Nevertheless the team assured that funds are safe and theyโre working to solve the issue.
Multichainโ previously known as Anyswapโis a decentralized cross-chain protocol that easesย the exchange of different digitalย currencies across numerous blockchainย tech networks.
By leveraging smart contracts and decentralized liquidity pools, Multichain lets networks like Ethereum, Binanceย Cryptoย exchange Smart Chain, Polygon, and others interact with each other.
MULTI was down 29.4 percent in theย previousย day, last currentlyย worth $5.02, per CoinGecko data.
Theย challenge began on Sunday when Multichainโs Telegram group was flooded with user complaints of pending transfers.
1 user message read, โlooks like I am not alone,โ adding that their Arbitrum to zkSync transfer was still โconfirmingโ for hours.
David Who, a Multichain community manager, wrote in a Telegram message on the same day that the โbridging service on one of our routers was not well functional [sic].โ
A Multichain router is an intermediate automated function that determines the appropriate path or route for the investment transfer accordingย to the liquidity pools.
Theย group has confirmed that one of the โroutersโ on the bridge was influenced. Theyโre upgrading the RPC-backend node toย fix the issue.
An RPC node acts as the gateway or interface betwixt the Ethereumย (ETH) network and Web2. It provides a set of APIs (Application Programming Interfaces) that allow clients to interact with the Ethereumย (ETH) network.
Reportsย by the list of addresses shared with Decrypt via Telegram, the influenced pools have 3,975 Ethereumย (ETH), worth around $7 million in zkSync and over $322,000 in USDC. Polygon zkEVM USDC pool has around $1,330 worth of USDC in it.
Kava is a Cosmos-based Layer-1 blockchainย tech focused on DeFi applications like cryptoย stablecoin minting.
zkSync and Polygon zkEVM are Ethereumย (ETH) layer-2 solutions accordingย to zero-knowledge proof technology. These two are relatively new blockchainsย teck launched in March 2023.
Who alsoย mentionedย that โ atย thisย point, we canโt be sure when it will be fully fixed. Nonetheless, our userโs funds are safe,โ and pending transactions would โpass through automatically and instantlyโ after resolution.
On May 22, a moderator notified the community about temporarily suspending โsome bridges which were causing pending transactions to avoid new lagging transactions.โ
Theย next day another community manager Sylvia wrote that โ recovery is expected within theย following 24 hours.โ
72 hours since the 1st report of pending transactions came out, transfers continued to be delayed.
