Stargate Winds Down Fantom Pools, Stops $USDC Transfers to Fantom

Stargate Winds Down Fantom Pools, Stops $USDC Transfers to Fantom

Cross-chain bridge Stargate announced that following a recent DAO vote, the protocol is winding down liquidity pools on Fantom, and users will no longer be able to transfer $USDC to or from Fantom on Stargate.

Liquidity providers are still able to withdraw their $USDC on Fantom, or redeem their LP out to other chains.

Currently, $STG emissions on the Fantom pools have been set to 0, and the pools have been disconnected from all other pools on Stargate. Pathweights to and from Fantom have also been set to 0. Stargate has removed any POL from the Fantom pool, and deposited this into the Ethereum $USDC pool.

Last week, after Multichain announced that some of its cross-chain routes were unavailable due to "force majeure", a proposal to disable Stargate pools on Fantom was submitted to the Stargate DAO, in order to mitigate risk to Stargate and its liquidity providers. The proposal received support from 93.98% of the voting power. It also noted that Stargate should consider expanding bridging options for Fantom users in other ways in the future.

 

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.

Source

DeFi

Cross-Chain

Fantom

In This Article

Related News
Term Finance recovers $1 million of $1.6 million loss to oracle configuration error Term Finance recovers $1 million of $1.6 million loss to oracle configuration error
Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum
Omni Network launches 'Core' mainnet to unify Ethereum's fragmented rollup ecosystem Omni Network launches 'Core' mainnet to unify Ethereum's fragmented rollup ecosystem
Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51 Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51
Radiant Capital hacker moves $52M in stolen funds Radiant Capital hacker moves $52M in stolen funds
Latest News More More
1 Day Ago Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
2 Days Ago North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
2 Days Ago JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global
5 Days Ago Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block
June 25 Circle's post-IPO stock surge pushes market cap near Coinbase and USDC
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open