Introduction:
In an era where digital currencies continue to change the landscape of financial markets, it becomes increasingly important to understand the intricacies of these volatile environments. This task becomes even more challenging and pressing when unforeseen events, such as the recent backend upgrade delay of the Multichain Token, triggers a sudden price plunge of 30%. Consequently, this has raised concerns among stakeholders and attracted the attention of financial experts and data analysts alike.
To decipher the implications of this event, we are embarking on an in-depth journey to dissect the numerous factors at play. Our aim is to conduct an exhaustive analysis of the pertinent data associated with the Multichain Token, thereby providing a holistic understanding of its current market situation and the potential repercussions stemming from the upgrade delay. The subsequent findings will illuminate the way forward, enabling stakeholders to make informed decisions and, where possible, mitigate any potential future impacts. We invite skilled data analysts to join us in this endeavor, turning this unfortunate event into a unique opportunity for market learning and resilience building.
Methodology:
In this dashboard I am going to looking primarily at the ethereum.core.ez_token_transfers table and the crosschain.core.ez_dex_swaps table over the last 30 days. First we are going to be looking at the swaps table to see swap activity in and out of the MULTI token before and after the upgrade delay to see how thing changed as a result. Next from the transfer table we will be looking at activity before and after the upgrade as well as a users breakdown in order to determine what user activity was like during this event.
Definitions:
What is Multichain?
Multichain is a bridging platform for cryptocurrencies and NFTs across blockchains. Formerly known as Anyswap, Multichain lets users bridge via pegged tokens or liquidity pools. Multichain's Router will determine the best method for the coin you want to bridge. For coins with native tokens on multiple chains, Multichain will swap cryptocurrencies across chains using liquidity pools. If there is no native coin, Multichain will lock up the token in a smart contract and mint a pegged token on the target chain. Multichain has its own token, MULTI, that will operate as a governance token in the near future. Holders of ANY, their previous governance token as Anyswap, can convert it to MULTI 1:1.
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