Overview:
The Hector Network, a decentralized finance (defi) project on the Fantom ecosystem, is facing challenges after the Multichain shutdown. The project has proposed either liquidating assets or migrating to another chain to prevent further losses. Currently, the majority of voters are in favor of liquidation. The Hector Network’s treasury has seen a significant depletion and holds assets worth $16.6 million and over one million HEC tokens.
Key Points:
– Hector Network proposes liquidating assets or migrating to another chain.
– 77.68% of voters support liquidation over migration.
– Voting period lasts for 48 hours, with two hours remaining.
– The Hector Network’s treasury has seen a steady depletion.
– Community members criticize the project’s handling of the treasury and lack of returns to token holders.
– Hector Network previously reported a bridge hack resulting in the loss of over 600,000 USDC.
– Multichain suffered a bridge hack, leading to the abnormal movement of over $125 million.
– Circle and Tether froze assets worth over $65 million following the hack.
– Multichain halted operations after its CEO was arrested and access to operational funds was lost.
Hot Take:
The Hector Network’s proposal for liquidation reflects the impact of the Multichain shutdown on the crypto community. The depletion of the treasury and lack of returns to token holders have raised concerns among community members. The bridge hack and subsequent freezing of assets further highlight the vulnerabilities in the crypto space. The arrest of the Multichain CEO and loss of operational funds emphasize the need for secure and reliable platforms in the industry. The Hector Network’s decision will have implications for its future and the broader defi ecosystem.
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