Fantom-based DEX SpiritSwap Shuts Down Due to Multichain Hack Fallout
The Fantom-based decentralized exchange (DEX) SpiritSwap has announced that it will be shutting down due to the fallout from the Multichain hack. This highlights the interconnectedness of crypto projects, as one project’s downfall can have a ripple effect on others within the ecosystem. Similar events have occurred in the past, such as the collapse of FTX and Terra Luna, which impacted the entire crypto community.
Main Points:
- SpiritSwap DEX is winding down its operations and looking for another team to take over due to the Multichain hack.
- Users will be able to withdraw their funds until September 1.
- Some users have experienced issues with withdrawing, but the team is working to fix the bug causing the error.
- Multiple projects within the Fantom ecosystem have been affected by the Multichain collapse, leading to a decline in total value locked (TVL) and the winding down of projects.
- Despite the shutdown, there is optimism that another project may acquire SpiritSwap and continue its operations.
Additionally, users who participated in the inSPIRIT vote-locking model have locked over 415 million SPIRIT tokens. These tokens cannot be unlocked before their expiry date, causing concern among users about the value of their locked tokens. The shutdown of SpiritSwap has left some community members feeling disappointed and regretful about their investment choices. As of now, SPIRIT is trading at $0.0007957, experiencing a 34.19% decrease in the past 24 hours.
Hot Take: The shutdown of SpiritSwap highlights the vulnerability of interconnected crypto projects. It serves as a reminder for investors to carefully consider the risks associated with projects that are heavily reliant on others within the ecosystem.
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