News

Manta Network Withdrawals wUSDM to USDC Conversions Before Deadline!

Key Points:

Manta Network bridges wUSDM withdrawals to USDC via Ethereum mainnet.
3-day challenge period detects and prevents fraudulent activity, ensuring fund safety.
First batch of conversions expected at L1 withdrawal address before April 1.

Manta Network has taken to Twitter to reassure users that the withdrawal of wUSDM converted to USDC is currently in progress and that their funds remain secure throughout the process.

The conversion process involves bridging wUSDM withdrawals to the Ethereum mainnet via a native bridge, ensuring seamless transfer of assets.

In an effort to maintain utmost security, Manta Pacific, the entity overseeing the conversion process, has implemented a stringent 3-day challenge period. During this time, withdrawn funds are temporarily locked to detect and prevent any potential fraudulent activity. This proactive measure underscores Manta Network‘s commitment to safeguarding user assets and maintaining the integrity of its platform.

Manta Network Bridges wUSDM Withdrawals to USDC

Following the challenge period, Mountain Protocol, a trusted partner, will receive the converted funds and proceed to process the withdrawal requests. This ensures a thorough verification process before the funds are released, mitigating the risk of unauthorized transactions or malicious activities.

Excitement brews among users as the first batch of wUSDM to USDC conversions is expected to reach the L1 withdrawal address before April 1, 2024. This milestone marks a significant step forward in Manta Network’s mission to provide efficient and secure decentralized financial solutions to its users.

Manta Network continues to demonstrate its unwavering commitment to transparency, security, and innovation in the rapidly evolving landscape of decentralized finance. As the platform continues to expand its offerings and enhance its capabilities, users can rest assured that their funds are in good hands, backed by robust security measures and a dedicated team of experts.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.