Stargate Addresses Multichain Incident with Risk Mitigation Proposal

Stargate's Response to the Multichain Incident

Stargate, the LayerZero cross-chain bridge protocol, has taken decisive action following a "force majeure" incident that impacted Multichain. This event raised concerns about the stability of anyUSDC, a key asset on the Fantom network. In response, Stargate has developed a comprehensive proposal aimed at mitigating risks and maintaining ecosystem integrity.

Risk Mitigation Proposal

To ensure the protection and stability of the ecosystem, Stargate has set forth a detailed proposal. This plan includes measures designed to address the vulnerabilities exposed by the Multichain incident. By implementing strategic safeguards, Stargate aims to prevent similar issues in the future and maintain the trust of its users and stakeholders.

Voting System for Ecosystem Integrity

Stargate has also launched a single-choice voting system to engage its community in decision-making. This democratic approach allows stakeholders to have a say in the proposed risk mitigation strategies. The voting commenced at 3:47 AM on May 27, 2023, and is scheduled to conclude at 3:47 AM on May 30, 2023. This initiative underscores Stargate's commitment to transparency and community involvement.

Ensuring Stability and Trust

By proactively addressing the challenges posed by the Multichain incident, Stargate demonstrates its dedication to ecosystem stability and resilience. The proposed measures and community engagement are crucial steps in safeguarding anyUSDC and fortifying the Fantom network against future disruptions. Through these efforts, Stargate reinforces its role as a reliable and secure cross-chain bridge protocol.