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- Stargate introduces its binary voting mechanism to safeguard the integrity of its ecosystem.
- The initial phase of the plan suggests ceasing all STG emissions from the Fantom pools.
The LayerZero cross-chain bridge protocol, Stargate, has put forward a comprehensive approach to address the stability issues surrounding anyUSDC, the primary USDC asset on Fantom, following the recent “force majeure” incident affecting Multichain. Stargate introduces its binary voting mechanism to safeguard the integrity of its ecosystem and mitigate uncertainty.
As an initial measure, the proposal suggests halting all STG emissions from the Fantom pools. Stargate aims to temporarily suspend emissions in this manner, thereby minimizing disruptions caused by the uncertainties surrounding Multichain.
Curbing Plague Spread
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The voting session will commence at 3:47 AM on May 27, 2023, and will continue until 3:47 AM on May 30, 2023. The subsequent step in Stargate’s plan is to sever all network access to the Fantom pools.
This separation is also crucial to prevent the spread of issues or adversely affecting the broader Stargate ecosystem. The total liquidity in this pool is currently valued at $11.4 million and is effectively isolated from all other Stargate pools.
Furthermore, the proposal includes the elimination and unwinding of anyUSDC POL utilizing Multichain, aimed at enhancing the security of the ecosystem and preventing any vulnerabilities associated with anyUSDC on Fantom. Binance announced on May 25 that it would temporarily suspend deposits for bridging tokens related to Multichain.
In addition, several reports have emerged indicating that Zhao Jun, co-founder and CEO of Multichain, has gone missing and is under police investigation. Stargate recognizes the importance of implementing additional measures to ensure a smooth transition for its liquidity providers (LPs), alongside the technical actions.
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