- Multichain Protocol faces disruptions and delays, causing user frustration.
- Service restoration timeline uncertain; pending transactions to be credited.
- Force majeure events and backend node upgrades were cited as causes.
Multichain Protocol, a prominent player in the blockchain industry, is currently grappling with service disruptions and delayed cross-chain funds, leaving users frustrated and questioning the platform’s stability.
While most cross-chain routes continue to function well, several routes have been temporarily suspended due to unforeseen circumstances, and the restoration timeline remains uncertain.
While most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable due to force majeure, and the time for service to resume is unknown. After service is restored, pending transactions will be credited automatically.…
— Multichain (Previously Anyswap) (@MultichainOrg) May 24, 2023
During this challenging period, Multichain Protocol has assured users that once service is restored, pending transactions will be credited automatically. Furthermore, the company has committed to compensating affected users, although the details of the compensation plan will be announced later.
The service disruption has been attributed to force majeure events, leading to the temporary unavailability of certain cross-chain routes. The Multichain official team responded to concerned users in the Discord community, acknowledging that the upgrade of backend nodes took longer than expected. However, it is important to note that most routes, including Kava, zkSync, and Polygon zkEVM, operate as usual.
Adding to the concerns, the Fantom Foundation recently withdrew a significant amount of liquidity, specifically 449,740 MULTI tokens, equivalent to 2.4 million in value, from SushiSwap. This unexpected development has raised eyebrows within the community, fueling speculation and rumors surrounding the investigation of the Multichain team.
Note that Fantom Foundation Wallet has removed 449,740 $MULTI ($2.4M) from liquidity on Sushiswap 30 mins ago.
Very likely to sell off! #MultiChain https://t.co/pEcd5EmARb pic.twitter.com/M647xgOeNH
— Lookonchain (@lookonchain) May 24, 2023
Previously, Multichain Protocol had assured users that the upgrade process would be completed within 24 hours. However, many users have reported that their cross-chain funds have remained inaccessible for an extended period, surpassing 48 hours and sometimes even 72 hours.
The delay in the arrival of funds has caused frustration among Multichain Protocol users, with concerns over the security and reliability of the platform mounting. Transparency and effective communication from the Multichain team are now more crucial than ever to address these growing concerns and restore user confidence.
As Multichain works diligently to resolve the underlying issues causing the disruptions, users are advised to remain patient while the team works towards a resolution. The company is committed to rectifying the situation and ensuring a seamless user experience once the service is restored.
The Multichain Protocol has been at the forefront of facilitating cross-chain transactions, allowing users to transfer assets seamlessly between different blockchain networks. While the current setbacks are undoubtedly frustrating, it is essential to remember that the blockchain industry, despite its advancements, is still evolving, and occasional challenges are to be expected.
As the situation develops, users and industry observers eagerly await further updates from Multichain Protocol regarding the restoration of service, the compensation plan, and the investigation rumors.
Clarity and transparency will be crucial in rebuilding trust among users and demonstrating Multichain’s commitment to providing a reliable and secure cross-chain platform.