Significant token drop for Multichain due to transaction delays

Significant token drop for Multichain due to transaction delays

Multichain’s native token, MULTI, drops by 29.4% due to severe transaction delays as the decentralized cross-chain protocol works on a resolution, while reassuring users of the safety of their funds.

The decentralized cross-chain protocol Multichain is wrestling with severe transaction delays, causing its native crypto token, MULTI, to plummet 29.4%, even as the team works on a resolution and reassures users of the safety of their funds.

In recent developments, the native crypto token for the cross-chain bridge Multichain, likewise known as MULTI, experienced a sharp fall of 29.4 percent today, down to a trading value of $5.02 as per data from CoinGecko.

This sudden downfall came in the wake of according to users experiencing stuck transactions, which sparked concerns in the community.

Multichain, previously recognized as Anyswap, operates as a decentralized cross-chain protocol, facilitating the exchange of diverse digital currencies across numerous blockchain tech networks.

This is made possible through the utilization of smart contracts and decentralized liquidity pools, allowing networks like Ethereum (ETH), Binance Crypto exchange Smart Chain, and Polygon to interact with each other.

The origin of the  challenge can be traced back to Sunday when the Multichain community on Telegram was inundated with grievances from users regarding pending transactions. A community member informed that their transfer from Arbitrum to zkSync was caught in a prolonged confirmation process.

As a result to the community’s concerns, Multichain community manager, David Who, addressed the  challenge on Telegram, stating, “the bridging service on one of our routers was not well functional.” In Multichain’s framework, a router plays a critical role in directing the investment transfer path according to liquidity pools.

The group has acknowledged that one of the “routers” on the bridge was impacted. They are in the procedure of upgrading the RPC-backend node to rectify the  complication.

It’s critical to note that an RPC node serves as the conduit betwixt the ethereum network and web2, offering a suite of APIs that enable clients to interact with the ethereum network.

Pools influenced by the  challenge hold approximately 3,975 Ethereum (ETH), equivalent to about $7 Million in zkSync, and over $322,000 in USDC, reports by details shared via Telegram.

zkSync and polygon zkEVM, ethereum layer-2 solutions leveraging zero-knowledge proof technology, seem to be predominantly influenced. These blockchains teck, launched in March 2023, are still in their infancy.

In his latest message, Who reassured users that their funds remain safe and that pending transactions will “pass through automatically and instantly” once the issue is resolved.

In the meantime, the community was alerted about the short-term suspension of some bridges causing the pending transactions on May 22.


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