TechFlow News, Thanefield Capital's research division An Ape's Prologue tweeted that Fantom is the protocol with the largest exposure to Multichain, with 35% of its total value locked (TVL) held on Multichain, and a significant portion of the chain’s assets issued via Multichain.
Multichain has issued 40% of Fantom’s assets, excluding its native token FTM. These assets (primarily wrapped assets) amount to $650 million, indicating a severe dependency on Multichain.
The stablecoin situation is even more concerning. Within the Fantom ecosystem, stablecoins issued by Multichain account for 81% of the total stablecoin market cap ($567 million), reaching $458 million, with USDC leading at $194 million.
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