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Stargate, the LayerZero cross-chain bridge protocol, has responded to the recent “force majeure” event affecting MultiChain and stability concerns surrounding AnyUSDC, Fantom’s main USDC asset.
To address these concerns and protect the ecosystem, Stargate has City: Introduced a comprehensive proposal and single-choice voting system for risk mitigation and ecosystem integrity. The voting period for the proposal began at 3:47 a.m. on May 27, 2023 and will end at 3:47 a.m. on May 30, 2023.
As part of the proposal, initial steps include stopping STG emissions at the Phantom Pool. This action by Stargate is intended to temporarily suspend emissions and mitigate potential disruptions arising from the uncertainties associated with MultiChain. Emission is the rate at which new coins are created and issued.
So far, a total of 1.7 million verified members of the Stargate community have voted in favor of the proposal. This data shows that around 96.55% of the community is in agreement with the proposal.
Thereafter, Stargate intends to isolate the Phantom Pool from all other pools in the network, thereby ensuring the prevention of any potential contamination or negative impacts on the wider Stargate ecosystem. Currently, the amount of Liquidity Providers (LP) deposited in this pool is approximately $11.4 million. Phantom pools are effectively isolated from other pools within the Stargate network.
To address the security of the ecosystem and potential concerns related to any USDC on Phantom, the proposal recommends delisting and opening any USDC POL via MultiChain. Additionally, Stargate proposes exploring alternative bridging options for Phantom users, such as potentially using HYDRA.
Connected: Stargate Foundation Advises The DAO Against Reissuing STG Tokens
On May 25, Binance announced a temporary freeze on deposits for Bridge tokens linked to MultiChain. With a combination of technical measures, Stargate recognizes the importance of facilitating a seamless transition for its Liquidity Providers. The proposal highlights the importance of whitelisting existing LPs, allowing them to redeem their LPs on alternate chains.
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