SpiritSwap, a decentralized exchange (DEX) on Fantom, will no longer shut its doors in September after having treasury funds stuck on troubled cross-chain protocol Multichain.
In an Aug. 16 community vote, SpiritSwap users passed a resolution to transfer the project to Power, a fellow nonfungible token platform and DEX that is also based on Fantom. In consideration, Power will deploy 200,000 USD Coin (USDC) into the SpiritSwap treasury.
“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,” wrote Nzaru, head manager at SpiritSwap, who announced that he would depart the DEX after receiving a new job offer. “On the 30th, I will finalize the new team and conduct orientation sessions to prepare for the upcoming month,” he said.
Prior to the acquisition, Power developers stated: “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.”
On Aug. 9, SpiritSwap said it would wind down operations by Sept. 1 if it could not find a team to take over after…
