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After the rumors involving the Multichain team being arrested, we decided to take a look at the protocols with the highest exposure to it.
In first place comes Fantom, with 35% of its total TVL locked in it and a significant portion of the chain's assets issued by the bridge.
In first place comes Fantom, with 35% of its total TVL locked in it and a significant portion of the chain's assets issued by the bridge.
2/ 40% of all Fantom assets, excluding its native $FTM token, are issued by Multichain.
These assets, primarily wrapped ones, amount to $650M, signaling a significant reliance on the bridge.
These assets, primarily wrapped ones, amount to $650M, signaling a significant reliance on the bridge.
3/ Looking at stablecoins, the situation becomes more concerning
Multichain issues 81% of the total stablecoin market cap within the Fantom ecosystem, with $USDC leading at $194M out of $458M.
Multichain issues 81% of the total stablecoin market cap within the Fantom ecosystem, with $USDC leading at $194M out of $458M.
4/ Fantom's substantial exposure to Multichain presents a significant risk to be considered by users, especially in light of recent developments.
These could potentially impact the entire ecosystem and its liquidity.
These could potentially impact the entire ecosystem and its liquidity.
5/ The higher a protocol's exposure to a specific bridge, the greater the risk to user funds, as the accessibility to those assets could be compromised.
Therefore, it is important to remember that diversification can be a good strategy when managing such risks.
Therefore, it is important to remember that diversification can be a good strategy when managing such risks.
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