After the Multichain FUD incident, this article teaches you how to identify native assets.
This article helps you identify native assets after the Multichain FUD incident.
Author: Bulbasaur
Recently, it was discovered that USDT/USDC on FTM was issued by Multichain, which surprised many people. When using cryptocurrencies, the most important thing is to ensure the safety of your assets. Therefore, it is very important to understand the chain on which the cryptocurrency is located and its officially supported cross-chain bridge. In this article, Bulbasaur will guide you on how to determine which chains’ U assets are the official native assets, and how to determine their cross-chain bridge support. The following is the main text:
USDT/USDC on FTM is actually made by Multichian? Many people who were watching the excitement found out that their own house had collapsed.
Let’s briefly discuss how to know which chains’ U assets are the official native assets, and how to determine which cross-chain bridge supports them, SAFU!
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USDC: After entering the official website homepage, scroll down to the FAQ, and there is a statement that USDC is native on 8 chains: Ethereum/Solana/Avalanche/TRON/Algorand/Stellar/Flow/Hedera, and is bridged on other chains.
Although USDC on Polygon has already obtained official support from Circle, which allows direct deposit and withdrawal from Circle accounts, it is still bridged by Polygon instead of being native. However, the fact that Circle is willing to support it indicates that it is still considered relatively safe.
USDT: On the official website’s TrasBlockingnrency page, all natively supported chains are listed. It can be noted that “Omni” here is what OG frequently refers to as the ancestor of so-called BRC 20, and USDT was originally issued on BTC/Omni.
If it is not a native asset, then what cross-chain bridge supports it?
We can use DeFillama to query. After entering the Stablecoins TAB on the left and clicking USDC, you can see what bridge each chain’s USDC is supported by.
If it cannot be found on DeFillama, then you have to Google it, or look for information on a blockchain browser. For example, FTMScan indicates that this USDC is supported by Multichain.
Of course, you will be surprised to find that L2’s U is currently non-native. But don’t panic, L2 is based on XXXXXX technology, which means that the bridging assets of these mainstream L2s are generally safer than L1 and can be easily checked by l2beat for risks.
Yes, after reading this, you probably understand why there are complaints that the OP team is slow to work.
In summary, try to hold native assets on mainstream chains. Otherwise, it will become: Not your keys, not your coins. But your coins are issued by Multichain!
