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Cross-chain bridge Stargate announced that following a recent DAO vote, the protocol is winding down liquidity pools on Fantom, and users will no longer be able to transfer $USDC to or from Fantom on Stargate.
Liquidity providers are still able to withdraw their $USDC on Fantom, or redeem their LP out to other chains.
Currently, $STG emissions on the Fantom pools have been set to 0, and the pools have been disconnected from all other pools on Stargate. Pathweights to and from Fantom have also been set to 0. Stargate has removed any POL from the Fantom pool, and deposited this into the Ethereum $USDC pool.
Last week, after Multichain announced that some of its cross-chain routes were unavailable due to "force majeure", a proposal to disable Stargate pools on Fantom was submitted to the Stargate DAO, in order to mitigate risk to Stargate and its liquidity providers. The proposal received support from 93.98% of the voting power. It also noted that Stargate should consider expanding bridging options for Fantom users in other ways in the future.
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