{"id":22814,"date":"2023-08-09T15:06:45","date_gmt":"2023-08-09T15:06:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/defi-platform-spiritswap-could-cease-operations-soon\/"},"modified":"2023-08-09T15:06:45","modified_gmt":"2023-08-09T15:06:45","slug":"defi-platform-spiritswap-could-cease-operations-soon","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/defi-platform-spiritswap-could-cease-operations-soon\/","title":{"rendered":"DeFi platform SpiritSwap could cease operations soon"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/1691583133649-51567545-af00-46d0-96d8-902a6165d841-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/1691583133649-51567545-af00-46d0-96d8-902a6165d841-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/1691583133649-51567545-af00-46d0-96d8-902a6165d841-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/08\/1691583133649-51567545-af00-46d0-96d8-902a6165d841-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Fantom ecosystem DEX platform SpiritSwap is likely to shut its operations by early September.<\/li>\n<li dir=\"ltr\">SpiritSwap\u2019s troubles relate to the events that beleaguered crypto bridge Multichain.<\/li>\n<li dir=\"ltr\">SPIRIT price was down 35% on Wednesday morning after the news.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/spiritswap\/\">SpiritSwap<\/a>, a pioneering decentralised exchange (DEX) on Fantom, is on the verge of shutting down.<\/p>\n<p dir=\"ltr\">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.<\/p>\n<h2 dir=\"ltr\">\u201cEnd of an era\u201d for SpiritSwap<\/h2>\n<p dir=\"ltr\">Per X user Fantom Ecologist, the team at the OG DeFi project on Fantom is hunting for a new team to keep the platform operations running. However, should this endeavour fail, SpiritSwap\u2019s journey as a leading DEX protocol in the Fantom ecosystem will come to an end on September 1.<\/p>\n<p dir=\"ltr\">\u201c<em>End of an era as @Spirit_Swap calls it quits; the very first place I landed on #Fantom 828 days ago. They\u2019re looking for a team to hand things to; otherwise operations will cease on September 1<\/em>,\u201d Fantom Ecologist <a href=\"https:\/\/twitter.com\/ftm_ecologist\/status\/1689070014446673924\" rel=\"noopener noreferrer\" target=\"_blank\">wrote<\/a>.<\/p>\n<p dir=\"ltr\">SpiritSwap launched in April 2021, and quickly grew into one of the most important <a href=\"https:\/\/coinjournal.net\/news\/tag\/defi\/\">DeFi<\/a> protocols on Fantom. Users could easily swap and trade crypto, as well as earn passive income from their SPIRIT tokens.<\/p>\n<p dir=\"ltr\">The turn of events for the project follows the Multichain hack that left the team with virtually no funds to support daily operations. Multichain, a crypto bridge that hit the rocks when its CEO went missing and millions of dollars\u2019 worth of funds mysteriously drained from its wallets, <a href=\"https:\/\/coinjournal.net\/news\/cross-chain-bridge-protocol-multichain-ceases-operations\/\">announced<\/a> it was ceasing its operations last month.<\/p>\n<p dir=\"ltr\">SpiritSwap will reportedly provide a guide that will help users withdraw their SPIRIT dregs.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/spiritswap-announces-imminent-shutdown-of-operations\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Fantom ecosystem DEX platform SpiritSwap is likely to shut its operations by early September. SpiritSwap\u2019s troubles relate to the events that beleaguered crypto bridge Multichain. SPIRIT price was down 35% on Wednesday morning after the news. SpiritSwap, a pioneering decentralised exchange (DEX) on [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22814"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22814"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22815"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}