The price of the Multichain (MULTI) token has experienced a significant decline, falling by 20% from $7 to $5.12. This drop comes as users express frustration over stuck transactions on the cross-chain bridge protocol, leading to concerns within the community.
Complaints from users regarding stuck transactions have been ongoing since May 21. Multichain, the team behind the protocol, has attributed these difficulties to an ongoing upgrade and delayed updates to nodes responsible for cross-chain routers.
“The upgrade of the back-end node is taking longer than expected. Most of the routes are working as usual, while some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended. All affected transactions will be processed once the upgrade is complete”, the company explained in a statement on May 23.
An admin in Multichain’s Telegram channel provided further updates, stating:
“Only one router is left in the upgrade progress. The other six routers are functioning properly now. We are working on the last router, and everything will return to normal once it’s finished.”
The admin also assured users that all funds are secure and pending transactions will be completed after the upgrades.
Meanwhile, Lookonchain, a leading blockchain analytics platform, has identified several entities involved in the potential sale of Multichain tokens on both centralized and decentralized exchanges in recent days. Noteworthy among these transactions is an address that sent 494,200 tokens, valued at $2.75 million, to the Gate.io exchange.
Additionally, Lookonchain discovered another trade involving an address named “hwg.eth,” which sold 36,200 tokens, equivalent to $200,000, just yesterday.
Furthermore, the Fantom Foundation has withdrawn 450,000 tokens, worth $2.4 million, from liquidity on the decentralized exchange SushiSwap. These activities indicate a dynamic market surrounding the Multichain token, with various entities participating in trading and liquidity activities.
As of now, Multichain has yet to respond to requests for comment regarding the ongoing issues and market activities. The community eagerly awaits further updates from the team as they work to address the challenges and restore normalcy to the cross-chain bridge protocol.
