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Multichain token experiences a 30 percent decline due to delay in backend upgrade
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Multichain token experiences a 30 percent decline due to delay in backend upgrade

May 25, 2023

Despite a significant sell-off in the token, the Total Value Locked (TVL) of the Multichain protocol stays relatively stable at $1.6 billion.

At the time of writing, the token price of Multichain (MULTI), a cross-chain router protocol, experienced a 30% drop within a 24-hour period, reaching a trading price of $4.97.

The decline in price occurred in response to user complaints regarding delayed arrival of their multichain funds, attributed to an extended backend node upgrade that took longer than anticipated. An administrator associated with the Multichain platform

Most routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended. All affected transactions will arrive after the upgrade is complete. We sincerely apologize for the inconvenience caused.Discord channel wrote

Meanwhile, it has been reported that a wallet address associated with Fantom Foundation, a layer-1 blockchain developer, withdrew 449,740 MULTI tokens (equivalent to $2.4 million) from liquidity on the decentralized exchange SushiSwap. The sell-off was potentially fueled by rumors circulating in the market. A tweet, which has garnered over 300,000 views, claimed that the multichain team had been apprehended by Chinese authorities, allegedly controlling $1.5 billion in contract funds.

Multichain token experiences a 30 - news

Established in Singapore in July 2020 to address the demand for inter-blockchain communication, the Multichain protocol has achieved a total value locked (TVL) exceeding $1.59 billion. It reached its peak TVL of $10.5 billion in early 2022, just before the onset of the cryptocurrency bear market.

According to a report by Cointelegraph in December 2021, Multichain secured $60 million in a seed funding round led by Binance Labs, the venture capital division of cryptocurrency exchange Binance. Recently, Multichain announced a $100 million ecosystem fund aimed at accelerating the development of native multichain projects.

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