Proposal to remove Fantom USDC pool to reduce risks in Stargate community

The LayerZero cross-chain bridge protocol, Stargate, has responded to recent issues affecting Multichain and anyUSDC, the main USDC asset on Fantom, by introducing a comprehensive proposal and a voting system for risk mitigation and ecosystem integrity. The voting period began on May 27 and will end on May 30.

The initial step of the proposal involves temporarily ceasing STG emissions on the Fantom pools to mitigate potential disruptions arising from the uncertainties associated with Multichain. So far, about 96.55% of the Stargate community has voted in favor of the proposal.

Subsequently, Stargate intends to isolate the Fantom pools from all other pools in the network to prevent any possible contamination or negative impacts on the broader Stargate ecosystem. The deposited liquidity provider (LP) in this pool amounts to approximately $11.4 million.

The proposal recommends the removal and unwinding of anyUSDC POL through Multichain to enhance ecosystem protection and address potential concerns. Stargate also proposes exploring alternative bridging options for Fantom users, such as potentially utilizing Hydra.

On May 25, Binance declared a temporary halt on deposits for bridged tokens associated with Multichain. In conjunction with the proposal, Stargate acknowledges the significance of facilitating a seamless transition for its LPs by whitelisting current LPs and allowing them to redeem their LP on alternative chains.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Proposal to Raise AMM Fee in LLAMMa to 1.9%

A promising proposal has been put forth to increase the Automated Market Maker (AMM) fee in LLAMMa (crvUSD), a liquid...


PancakeSwap Introduces Portfolio Manager: Bril-ing Your Investment Game!

The latest portfolio manager from the PancakeSwap and Bril teams has been proven to generate a remarkable 24% IRR in ...


Shrapnel Web3 shooter prevents US users from cashing out due to Gensler.

Exciting news for gamers! Shrapnel, an innovative blockchain-based game, is set to launch in December. While players ...


Ether worth millions of dollars linked to FTX account drainer is on the move.

FTX, a global crypto empire, experienced a security breach in November 2022, shortly after the company announced its ...


$800K bounty offered by Jimbos Protocol after hacker ignores deal.

Jimbos Protocol stated that they are currently collaborating with law enforcement authorities and a specialized agenc...


Lawsuit against DeFi platform PoolTogether dismissed by US federal court.

The person who is suing, Joseph Kent, filed a legal complaint in 2021 claiming that the newly established business br...