Fantom and Multichain Tokens Plummet Following Binance Announcement
Fantom token was down 6% while the Multichain token plunged 5% following the news that Binance plans to halt the use of some Multichain tokens soon.
Main Points:
- Crypto exchange Binance will no longer support deposits and withdrawals of several tokens linked to the Multichain protocol, starting from July 7.
- Tokens affected include Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), Harvest Finance (FARM), Alpaca Finance (ALPACA), SuperVerse (SUPER), Spell Token (SPELL), and Travala (AVA).
- Users can still deposit and withdraw affected tokens through other supported networks.
- Multichain’s issues and lack of transparency surrounding Binance’s decision have raised investor concerns.
- The disruption has had a significant impact on the Fantom network, with 35% of its assets issued through Multichain.
Hot Take:
The decision by Binance to halt the use of certain Multichain tokens has had a negative impact on both the Multichain and Fantom networks, causing their prices to drop. This move highlights the vulnerability of networks that heavily rely on specific protocols. The lack of transparency surrounding Binance’s decision has raised concerns among investors, emphasizing the need for clearer communication in the crypto industry.
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