‘Multichain was a big blow,’ says Andre Cronje as Fantom TVL slumps By Cointelegraph

The Fantom network’s co-founder Andre Cronje said Multichain’s recent debacle was a “big blow” to the smart contract platform, which saw a sharp decline in activity in the past few weeks.

According to data from DefiLlama, Fantom’s total value locked (TVL) dropped from over $364 million in early May to about $70 million on July 14. At its peak in 2022, Fantom’s TVL topped $7.5 billion. The price of its native token, Fantom (FTM), declined from $0.41 to $0.28 in the same period.

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