The decentralized cross-chain protocol Multichain is wrestling with severe transaction delays, causing its native cryptoย 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 cryptoย 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 accordingย 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 digitalย currencies across numerous blockchainย tech networks.
This is made possible through the utilization of smart contracts and decentralized liquidity pools, allowing networks like Ethereumย (ETH), Binanceย Cryptoย exchange Smart Chain, and Polygon to interact with each other.
The origin of theย 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.
Asย aย result to the communityโs concerns, Multichain community manager, David Who, addressed theย challenge on Telegram, stating, โthe bridging service on one of our routers was not well functional.โ In Multichainโs framework, a router plays a critical role in directing the investment transfer path accordingย to liquidity pools.
Theย group has acknowledged that one of the โroutersโ on the bridge was impacted. They are in theย procedure of upgrading the RPC-backend node to rectify theย complication.
Itโs criticalย 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 theย challenge hold approximately 3,975 Ethereumย (ETH), equivalent to about $7 Million in zkSync, and over $322,000 in USDC, reportsย by details shared via Telegram.
zkSync and polygon zkEVM, ethereum layer-2 solutions leveraging zero-knowledge proof technology, seemย to be predominantly influenced. These blockchainsย 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 โpass through automatically and instantlyโ once theย issue is resolved.
Inย theย meantime, the community was alerted about the short-term suspension of some bridges causing the pending transactions on May 22.
