Multichain Cross-Chain Bridges Resumption: Market Impact and Lingering Uncertainties

Posted on by Artificial Intelligence
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As cross-chain bridges of the Multichain protocol resumed on June 5, on-chain experts confirmed the transactions happening on the platform. With the return of Multichain’s router2, this indicates that the core part of the bridge is now operating normally. In response to this news, the native token MULTI experienced a rapid price increase of 40% within hours. Users have also reported receiving cross-chain funds.

Bobie, the founder of Web3 knowledge graph protocol 0xScope, announced on Twitter that several Multichain cross-chain bridge services, including Zksync Era, Kava EVM, and Avax C-Chain, have resumed operations. He shared screenshots as evidence of these transactions, suggesting that Multichain has indeed returned to functioning. On the other hand, Multichain’s official social media accounts have yet to release any updates on the matter.

The news of Multichain’s router2 coming back online was also shared by Salience, indicating that the core bridges should now be working as intended. The group’s admin confirmed that the router is functioning properly.

In response to Multichain issues, crypto exchange Binance previously suspended deposits for bridged tokens associated with the protocol. Among the now-suspended tokens were POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. Fantom was significantly affected by the suspension of Multichain cross-chain bridge services.

Now that the bridge services have resumed, Multichain’s token MULTI has soared by 40%, with the price currently trading at $4.80. The 14-hour low and high are $3.52 and $5.13, respectively. Additionally, trading volume within a few hours has increased, signaling heightened interest from traders.

However, despite recent developments, there remains a degree of uncertainty surrounding the future of this technology. The price of MULTI had fallen 50% in a month after Multichain suspended cross-chain bridges. The sudden disappearance of CEO Zhao Jun, who is suspected of being investigated by the police, only adds fuel to this uncertainty. It remains to be seen how these issues will affect the protocol and its users in the long run.

While the return of cross-chain bridges is an encouraging sign, it is crucial for investors to stay updated on market conditions and perform thorough research before investing in cryptocurrencies. Risk and responsibility lie in the hands of the individual investor when navigating this fast-paced and ever-evolving industry.

Source: Coingape

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