SpiritSwap Receives Takeover Offer from Power, Will Not Shut Down
SpiritSwap, a decentralized exchange on Fantom, was initially planning to shut down due to the collapse of cross-chain protocol Multichain. However, it has received a takeover offer from Power, another Fantom-based DeFi protocol, and will no longer be shutting down.
Key Points:
– SpiritSwap announced its plans to wind down operations after its treasury was drained in the Multichain exploit.
– Power, a non-fungible token platform, has proposed to deposit 200,000 USDC into the SpiritSwap treasury to ensure its survival.
– Power also plans to integrate some designs of its own decentralized exchange, PowerSwap, into SpiritSwap.
– The Multichain exploit had a significant impact on the Fantom ecosystem, causing a total loss of over $126 million.
– Fantom has seen a decline in total value locked since the exploit, with TVL dropping by more than 61%.
Hot Take:
The takeover offer from Power comes as a relief to SpiritSwap community members, especially those who have SPIRIT tokens locked on the protocol. It provides a lifeline for SpiritSwap’s survival and the integration of PowerSwap designs could bring new features and improvements to the platform. However, the Multichain exploit and its impact on the Fantom ecosystem highlight the vulnerabilities of decentralized finance and the need for stronger security measures.
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