.FantomFDN reveals plans to fund alternative bridge service providers
that the latest hack uncovered by Arkham Intelligence saw about $125 million worth of different tokens stolen from the Multichain Bridge. The firm promptly halted activities to limit the carnage of this exploit.Fantom Foundation acknowledged that Multichain has a larger share as the dominant bridge that serves users within its ecosystem. This situation is becoming unbearable, and the protocol has affirmed it will be seeking alternative solutions.
Per the announcement, the Fantom Foundation said it will be bootstrapping both Axelar Network and LayerZero Labs to help create more sustainable bridges to serve the Fantom community.
While more details on the modalities and the timelines remain unknown, users still need a speedy revival of the Multichain protocol to continue operating as usual.Ideally, the challenges being faced by the Multichain protocol will have a downside impact on Fantom based on their interconnectedness. The hack is presumed to have generally reduced the demand for FTM, as showcased by the 25% slump in the token’s trading volume over the past 24 hours.
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