“Multichain was a giant hit,” says Andre Cronje as Fantom TVL drops.

Fantom Community founder Andre Cronje mentioned that the latest collapse of Multichain was a “enormous blow” to the sensible contract platform, which has seen a pointy decline in exercise over the previous few weeks.

In response to In response to DefiLlama, Fantom’s Whole Locked Worth (TVL) has dropped from greater than $364 million. USD at the start of Could to about 70 million. USD on July 14 After peaking in 2022, Fantom’s TVL exceeded $7.5 billion. USD. The the worth of your native token Fantom (FTM), down from $0.41 to $0.28 over the identical interval.

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