A popular decentralized exchange (DEX) platform on the Fantom network, SpiritSwap, is likely to cease operations by early September. The potential shutdown is a result of the recent issues faced by Multichain, a crypto bridge that impacted SpiritSwap. Following the news, the price of SpiritSwap’s native token, SPIRIT, experienced a significant drop of over 35% within 24 hours. The token’s value fell from $0.0012 to around $0.0008 on Wednesday morning.
“End of an era” for SpiritSwap
X user Fantom Ecologist revealed that SpiritSwap’s team is actively searching for a new team to take over operations and keep the platform running. However, if this effort is unsuccessful, SpiritSwap, which has been a leading DEX protocol in the Fantom ecosystem, will officially shut down on September 1. Fantom Ecologist commented, “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.”
SpiritSwap, launched in April 2021, quickly gained prominence as one of the most important DeFi protocols on the Fantom network. It provided users with the ability to easily swap and trade cryptocurrencies while also earning passive income from SPIRIT tokens.
The challenges faced by SpiritSwap are a result of the recent Multichain hack. Multichain’s CEO went missing, and millions of dollars’ worth of funds were mysteriously drained from its wallets. With limited funds left to support daily operations, Multichain announced its shutdown last month.
SpiritSwap is reportedly preparing a guide to assist users in withdrawing their remaining SPIRIT tokens.
What is SpiritSwap?
SpiritSwap is a decentralized exchange (DEX) platform on the Fantom network. It allows users to swap and trade cryptocurrencies and earn passive income from SPIRIT tokens.
Why is SpiritSwap shutting down?
SpiritSwap is facing potential shutdown due to the impact of the recent issues faced by Multichain, a crypto bridge that affected its operations.
When will SpiritSwap cease operations?
If SpiritSwap is unable to find a new team to take over operations, it will officially shut down on September 1.
What will happen to SPIRIT token holders?
SpiritSwap will provide a guide to assist SPIRIT token holders in withdrawing their tokens before the shutdown.
Is there any chance of SpiritSwap continuing its operations?
SpiritSwap’s team is actively searching for a new team to continue operations. If successful, the platform may continue running.