SpiritSwap, a pioneering decentralised exchange (DEX) on Fantom, is on the verge of shutting down. Market reaction to the news has seen the price of native token SPIRIT plummet by more than 35% in the past 24 hours. The token traded at around $0.0008 on Wednesday morning, down from highs of $0.0012.
The team at the OG DeFi project on Fantom is now hunting for a new team to keep the platform operations running. However, should this endeavour fail, SpiritSwap’s journey as a leading DEX protocol in the Fantom ecosystem will come to an end on September 1. According to X user Fantom Ecologist, “End of an era as @Spirit_Swap calls it quits; the very first place I landed on #Fantom 828 days ago. They’re looking for a team to hand things to; otherwise operations will cease on September 1.”
SpiritSwap had launched in April 2021, and quickly grew into one of the most important DeFi protocols on Fantom. Users could easily swap and trade crypto, as well as earn passive income from their SPIRIT tokens. This turn of events for the project relates to the Multichain hack, in which the CEO went missing and millions of dollars’ worth of funds mysteriously drained from its wallets. Multichain announced it was ceasing its operations last month.
Should SpiritSwap shut down, it will provide a guide to help users withdraw their SPIRIT dregs.