SpirtSwap is no longer planning to shut its doors.
In a surprising turn of events, SpiritSwap, a decentralized exchange (DEX) functioning on the Fantom blockchain, finds a lifeline in Power, avoiding a seemingly inevitable shutdown.
Fantom's decentralized exchange, SpiritSwap, faced a looming closure after getting tangled in Multichain's controversial mishaps leading to a lockdown of its treasury funds. However, a shimmer of hope appeared with a collective decision made by the community, which set the course for SpiritSwap's future, and it looks promising.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is a Liquidity Pool in Crypto? (Animated)
In a democratic process held on August 16th, SpiritSwap users wholeheartedly voted in favor of transferring the project to Power. This fellow DEX and non-fungible token platform, also operating on the Fantom blockchain, displayed unexpected generosity. Power committed to infusing the beleaguered SpiritSwap treasury with 200,000 USD Coin (USDC), far exceeding the original amount proposed.
In a heartfelt note, Nzaru, the chief manager of SpiritSwap, stated:
Initially, I had requested a deposit of 20-30K 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.
At the end of their comment, Nazaru noted that on August 30th, they will "finalize the new team and conduct orientation sessions to prepare for the upcoming month."
This move comes on the back of Power's developers voicing their intent.
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.
Just a week earlier, SpiritSwap had communicated a distressing message, hinting at ceasing operations by the start of September. This announcement was triggered by a damaging exploit at Multichain, which drained SpiritSwap's treasury.
Delving into Multichain's quagmire, whispers turned into confirmations in July when it was revealed that Zhanojung He, the co-founder and CEO of Multichain, was taken into custody by the Chinese police in May. However, the nature of the charges remains shrouded in mystery.
While SpiritSwap's future has taken a turn for the better, the shadows cast by Multichain's debacle serve as a cautionary tale for the crypto world. The unfolding saga underscores the importance of transparency, trust, and robust security protocols.
