SpiritSwap, a decentralised exchange (DEX) built on Fantom, a smart contract platform, will shut down its services from September 1, 2023. It is expected this step is to avoid exposure from Multichain, a troubled Chinese cross-chain protocol, stated Cointelegraph.
With insights from an announcement made on August 9, 2023, through Discord, developers mentioned that the Multichain hack drained all the treasury of SpiritSwap. This is expected to have left them “without the means to finance essential aspects of our operation,” including operational costs, salaries and marketing.
Sources revealed that the team is looking for “a team to take over” the DEX by September 1, 2023. Supposedly, if no change of ownership occurs by then, the DEX explained that it will close down all its operations, Cointelegraph added.
“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” Fantom tweeted.
(With insights from Cointelegraph)