The Multichain (MULTI) token has experienced a significant price decline of 20%, dropping from $7 to $5.63. This decline comes as a result of user complaints regarding stuck transactions on the cross-chain bridge protocol.
Since May 21, users have been expressing their dissatisfaction with the occurrence of stuck transactions. Multichain, on the other hand, has attributed these difficulties to an ongoing upgrade and the delayed updates to nodes for cross-chain routers.
On May 23, Multichain addressed the situation, stating that the upgrade of the back-end node is taking longer than originally anticipated. They also mentioned that most routes are functioning normally, with the exception of a few temporarily suspended routes such as Kava, zkSync, and Polygon zkEVM. Multichain assured users that all affected transactions would be processed once the upgrade is completed, ensuring the safety of all funds.
An administrator in Multichain’s Telegram channel added that only one router is left in the upgrade process, while the other six routers are functioning properly. They reassured users that everything will return to normal once the upgrade of the final router is finalized. However, Multichain has yet to respond to a request for comment on the matter.
It is important to note that these developments have contributed to a 20% decrease in the price of the Multichain (MULTI) token, as investors and users have raised concerns over the reliability of the cross-chain bridge protocol. As the situation unfolds, it remains to be seen how Multichain will address these complaints and restore confidence among its user base.