L&E Announcement.
31 May 2023, 20:17
🚨L&E Announcement 🚨
In light of the recent announcement on Multichain’s Twitter, the L&E department has decided to withdraw approximately $800k worth of liquidity from the USDC pools on TelosEVM DeFi protocols out of caution with respect to the Multichain situation.
The liquidity will be reduced at 22:00 UTC.
In regards to Omnidex and potential liquidation issues, the L&E department will provide OTC support for USDC and help Omnidex with smooth liquidations. Currently, the USDT and BUSD can be bridged out, while wETH and wBTC can be bridged both ways on Multichain. As it is a 3rd party bridge, the L&E department is not responsible for any issues arising from the bridge.
We can see in the Multichain wallet that funds haven’t been sold, as soon as Multichain is able to release a statement around this and clear it up we will LP again. In the meantime, we are exploring alternative bridge options and native-issued stablecoins to support the DeFi ecosystem.
We will continue to update the community and partners accordingly.
- L&E Department, Telos Foundation