SpiritSwap (SPIRIT) on Fantom Shuts Down Due to Multichain Impact

The Fantom ecosystem is facing severe setbacks, with SpiritSwap, its leading AMM, announcing its shutdown due to the repercussions from Multichain's collapse.

Key Points:

• Shutdown Announcement: SpiritSwap will cease operations on 01/09/2023 unless a new team takes over. Users are advised to withdraw liquidity before this date.
• Impact of Multichain: The project's shutdown is attributed to the significant impact from Multichain's issues, which depleted SpiritSwap's funds, making it unsustainable to continue operations.
• Multichain Collapse: Multichain’s halt and CEO Zhaojun's arrest have heavily impacted the Fantom ecosystem, leading to a sharp decline in TVL from $364 million in May to $71.5 million.

• Andre Cronje's Statement: Andre Cronje highlighted Multichain’s collapse as a significant blow to Fantom.
• Overall Market Impact: Fantom's TVL has plummeted, now ranking 26th among blockchain ecosystems, trailing behind newer and more competitive networks like Arbitrum and Optimism.

Financial Repercussions:

• SPIRIT Token: SPIRIT has plummeted 32% in 24 hours, nearing a total loss from its peak value.

• FTM Token: FTM is trading around $0.24, with a slight 3% increase in the last 24 hours.

SpiritSwap’s shutdown highlights the ongoing challenges within the Fantom ecosystem and the broader crypto market's volatility.