Multichain Bridged DAI (Moonbeam)Price

(DAI)

Multichain Bridged DAI (Moonbeam) refers to DAI, a decentralized stablecoin pegged to the US dollar, that has been transferred from its native Ethereum blockchain to the Moonbeam network via the Multichain cross-chain bridging protocol. Its purpose was to enable DAI's use within the Moonbeam ecosystem, facilitating DeFi activities and transactions. While DAI is designed to maintain a stable value, its bridged version on Moonbeam now faces significant challenges due to events affecting the Multichain bridge.

The Multichain exploit in July 2023 severely impacted Multichain Bridged DAI on Moonbeam. Unauthorized withdrawals drained significant liquidity from various Multichain-controlled assets across multiple chains, including Moonbeam. For bridged DAI, this meant the underlying collateral backing the bridged tokens was compromised or stolen. Consequently, the mechanism designed to allow users to redeem bridged DAI for native DAI was broken, leading to a de-pegging event and effectively stranding the bridged tokens on the Moonbeam network without their intended backing or a reliable way to exit the ecosystem.

Yes, there are significant ongoing issues. Following the Multichain exploit, the bridge ceased to function, meaning users cannot bridge assets, including Multichain Bridged DAI, off the Moonbeam network. Funds intended for bridging via Multichain remain stuck. Crucially, Multichain Bridged DAI (Moonbeam) has lost its peg to the US dollar due to the lack of underlying backing and the inability to redeem it for native DAI. This situation renders the token largely illiquid and difficult to utilize or exchange for its intended value.

Addressing the losses and de-pegging of Multichain Bridged DAI (Moonbeam) is highly complex and remains largely unresolved. The Multichain team has reportedly ceased operations, and access to their remaining funds is unclear. While some communities and projects affected by Multichain have explored independent recovery efforts or proposals for compensation, a comprehensive and official resolution for all affected assets, including Multichain Bridged DAI on Moonbeam, has not been implemented. Users are advised to stay informed through official Moonbeam and community channels, but direct restitution is uncertain.

Due to the Multichain exploit and the resulting de-pegging and liquidity issues, buying or selling Multichain Bridged DAI (Moonbeam) is exceptionally challenging and comes with significant risks. Traditional decentralized exchanges on Moonbeam that previously facilitated its trading now likely suffer from extremely low liquidity or may have removed relevant pools. Any potential trades would occur at a substantial discount to native DAI, reflecting its impaired status. Centralized platforms like LBank would typically only list tokens with robust liquidity and operational bridges, which this token currently lacks. Users are strongly advised against attempting to acquire or trade this asset.

The trading viability of Multichain Bridged DAI (Moonbeam) is severely compromised, with extremely low to negligible liquidity. Following the Multichain exploit, the token has largely lost its functional utility as a stablecoin and its ability to be reliably swapped or redeemed. This means there are very few active buyers or sellers, and any available liquidity is insufficient for efficient trading. Consequently, the token trades at a significant discount, reflecting its de-pegged state and the high risk associated with holding or attempting to transact with it.