{"id":20025,"date":"2023-07-15T20:58:28","date_gmt":"2023-07-15T20:58:28","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/multichain-was-a-big-blow-says-andre-cronje-as-fantom-tvl-slumps\/"},"modified":"2023-07-15T20:58:30","modified_gmt":"2023-07-15T20:58:30","slug":"multichain-was-a-big-blow-says-andre-cronje-as-fantom-tvl-slumps","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/multichain-was-a-big-blow-says-andre-cronje-as-fantom-tvl-slumps\/","title":{"rendered":"‘Multichain was a big blow’, says Andre Cronje as Fantom TVL slumps"},"content":{"rendered":"
Fantom’s co-founder Andre Cronje classified Multichain’s debacle as a “big blow” to the smart contract platform, which saw a sharp decline in activity in the past weeks as a result of Multichain’s problems.\u00a0<\/p>\n
According to data from DefiLlama, Fantom’s total value locked (TVL) dropped from over $364 million in early May to about $70 million on July 14. At its peak in 2022, Fantom’s TVL topped $7.5 billion.\u00a0The price of its native coin Fantom (FTM) declined from $0.41 to $0.28 over the same period.<\/p>\n
“Multichain was a big blow, Cronje wrote in a Fantom’s forum thread, adding that he “had a lot of assurances from the [Multichain] team around the server decentralization, access, and geolocation distribution. Don\u2019t trust, verify (saying this to myself).”<\/p>\n