Fantom’s DEX, SpiritSwap, folding after Multichain hack
SpiritSwap, a decentralized exchange (DEX) on Fantom, will cease operations from Sep.1, roughly 828 days after launching. The announcement follows the Multichain hack which depleted SpiritSwap’s treasury, making it impossible for the DEX to fund essential operations like costs, salaries, and marketing. End of an era as @Spirit_Swap calls it quits; the very first place I landed on #Fantom 828 days ago They're looking for a team to hand things to; otherwise operations will cease on September 1; a guide to help users withdraw $SPIRIT dregs as they unlock will be developed 🪦 pic.twitter.com/Syu2wqNlAY — The Fantom Ecologist (@ftm_ecologist) August 9, 2023 The SpiritSwap team intends to find a successor by Sep. 1. If a transfer of ownership doesn’t happen, the DEX will potentially close. SpiritSwap says it will assist the successor during the transition period. At peaks, SpiritSwap had a total value locked (TVL) of $374 million but currently rests at $2.87 ...