To date, nearly 1.7 million members of the Stargate community have voted in favor of this proposal.
Stargate, the LayerZero cross-chain bridge protocol, has recently faced multiple “force majeure” incidents related to Multichain, as well as stability concerns surrounding USDC, the main asset of the Fantom platform. .
And to address these concerns and protect the ecosystem, the Stargate community has come up with a comprehensive proposal, and initiated a single-choice voting system for risk reduction and system integrity. Ecological.
Voting period for the proposal begins on the morning of May 27 and will end on the morning of May 30.
Notably, the proposal mentions stopping STG emissions on Fantom pools, which aims to temporarily suspend emissions and mitigate potential disruptions arising from uncertainties related to Multichain.
To date, a total of nearly 1.7 million members, representing 96.95% of the verified Stargate community, have voted in favor of the proposal.
According to the announcement, after the end of the vote, Stargate intends to isolate Fantom groups from all other groups in the network, ensuring to prevent any possibility of contamination or negative impact on the wider Stargate ecosystem. bigger.
Currently, the deposit liquidity provider (LP) in this group amounts to about 11.4 million USD. Fantom groups are effectively segregated from other groups in the Stargate network.
In addition, to enhance ecosystem protection and address potential concerns regarding any USDC on Fantom, Stargate is likely to delete and delist any USDC POL via Multichain, according to Message content.
Once the elements on Fantom are removed, Stargate will need to find alternative bridging options for platform users, like Hydra as an example.
Along with technical measures, Stargate acknowledges the importance of facilitating a seamless transition for its LPs. The proposal highlights the importance of whitelisting existing LPs, allowing them to redeem their LPs on alternate chains.
Reportedly, the above move by Stargate comes just days after Binance announced the suspension of deposits for Multichain-linked bridging tokens on May 25.