Cross-chain bridge Stargate announced that after a recent DAO vote, the protocol is handling the liquidity pools on Fantom and users can no longer transfer $USDC to or from Fantom on Stargate.
Liquidity providers can continue to withdraw their $USDC on Fantom or redeem their LP to other chains.
Currently the Fantom pools have their $STG emissions set to 0 and the pools have been segregated from all other pools on Stargate. Path weights to and from Fantom have also been set to 0. Stargate removed all POLs from the Fantom pool and placed them in the Ethereum $USDC pool.
After Multichain announced last week 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 to mitigate risk to Stargate and its liquidity providers. The proposal received support from 93.98% of the votes. It was also noted that Stargate should consider expanding bridging options for Fantom users in other ways in the future.
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