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 Spir
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