The Multichain protocol’s TVL remains largely unchanged at $1.6 billion despite a large sell-off in the token. The cross-chain routing protocol Multichain's (MULTI) token price fell by 30 per cent on May 24, 2023 over the course of a day to trade at $4.97.
Users complained that their multichain cash had not arrived because a backend node upgrade “took longer than expected,” which sparked the sell-off.
An admin wrote on the Multichain Discord channel: “Most routes are working as usual, as some routes (Kava, zkSync, and Polygon zkEVM) are suspended. All affected transactions will arrive after the upgrade is complete. We sincerely apologise for the inconvenience caused.”
Coinbase’s Base Network Publishes Roadmap To Mainnet
Coinbase has recently announced the launch of the base network testnet. It is planned for Ethereum to eventually have a layer 2 that makes use of the Optimistic Rollup technology to lower transaction costs and boost scalability.
The mainnet version of Ethereum, where most users have assets, is not connected to the Goerli testnet version of Base currently.
According to a blog post titled “Path to Mainnet,” Coinbase’s base network will provide a schedule for the mainnet’s introduction. Although the proposal does not provide the exact launch dates, it does specify five requirements. There are still three requirements, but two have already been met. Due to a backend node upgrade “taking longer than expected,” the multichain funds had not yet arrived, the blogpost said.
Apparently, the testnet must perform the Bedrock upgrade and go through audits and stability tests before mainnet launch.
NFT Influencer Served With Settlement Demand Over $7 Million Token Presale
A non-fungible token (NFT) influencer identified as ben.eth has been served with a settlement demand for allegedly committing a wire fraud during a $7 million token presale. The influencer reportedly employed a deceptive launch strategy for the Psyop (PSYOP) token, which raised $7 million in its inaugural presale. The demand was delivered via an NFT.
The settlement demand is a component of an ongoing court case. The influencer’s genuine identity is still a secret, though. The accusations underscore the difficulties and possible dangers associated with the expanding NFT business, where fraud and dubious practises might occur