At press time, the PAW token had dropped 10.90%.
PawSwap team yesterday launched its PAW Staking Mainnet.
So far about 200 trillion PAW tokens have been staked on the mainnet.
Contrary to the expectations of many, the PAWSWAP (PAW) price has plunged after about 200 trillion PAW tokens are staked on the PAW Staking Mainnet which was launched on April 30, 2023. Interestingly, it has taken less than 24 hours for so many PAW tokens to be staked.
Normally, such a great reduction of token supply would result in a significant price surge but that has not been the case for PAWSWAP, whose price had rather dropped by 10.68% at press time. The staked PAW tokens account for 0.2% of the total PAW token supply.
PawSwap roadmap
The launch of the mainnet for staking is the first major product to be launched for the PAW ecosystem. The project has a robust roadmap including PawChain blockchain and cross-chain decentralized exchange (PawSwap), focusing on security, speed, and a user-friendly experience for trading crypto assets.
The PAW Staking Mainnet is Live!
We are happy to report our staking platform, which is our first major PAW Ecosystem product delivery, has been deployed.
You can visit https://t.co/VVNxUpRThp to get started and get staking!
In the next few days, the PAW team will provide the… pic.twitter.com/LjsGxfiC7w
— PAWChain (@PawChain) April 30, 2023
CertiK has already confirmed that the newly launched mainnet “meets their standards.” In addition, the PawSwap team also said that it will be chairing a report on the audit status of the mainnet with its community.
The PawSwap team started with the launch of the PAW token on the Ethereum network and has now launched the PAW Staking Mainnet.
While the launch of the staking mainnet and the subsequent token staking seem not to have stirred a bullish PAWSWAP price movement, the launch of the PawChain blockchain and cross-chain decentralized exchange (PawSwap) is expected to increase PAW token demand which could, in turn, result in a price surge for the PAW token.
The post PAWSWAP price plunge as trillions of PAW are staked appeared first on CoinJournal.