How Multichain Issues Will Impact the EYWA Project Hello, | 🇬🇧 EYWA Announcements
How Multichain Issues Will Impact the EYWA Project
Hello, friends!
Surely you have heard the news about serious disruptions in the largest cross-chain liquidity protocol, Multichain. There are rumors of team arrests, liquidity shortages, and problems with the Chinese regulator. So far, the Multichain team has been unable to reach their CEO, and the future of the project is at risk, once again highlighting the importance of decentralization in cross-chain projects!
The consequences of a small group of individuals controlling the liquidity of the entire protocol are evident. It is possible that liquidity has been unexpectedly withdrawn, and the assets issued by this bridge are not backed by anything.
Many projects that utilized assets issued by the Multichain bridge have started to withdraw from their usage, and major projects have already removed liquidity pools. Even Binance Smart Chain is advising its users to be cautious with Multichain and prohibiting the deposit of assets produced by the bridge, let alone other market participants...
The main mistake of Multichain that led to the current problems is the lack of decentralization and concentration of control and liquidity in the hands of the team. However, this problem opens up new opportunities for us! Here's what Boris Povar, EYWA CEO, says about the situation:
"The problems with the Multichain project once again show that we are on the right path. Cross-chain bridge liquidity should belong to its owners and be managed by them, not the project team. For the Fantom blockchain ecosystem (Multichain is the official bridge for Fantom) where there are no native stablecoins issued by official issuers, we can offer an alternative - to use our e-tokens: eUSDT, eUSDC, eDAI, eTUSD, and EUSD. They are secure, backed, and do not have such risks. Therefore, we have a strategic advantage in our hands!"
Thus, the difficulties arising in Multichain allow EYWA to enter new markets by offering a more efficient solution and greater security. Currently, the team is making the necessary changes to EYWA DEX, taking into account the current situation.
We will provide further updates on the launch!
Thank you,
EYWA Team
