Home Market PAWSWAP price plunge as trillions of PAW are staked

PAWSWAP price plunge as trillions of PAW are staked

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  • At the time of writing, the PAW token is down 10.90%.
  • The PawSwap team launched the PAW staking mainnet yesterday.
  • So far, about 200 trillion PAW tokens have been staked on mainnet.

Contrary to what many people expected, Paw Swap (PAW) After nearly 200 trillion PAW tokens were staked on the PAW staking mainnet, which launched on April 30, 2023, the price plummeted. Interestingly, it took him less than 24 hours for so many PAW tokens to be staked.

Such a large drop in token supply usually results in a large price spike, but that was not the case for PAWSWAP, whose price fell by 10.68% at the time of writing. Staking PAW tokens account for 0.2% of the total PAW token supply.

PawSwap Roadmap

The launch of mainnet for staking is the first major product launched for the PAW ecosystem. The project has a robust roadmap that includes the PawChain blockchain and cross-chain decentralized exchange (PawSwap), with a focus on security, speed, and a user-friendly experience for cryptocurrency trading.

CertiK has already confirmed that the newly launched mainnet “meets their standards”. Additionally, the PawSwap team will chair a report on the mainnet audit status with the community.

The PawSwap team started with the launch of the PAW token on the Ethereum network and is now launching the PAW staking mainnet.

Staking Mainnet launch and subsequent token staking does not appear to have caused a bullish PAWSWAP price move, but the launch of the PawChain blockchain and cross-chain decentralized exchange (PawSwap) It is expected to increase the demand for PAW tokens, which in turn will cause the price of PAW tokens to skyrocket.

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