Stargate launches its binary voting mechanism to protect the health of its ecosystem.

As a first step, the plan proposes to disable all STG emissions from the Fantom pools.

The LayerZero cross-chain bridge protocol, Stargate, has proposed a thorough solution to the stability problems surrounding anyUSDC, Fantom’s principal USDC asset, after the recent “force majeure” occurrence impacting Multichain. Stargate launches its binary voting mechanism to protect the health of its ecosystem and reduce uncertainty.

As a first step, the plan proposes to disable all STG emissions from the Fantom pools. Stargate hopes that by doing so, emissions may be halted temporarily. And disruptions brought on by the unknowns of Multichain can be kept to a minimum.

Curbing Plague Spread

Starting at 3:47 AM on May 27, 2023, the voting session will run through 3:47 AM on May 30, 2023. The next step in Stargate’s strategy is to cut off all network access to the Fantom pools.

Also, this separation is essential to avoid spreading plague or having a negative impact on the greater Stargate ecosystem. The total LP in this pool is presently valued at $11.4 million. And it is essentially separated from all other Stargate pools.

Moreover, the suggestion involves eliminating and unwinding anyUSDC POL using Multichain. In order to better secure the ecosystem and avoid any vulnerabilities related to anyUSDC on Fantom. Binance said on May 25 that it will temporarily halt deposits for Multichain-related bridging tokens.

Meanwhile, a number of reports have surfaced suggesting that Zhao Jun, co-founder, and CEO of Multichain, has disappeared and is the subject of a police investigation. Stargate understands that it is crucial to take extra measures to guarantee a seamless transition for its liquidity providers (LPs), in addition to the technical ones.

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Filed under: Bitcoin - @ May 27, 2023 4:58 pm