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Stargate Proposes Plan to Safeguard Ecosystem Amid Multichain Crisis

Stargate, the LayerZero cross-chain bridge protocol, has proposed a plan to protect its ecosystem in response to the recent "force majeure" event affecting Multichain and concerns over the stability of anyUSDC. The proposal includes disabling the Fantom USDC pool and removing all DAO controlled funds from the pool to mitigate risks and ensure integrity. The plan also involves setting STG emissions on the Fantom pools to zero, disconnecting the Fantom pools from all other pools within the network, and expanding bridging options for Fantom users through alternative means. Stargate plans to facilitate a smooth transition for liquidity providers by whitelisting existing LPs, allowing them to redeem their LP to any other chain.

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