‘Multichain was a giant blow,’ says Andre Cronje as Fantom TVL slumps

The Fantom community’s co-founder Andre Cronje stated Multichain’s latest debacle was a “huge blow” to the good contract platform, which noticed a pointy decline in exercise prior to now few weeks.

In accordance to information from DefiLlama, Fantom’s whole worth locked (TVL) dropped from over $364 million in early Could to about $70 million on July 14. At its peak in 2022, Fantom’s TVL topped $7.5 billion. The worth of its native token, Fantom (FTM), declined from $0.41 to $0.28 in the identical interval.

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