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Critics Accuse Pond0x DEX of Being a Scam, Despite $100M Trading Volume

Critics Accuse Pond0x DEX of Being a Scam, Despite $100M Trading Volume

In a recent announcement, Pond0x proudly declared that its decentralized exchange (DEX) has achieved a staggering $100 million in cumulative trading volume. This news was accompanied by a Dune dashboard, created by user Mogie, which displayed over $111 million in all-time trading volume as of September 29th. Despite initial setbacks, including investors losing over $2 million in the launch of the exchange’s native token, PNDX, Pond0x continues to attract a growing number of supporters.

The launch of the PNDX token on July 28th was met with skepticism and accusations of being a rug pull or exit scam. The project’s founder, Jeremy Cahen, faced criticism for the unorthodox manner in which he launched the coin. However, despite these allegations, Pond0x has managed to gather a dedicated following on social media platforms.

Coding experts raised concerns about the token’s transfer function, as it allowed anyone to transfer tokens rather than solely the owner. This meant that PNDX owners were at risk of losing their tokens at any moment. Despite these concerns, Pond0x has continued to gain traction and support from traders.

Crypto trader and blogger Antony Williams examined the app’s smart contract code and concluded that Pond0x is fundamentally an LP Farm rather than a complete scam. The app assigns each user an ID that determines their share of Pepe tokens in a pool. Users can increase their rewards by depositing ETH and purchasing Pepe tokens. Williams believes that these rewards may be paid out in the future.

On September 1st, Pond0x launched its decentralized exchange, which has now surpassed $100 million in trading volume. This milestone demonstrates that traders are undeterred by the criticisms surrounding Pond0x.

Summary:

– Pond0x’s DEX has reached $100 million in cumulative trading volume.

– Initial setbacks included investors losing over $2 million in the launch of the PNDX token.

– Concerns were raised about the token’s transfer function, allowing anyone to transfer tokens.

– Despite criticisms, Pond0x continues to gain support and followers on social media.

– Crypto trader Antony Williams believes Pond0x is fundamentally an LP Farm rather than a scam.

– Pond0x’s decentralized exchange launched on September 1st and has surpassed $100 million in trading volume.

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