Fantom DEX SpiritSwap On The Verge Of Shutdown? Here’s What Has Changed
17 Agosto 2023 - 11:10AM
NEWSBTC
SpiritSwap, a decentralized exchange (DEX) on Fantom, will no
longer be shutting down its operations in September after it
received a takeover offer from Power, another Fantom-based DeFi
protocol. The proposed shutdown was a result of cross-chain
protocol Multichain’s collapse, which had a significant impact on
the Fantom ecosystem. On August 9, SpiritSwap announced on Discord
that it is “winding down” operations and is looking for a team to
take over the project after its treasury was drained in the
Multichain exploit. The protocol initially planned to shut down by
September 1, 2023, but it appears that won’t be happening anymore
after Power’s intervention. This would come as a relief to several
SpiritSwap community members, especially those who have the native
token SPIRIT locked on the protocol. According to the protocol’s
website, there are currently over 410 million SPIRIT tokens locked.
Power To Deposit 200,000 USDC Into The SpiritiSwap Treasury On
August 16, the SpiritSwap community approved the proposal to hand
the keys of the protocol to Power, a non-fungible token platform on
Fantom. Power has now proposed to deposit 200,000 USDC into the
SpiritSwap treasury. Related Reading: Stellar Breaks Free:
Unleashes New Open-Source Disbursement Platform The team behind the
NFT platform stated in the proposal that the deployment of these
funds into the treasury is the first phase of ensuring that
SpiritSwap survives. Meanwhile, Power claims to hold more than $1
million in liquid assets across multiple chains “ready to mobilize
for use”. In the proposal, the Power team clarified that it has
also been developing its own decentralized exchange, PowerSwap.
Then, it laid out plans to integrate some designs of the new DEX
into SpiritSwap. It is worth mentioning that Power was also
impacted by the Multichain exploit. Fortunately, the protocol’s
treasury assets were not bridged to Multichain, leading to
relatively small losses. Multichain Exploit – The Impact On Fantom
The Fantom ecosystem was the biggest victim in the Multichain
exploit in July, which resulted in a total loss of over $126
million. The attack seemed to have specifically targeted the
protocol’s Fantom bridge, causing a drain of more than $120 million
worth of assets. Related Reading: Ethereum Price Takes a Bit Hit:
Main Reasons $1,720 or $1,650 Are Likely Targets As inferred
earlier, the ripple effect of the Multichain hack spread across
various projects on the Fantom blockchain. As a result, the total
value locked (TVL) on the network has been on a steady
decline. Fantom has seen its TVL drop by more than 61% since
July 6 – the day of the Multichain exploit. As of this writing, the
total value locked on the network stands at about $86.2 million,
according to data from DefiLlama. FTMUSDT continues downward trend
on the daily timeframe | Source: FTMUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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