Multichain

Arbitrum

Polygon

ZKsync

Pantos

<p class="is-style-lead">The decentralized cross-chain protocol Multichain is grappling with severe transaction delays, causing its native token, MULTI, to plummet 29.4%, even as the team works on a resolution and reassures users of the safety of their funds.</p>



<p>In recent developments, the native token for the cross-chain bridge <a href="https://crypto.news/pantos-launches-multichain-token-creator-to-promote-interoperability/" data-type="URL" data-id="https://crypto.news/pantos-launches-multichain-token-creator-to-promote-interoperability/">Multichain</a>, also known as MULTI, experienced a sharp drop of 29.4% today, down to a trading value of $5.02 as per data from <a href="https://www.coingecko.com/en/coins/multichain" data-type="URL" data-id="https://www.coingecko.com/en/coins/multichain" target="_blank" rel="noreferrer noopener">CoinGecko</a>. </p>



<p>This sudden downfall came in the wake of reports by users experiencing stuck transactions, which sparked concerns in the community.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="1024" src="https://crypto.news/app/uploads/2023/05/chart-1024x1024.jpeg" alt="Multichain sees significant token drop amid ongoing transaction delays - 2" class="wp-image-14160928"><figcaption class="wp-element-caption">24-hour chart of $MULTI | Source: <a href="https://www.coingecko.com/" target="_blank" rel="noopener">CoinGecko</a></figcaption></figure>



<p>Multichain, formerly recognized as Anyswap, operates as a decentralized cross-chain protocol, facilitating the exchange of diverse <a href="https://crypto.news/market-cap/" data-type="URL" data-id="https://crypto.news/market-cap/">cryptocurrencies</a> across various blockchain networks. </p>



<p>This is made possible through the utilization of smart contracts and decentralized liquidity pools, allowing networks like <a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/">Ethereum</a>, <a href="https://crypto.news/price/bnb/" data-type="URL" data-id="https://crypto.news/price/bnb/" target="_blank" rel="noreferrer noopener">Binance Smart Chain</a>, and <a href="https://crypto.news/price/polygon/" data-type="URL" data-id="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">Polygon</a> to interact with each other.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Some users reported that there is an abnormal delay in the arrival of Multichain&#39;s current cross-chain funds.  The Multichain official responded in discord that the upgrade of the backend nodes took longer than expected.  Most routes are working as usual, as some routes (Kava,…</p>&mdash; Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1661323197265084421?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 24, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>The origin of the issue can be traced back to Sunday when the Multichain community on Telegram was inundated with grievances from users regarding pending transactions. A community member reported that their transfer from <a href="https://crypto.news/price/arbitrum/" data-type="URL" data-id="https://crypto.news/price/arbitrum/">Arbitrum</a> to <a href="https://crypto.news/layer-2-zksync-offers-solution-to-recover-900-eth-locked-in-smart-contract/" data-type="URL" data-id="https://crypto.news/layer-2-zksync-offers-solution-to-recover-900-eth-locked-in-smart-contract/">zkSync</a> was caught in a prolonged confirmation process.</p>



<p>In response to the community&#8217;s concerns, Multichain community manager, David Who, addressed the issue on Telegram, stating, &#8220;the bridging service on one of our routers was not well functional.&#8221; In Multichain&#8217;s framework, a router plays a crucial role in directing the asset transfer path based on liquidity pools.</p>



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<p>The team has acknowledged that one of the &#8220;routers&#8221; on the bridge was impacted. They are in the process of upgrading the RPC-backend node to rectify the issue. </p>



<p>It&#8217;s important to note that an RPC node serves as the conduit between the ethereum network and <a href="https://crypto.news/comparing-decentralized-ecological-credential-products-bridging-web2-and-web3/" data-type="URL" data-id="https://crypto.news/comparing-decentralized-ecological-credential-products-bridging-web2-and-web3/" target="_blank" rel="noreferrer noopener">web2</a>, offering a suite of APIs that enable clients to interact with the ethereum network.</p>



<p>Pools affected by the issue hold approximately 3,975 ETH, equivalent to about $7 million in zkSync, and over $322,000 in <a href="https://crypto.news/price/usd-coin/" data-type="URL" data-id="https://crypto.news/price/usd-coin/">USDC</a>, according to details shared via Telegram.</p>



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<iframe loading="lazy" title="Multichain | The Billion Dollar Cross-Chain Bridge" width="1020" height="574" src="https://www.youtube.com/embed/E2p2C-_-Byc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>zkSync and polygon zkEVM, ethereum <a href="https://crypto.news/defi-layer-2-ethereum-adoption/" data-type="URL" data-id="https://crypto.news/defi-layer-2-ethereum-adoption/">layer-2 solutions</a> leveraging zero-knowledge proof technology, appear to be predominantly affected. These blockchains, launched in March 2023, are still in their infancy.</p>



<p>In his latest message, Who reassured users that their funds remain safe and that pending transactions will &#8220;pass through automatically and instantly&#8221; once the problem is resolved. </p>



<p>Meanwhile, the community was alerted about the temporary suspension of some bridges causing the pending transactions on May 22.</p>



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Multichain sees significant token drop amid ongoing transaction delays

crypto.news

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