- 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.
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.
Share this article
On Monday, the crypto-currency PawSwap (PAW) saw a sharp drop in its market value as traders began to take advantage of the bearish market, selling off a reported total of trillions of tokens. The drop in price came after a bullish period which began in December, during which the known token surged over 500%.
Speculation about the cause of the sudden plunge have ranged from the increased supply of staked tokens, to fear of further bearish market movements. PAW developed a high-velocity ecosystem, with a total of over 9,500 staked in just less than a month, creating an unprecedented amount of liquidity and investor engagement.
The current trend of token staking on PawSwap has increased the total authorized circulating ripple supply by nearly 600% in just the past month. This liquidity can be described as ‘overwhelming’ to the market, presenting a great opportunity for investment, but also some risks.
Riding the fever that came after the surge in December, investors were quick to jump on the staking bandwagon and make quick returns. This mass influx of staked tokens, however, created a scarcity of liquidity in the market and sent the PAW cryptocurrency spiralling downwards.
Whilst the sudden drop has caused some concern amongst investors, many are of the opinion that this is a simple market correction, due to the sharp increase in token staking. High risk investment has caused PAW’s value to cascade downwards, however, the community is wary yet optimistic.
This incident has introduced the crypto-community to the concept of staking, but investors must remain alert and cautious when considering high risk investments. It is expected that the PAW market will now stabilise itself and remain an ongoing part of the crypto economy.