Multichain Bridged WAVAX (Fantom)Price

(WAVAX)

Multichain Bridged WAVAX (Fantom) is a digital token that exists on the Fantom blockchain, representing Avalanche (AVAX) that has been moved across networks. Specifically, it is a wrapped version of Avalanche's native token that was brought to the Fantom ecosystem through the Multichain protocol, which was formerly known as Anyswap. The primary purpose of this bridged asset was to enable interoperability between the Avalanche and Fantom networks. By using a bridge, users could theoretically utilize their Avalanche-based assets within Fantom's decentralized finance applications, such as lending protocols and decentralized exchanges. This process typically involved locking the original asset on its native chain and minting a representative token on the destination chain. The technology behind this specific token relied on the Multichain protocol's cross-chain router infrastructure. This system used a decentralized account management scheme and multi-party computation to manage the movement of assets. It was designed to provide a non-custodial way for users to swap and transfer various cryptocurrencies across multiple blockchains without relying on a central intermediary. However, the status of this bridged token changed significantly due to a major security event in mid-2023. The Multichain protocol experienced a massive exploit that resulted in the unauthorized removal of a substantial amount of assets from its bridging vaults. This breach directly impacted the Fantom network because many of its bridged assets, including this version of WAVAX, were backed by the reserves held by Multichain. Following the incident, the underlying reserves that supported the value of the bridged tokens were no longer intact. As a result of the exploit and the subsequent disappearance of the project's leadership, the Multichain bridge service was indefinitely halted. The Fantom Foundation, which oversees the development of the Fantom network, later pursued legal action against the Multichain entities in a Singapore court to recover losses. Consequently, the Multichain Bridged WAVAX on Fantom is no longer considered a functional or safely backed bridge asset, and the project's official infrastructure has largely gone offline. While the token remains on the blockchain, it no longer maintains its intended relationship with the original Avalanche asset due to the failure of the bridging protocol. Learn more

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