SpiritSwap Decentralized Exchange Rescued by Power Following Multichain Troubles

By Coinan Porter Aug 16, 202372Views

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SpiritSwap Avoids Shutdown with Acquisition by Power

Key Points:

SpiritSwap, a decentralized exchange (DEX) on Fantom, was facing closure due to funds stuck on Multichain.
Community voted to transfer SpiritSwap to Power, a fellow nonfungible token platform and DEX on Fantom.
Power will deposit 200,000 USDC into SpiritSwap treasury.
SpiritSwap had announced shutdown if no team took over after Multichain exploit.
Both SpiritSwap and Power were affected by Multichain incident, but Power suffered smaller losses.

Hot Take:

SpiritSwap’s acquisition by Power comes as a relief for the crypto community. The transfer of funds and the commitment from Power to support SpiritSwap’s treasury ensures the DEX’s continued operation. This acquisition also highlights the vulnerability of decentralized protocols to exploits and the importance of finding solutions to prevent such incidents in the future.

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Coinan Porter

Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan's insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats. Coinan's contributions serve as a valuable resource for both seasoned enthusiasts and newcomers, guiding them through the dynamic landscape of cryptocurrencies with well-researched perspectives. With meticulous attention to detail, he empowers informed decision-making in the ever-evolving crypto sphere.