‘Multichain was a big blow’, says Andre Cronje as Fantom TVL slumps

Amid the debilitating events in May that affected Multichain , Fantom’s Total Value Locked (TVL) decreased drastically from a high point of $364 million to an eventual dip of estimatedly $70 million on the 14th July. It hit an impressive peak value of $7.5 billion in 2022. Co-founder Oman Cronje hinted that the decline might even rise again despite the issues associated with Multichain’s transitional technology problems. There have been multiple wallet products accessed and using earlier related resources in the same platform, potentially leading to over $125 million being siphoned off the protective world. Leading fiat issued, Circle and Tether showed interest in supporting a native bridge link, something that is open for exploration to try and recover assets from defaulters.

The arrest of its own core CEO seemed to embitter the situation in favor of the transgresser, a cause of worry not only for multichain but its offshoot Fantom with resources disinvested. To close off such incidence and greater awareness, a reliable form of trusted decentralization was being implemented but the plan fizzled out when Geist currency could no longer be traced authentically and withstood a monetary downturn. Circa $29 million worth of crypto assets stuffed away in the contract agreement set by Fantom would have never erased TVL highs until the same data was declared null and void, suggesting potential damage to global transaction trust.

Robert Wilson author
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