Positive News for Pond0x DEX
The Pond0x decentralized exchange (DEX) has achieved a significant milestone, with its total trading volume surpassing $100 million, according to a recent social media post by its official channel. This news comes after an earlier setback, as investors lost over $2 million in the launch of the exchange's native token, PNDX, due to a transfer function flaw. Nevertheless, supporters defend the project and attribute the losses to factors beyond the developer's control.
Strong Trading Performance
To substantiate Pond0x DEX's trading volume, the official channel referenced a Dune dashboard created by user mogie. The dashboard displays over $111 million in all-time trading volume as of September 29, showcasing the platform's robust performance in the market.
Criticism Surrounding PNDX Token
Upon its launch on July 28, critics labeled the PNDX token as a potential "rug-pull" or exit scam. Additionally, coding experts discovered that the token lacked a typical transfer function, enabling anyone to transfer tokens. This flaw meant that PNDX owners faced the risk of losing their tokens, as any programmer could seize them using developer tools. Solidity enthusiast and blogger sm-stack even conducted a test in Foundry to confirm this issue.
Continued Support and User Satisfaction
Despite the early challenges, the Pond0x project has steadily grown its user base and continues to attract hundreds of supporters on Twitter. Replies to official posts often express satisfaction, with comments such as "FEELS GOOD MAN" and "Best DEX, don't see a reason for people to use other tbh." This positive sentiment suggests that the project's strengths are resonating with its community.
Insights from Crypto Trader and Blogger Antony Williams
In July, crypto trader and blogger Antony Williams analyzed the smart contract code of the Pond0x app and concluded that it is fundamentally an LP Farm, rather than a scam. The app assigns each user an ID, which determines their share of Pepe (PEPE) tokens in a pool. Users can increase their Pepe rewards by invoking the "BribeforLevelUp" function, which requires a deposit of 0.26 ETH. This ETH is utilized to purchase Pepe tokens, which are then added to the pool for reward payouts. Additionally, users receive a "Score" that correlates with their potential rewards from collected trading fees.
Williams clarified that the rewards may not be claimed immediately but suggested that the developer likely intends to distribute them in the future. He also asserted that the PNDX token is essentially valueless, possibly designed as such to avoid legal complexities.
Decentralized Exchange Launch and Trading Success
On September 1, Pond0x launched its decentralized exchange. The aforementioned Dune dashboard demonstrates that this DEX has already achieved over $100 million in trading volume, indicating that many traders are not deterred by the previous criticism surrounding Pond0x. The project's future performance will be worth monitoring as it strives to solidify its position in the decentralized finance space.
