The idea has received support from a total of 1.7 million verified Stargate members as of this writing.
The recent “force majeure” issue that has affected Multichain as well as the stability worries surrounding anyUSDC, which is Fantom’s primary USDC asset, are being aggressively addressed by Stargate, the LayerZero cross-chain bridge protocol. Stargate is doing proactively to protect the ecosystem and regain people’ trust because it recognizes the importance of these issues.
The protocol has presented a thorough plan to reduce the risks brought on by the Multichain event and guarantee the stability of the Stargate ecosystem. Stargate has implemented a single-choice voting mechanism, enabling the community to actively engage in defining the risk mitigation plan, to ensure a fair and inclusive decision-making process.
Temporarily Suspending STG Emissions
Stargate has already made the first move in the proposal by temporarily stopping STG emissions on the Fantom pools. Stargate tries to minimize potential interruptions brought on by the uncertainties surrounding Multichain by temporarily stopping the emissions. While the protocol takes care of the current problems, this measure enables a more stable environment.
An outstanding total of about 1.7 million verified members voted in favor of the idea, demonstrating the Stargate community’s fervent support for it. This resounding agreement, which roughly reflects 96.55% of the community, demonstrates the harmony and shared commitment to preserving the Stargate ecosystem’s long-term stability and success.
Isolating Fantom Pools
Stargate is taking steps to segregate the Fantom pools from other pools in the network in order to protect the larger Stargate ecosystem from any potential contamination or adverse effects. The liquidity provider (LP) deposits in the Fantom pools total about $11.4 million at the moment. Users and liquidity providers are given an additional layer of security and assurance because to this isolation, which ensures the stability of their assets.
One of the most well-known cryptocurrency exchanges, Binance, has temporarily stopped accepting deposits for bridged tokens connected to Multichain in response to the problem with Multichain and the threats it poses.
Stargate understands how crucial it is to coordinate efforts with exchanges and other parties in order to provide a smooth transition for liquidity providers (LPs) and protect the ecosystem’s overall integrity.
Ensuring a Seamless Transition
Stargate understands the importance of facilitating a smooth transition for its liquidity providers (LPs), in addition to the technological procedures and risk mitigation initiatives. The protocol is dedicated to upholding openness, encouraging open dialogue, and responding to any issues brought up by LPs.
By doing this, Stargate hopes to offer a safe and stable environment that inspires trust and facilitates the ecosystem’s continuous development and success.