According to Cointelegraph, SpiritSwap, a decentralised exchange (DEX) on Fantom, will open its services in September. It is believed that this decision was made after having treasury funds stuck on Multichain, a troubled cross-chain protocol.
Sources revealed that on August 16, 2023, in a community vote, SpiritSwap users made a resolution to give the project to Power, a non-fungible token platform and DEX, based on Fantom. Supposedly, Power will contribute about 200,000 USD Coin (USDC $1.00 )into the SpiritSwap treasury, Cointelegraph added.
“Initially, I had requested a deposit of 20-30 thousand to the treasury to cover the essential costs of SpiritSwap. However, the Power team is willing to go above and beyond by depositing 200,000 USDC,” Nzaru, head manager, SpiritSwap, explained.
Furthermore, “We have the means and the desire to inherent SpiritSwap. This would be a direct benefit to the PNFT holders, the POWER community, and the SpiritSwap community,” Power developers told Cointelegraph.
(With insights from Cointelegraph)