On April 13th, the Fantom Foundation addressed community concerns regarding a mining incident worth millions of dollars on Multichain, acknowledging the difficulties faced by network users, token holders, and liquidity providers.
While awaiting “guidance” and an official statement from Multichain, the Fantom Foundation stated that they would take direct steps to ensure that the Fantom network adapts to the new circumstances.
The Fantom blockchain does not have its own official bridge. With the “collapse” of Multichain, the Fantom development team will need to choose alternative bridges to ensure uninterrupted operations.
Fantom Foundation notes that Axelar and LayerZero are becoming popular among developers on their network. This could be a step towards expanding to other bridge solutions.
Furthermore, Fantom Foundation aims to utilize both the asset pool created by Axelar and LayerZero as well as the bridges themselves to enhance liquidity. This will also help boost confidence in the protocols.