Pond0X DEX Reaches $100 Million in Trading Volume
The Pond0X decentralized exchange (DEX) has achieved a trading volume of over $100 million, according to an official social media post. Despite initial controversy surrounding the launch of its native token, PNDX, the exchange has gained support from its community.
Trading Volume and Official Confirmation
The official channel of Pond0X DEX announced on social media that it has surpassed $100 million in total trading volume. This achievement was confirmed by a Dune dashboard created by user mogie, which displays over $111 million in all-time trading volume as of September 29.
The Launch Controversy
The launch of PNDX faced criticism due to the unorthodox method employed by the project’s founder, Jeremy Cahen. Critics accused the project of being a “rug-pull” or exit scam. The launch involved users depositing a fixed amount of Ether (ETH) to receive a fixed amount of PNDX. Some investors bought the coin on Uniswap using its contract address, while others deposited ETH into an app to receive PNDX. Critics claimed that this process transferred over $2 million from Uniswap buyers to those who minted PNDX using the app.
Token Functionality Concerns
Coding experts raised concerns about the PNDX token lacking a normal transfer function. Instead of allowing only the token owner to transfer it, anyone could transfer tokens, potentially resulting in loss for owners. These concerns were supported by a test conducted by Solidity enthusiast sm-stack.
Ongoing Support and Positive Sentiment
Despite the controversies, Pond0X continues to gain support on Twitter, with many supporters expressing positive sentiment towards the DEX. The project has amassed hundreds of followers who believe in its potential and consider it the best DEX available.
Insights into the App’s Functionality
Crypto trader and blogger Antony Williams analyzed the app’s smart contract code and determined that Pond0X is fundamentally an LP Farm rather than a complete scam. The app assigns each user an ID, which determines their share of Pepe (PEPE) tokens. Users can increase their rewards by depositing ETH to purchase more tokens. Williams believes the developer intends to pay out these rewards in the future. He also suggests that the PNDX token may have been designed to avoid legal issues.
Continued Success with Decentralized Exchange
Pond0X launched its decentralized exchange on September 1 and has now achieved over $100 million in trading volume. This milestone demonstrates that traders are still interested in using Pond0X despite the earlier controversies.
Hot Take: Pond0X Overcomes Controversies to Thrive as a DEX
Despite facing criticism and doubts surrounding its launch, Pond0X DEX has proven its resilience by reaching a trading volume of over $100 million. The project’s native token, PNDX, initially faced accusations of being a scam due to its unconventional launch method. However, supporters argue that losses were not the fault of the developer. Pond0X continues to attract a strong community on Twitter, with users expressing confidence in its status as the best DEX available. Additionally, analysis of the app’s functionality suggests that it operates as an LP Farm rather than a scam. With its successful decentralized exchange launch, Pond0X is demonstrating its ability to thrive despite initial challenges.
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