The Fantom and LIF3 ecosystems experienced an eventful week with temporary disruptions due to an unexpected incident with Multichain; however, rest assured, overall stability prevailed, and resilience and progress remain evident as we continue to move forward as usual. In this update, we will summarize the events that have occurred, where we are presently, and where we are going.
Event Summary:
As you are all aware, there was an incident with Multichain where over 130M USD of tokens from USDC, USDT, DAI, wETH, wBTC on the Fantom Bridge were moved to an unidentified Address on Ethereum.
Presently:
As a project that supports and develops on the Fantom ecosystem, we are waiting for an update on the situation regarding Multichain. In the meantime, we have been working on other solutions for connecting to other chains, and the most promising solutions are Layer 0 / Stargate and Axelar.
Going Forward:
Currently, for LIF3 Chain, we are working on integrating Layer 0 and Axelar for the movement of assets cross-chain. We will start with Layer 0.
Perspective:
Fortunately, the impact has been minimal. The best decision we made as a protocol that supports Fantom was deploying on Fantom. Had the protocol been deployed on Ethereum and we had bridged a large amount over on Multichain, the protocol would have been more severely affected.
LIF3 Chain was initially planning on using Multichain, but since the incident happened in May, we started looking at other solutions, such as Layer 0 and Axelar.
In DeFi and in LIF3, sometimes it is easy to think that bad things happen to us instead of FOR us. We look at the Multichain situation as just part of the teething and growth of De-Fi, similar to what happened with Bitcoin and Mt.Gox — this created an opportunity for new exchanges to grow and take its place. Perhaps Multichain is the Mt Gox of De-Fi? Multi-Chain really allowed De-Fi to grow and flourish, and we are thankful for it. Now other solutions, such as Layer 0 and Axelar, will lead the way.
Fortunately, we didn’t rush to deploy LIF3-Chain on Multichain, so the silver lining here is that we are minimally impacted by the Multichain situation.
Lif3 Wallet Updates:
Lif3 Wallet and Push Protocol continue to work hard to integrate push notifications for Lif3 Wallet users. These notifications will include real-time alerts according to each user’s configured triggers. For example, one can get notified if a Stop-Loss or a Take-Profit level is hit. Real-time alerts can help all users make more informed trading decisions.
Bring the Comics to Lif3:
Last week, the comics came to lif3 in a spectacular display of colors and creativity. The two-part challenge is ongoing, so don’t stop the creative juices from flowing. As a reminder, Part 1 is coloring the comics in, and Part 2 is submitting stories for the Lif3 Universe.
Comic Website:
https://comics.lif3.com/
Lif3 Support:
Lif3 Support is online and ready for users to explore. Lif3 Support is filled with easy-to-follow guides, articles, and videos that cover the Lif3 Ecosystem. Additional articles will be added as the Lif3 ecosystem grows and expands.
Check it out here:
http://support.lif3.com
This week’s Featured Article explains what the Greenhouse tokens are.
What is $stlLIF3 / $stlUSDC / etc.?
https://support.lif3.com/hc/en-us/articles/6973162013711-What-is-stlLIF3-stlUSDC-etc-
Lif3 Chain Testnet:
There has been a lot of chatter recently in regard to Lif3 Chain, given the recent events of last week. The vision has always been centered around security, ease of use, and user experience. These core pillars have not changed. The team continues its work on Lif3 Chain in preparation for its launch.
Your Feedback Helps:
Feedback from users goes a long way in helping to shape the future of the ecosystem. Ultimately, the best dApps and the best protocols also have the best user experience. Help us create the best user experience in DeFi by leaving your feedback and suggestions with the team.
Leave your Feedback Here:
https://support.lif3.com/hc/en-us/community/topics
Felix Sunset:
Felix will be sunset, and the doors will be closing this Summer. Below are all the key dates and timeframes for all users to know. As of July 3rd, 2023, all trading has been disabled on Felix.com. We are now in Phase 2, and all users will have until July 30th to make any withdrawals.
- Previous: June 1st–June 30th: Access to the site is normal, but positions are winding down.
- Current: July 3rd–July 30th: All trading is disabled. Users have access to withdraw only.
- Future: On July 31st, Felix will officially be closed to the public.
We’re Just Getting Started:
A lot more is happening behind the scenes, and these are all in various stages of development or planning. FANTY & TBONE, Airdrops, Masonry V2, ONLY, Lif3 Chain, and more.
Λ Lif3 in Crypto:
Please enjoy this week’s comic.
ENJOY LIF3!
