negative does happen, it will affect USDC, DAI and wBTC issued in multiple chains, and everything else is of little consequence.”
According to the director, the situation around Multichain doesn’t particularly bother him because the fund’s assets are protected and the Fantom bridge is unaffected.
According to The Block Research, about 38% of Fantom s total blocked value is held in Multichain. In addition, tokens issued on Multichain account for 78% of the market capitalization of tokens on Fantom.
As noted by analysts at the Lookonchain network, Fantom Foundation withdrew $2.4 million of liquidity from its own MULTI protocol tokens on the decentralized SushiSwap exchange on May 24, making the tokens available for sale.
On Thursday, May 25, the Binance exchange announced about the temporary suspension of deposits for ten Multichain bridge token networks amid uncertainty about the future fate of the Multichain project.