Stargate Community Proposes to Remove Fantom USDC Pool to Mitigate Risk

So far, a total of 1.7 million verified members of the Stargate community have voted in favor of the proposal. News Join us on social networks

Stargate, the LayerZero cross-chain bridge protocol, has responded to the recent "force majeure" incident affecting Multichain, as well as stability issues surrounding all of USDC, Fantom's primary USDC asset.

To address these concerns and protect the ecosystem, Stargate has submitted a comprehensive proposal and launched a one-choice voting system for risk mitigation and ecosystem integrity. The voting period for the proposal began at 3:47 a.m. on May 27 and will end at 3:47 a.m. on May 30.

As part of the proposal, the first step is to cease GTS emissions on Fantom pools. This Stargate action is intended to temporarily suspend broadcasts and mitigate potential disruptions resulting from the uncertainties associated with Multichain. Emission is the rate at which new coins are created and released.

So far, a total of 1.7 million verified members of the Stargate community have voted in favor of the proposal. This figure shows that around 96.55% of the community agrees with the proposal.

Screenshot showing vote count for the proposal.

Going forward, Stargate intends to isolate the Fantom Pools from all other pools in the network, ensuring the prevention of any possible contamination or impact negative on the wider Stargate ecosystem. Currently, the Liquidity Provider (LP) deposited in this pool is approximately $11.4 million. Fantom pools are effectively separate from other Stargate network pools.

To enhance ecosystem protection and address potential concerns related to any USDC on Fantom, the proposal recommends the removal and revocation...