The limited reopening on July 9, 2023 restored two functions for existing positions.

Withdrawal

Removal of assets previously supplied to Geist’s lending pool.

Repayment

Payment toward an existing borrowing balance.

New deposits and borrowing

Additional deposits and new loans were outside the withdraw and repay only mode.

The historical mode describes the functions reenabled at that time. It does not establish that a particular withdrawal succeeded or that either function remains accessible today.

Multichain-bridged collateral had lost value while Chainlink feeds continued tracking the underlying assets’ reference prices. In its July 14, 2023 announcement , the Geist Finance team said reopening borrowing would create bad debt for lenders of unaffected assets such as FTM and Magic Internet Money (MIM). The team also stated that Chainlink’s feeds had worked as intended.

Withdrawal access and recovery of a token’s backing were separate issues. Reenabling a withdrawal function did not restore the missing backing of Multichain-bridged assets or promise recovery at their earlier value.

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