Pond0x DEX claims trading volume of $100 million as critics claim it is a scam ScrgruppEn

The decentralized exchange contains Pond0X (DEX). receipt More than $100 million in total trading volume, according to a September 28 social media post from its official channel. Investors previously lost more than $2 million at the launch of the exchange’s native token, PNDX, when the token was found to have a transfer function that allowed anyone to transfer it without the owner’s permission. But supporters claim these losses were not the developer’s fault.

Trading volume of $108,000,000

And counting.

What then…?

pic.twitter.com/lpetFqJAkq

– Pond Coin (@Pond0x) September 28, 2023

As evidence of Pond0X DEX’s trading volume, the official channel cited the Dune dashboard created by user mogie, which Offers Over $111 million in all-time trading volume as of September 29.

The PNDX token was launched on July 28. At the time, critics accused the project of being a “scam” or exit scam. The issue in question was the unorthodox way in which the project’s founder, Jeremy Cahen (also known as “Polly”) launched the coin. In a launch post on He also published the contract address for the token.

In response, some investors began buying the coin on Uniswap, using its contract address to identify it, while others deposited ETH into the app to receive PNDX. The price on Uniswap quickly rose above the ETH price needed to mint PNDX, so miners began selling their coins on the market for a profit. Critics claimed that the process transferred over $2 million in wealth from those who bought the currency on Uniswap to those who minted it using the app. ETH deposited through the app entered into a contract that included no way to recover the funds, leading critics to claim that the entire project was intended to drain money from investors and send it to Cahen.

In addition, crypto experts have begun to claim that the token lacks a normal transfer function. Instead of allowing only the token owner to transfer it, PNDX allowed anyone to transfer tokens. This means that every PNDX owner can lose their tokens at any moment, as any programmer can “steal” their PNDX using developer tools. On July 29, blogger and Solidity enthusiast sm-stack claimed that they he ran A test in the foundry proved this point.

However, more than two months after its launch, the project still attracts hundreds of supporters on Twitter, with responses to official posts routinely occurring. saying Things like “FEELS GOOD MAN” and “Best DEX, I don’t see why people would use another tbh.”

Better DEX, I see no reason why people would use another tbh

– Lemur (@OGLemur) September 28, 2023

On July 29, cryptocurrency trader and blogger Anthony Williams claimed To read the application’s smart contract code and determine how it works. According to him, Pond0x is “basically an LP farm” and not a complete scam. The application issues each user an identifier that identifies the user’s stake in the Pepe (PEPE) token pool. Users can increase the Pepe rewards they are entitled to by calling the “BribeforLevelUp” function. To invoke this function, the user must deposit 0.26 ETH. ETH is used to purchase Pepe tokens, which are then deposited into the pool to pay rewards. The exchange also issues “points” to each user. Higher scores represent more potential rewards from trading fees collected, all other factors remaining constant.

Related: The developer of the BALD token denied pulling the rug as the price fell by 85% after the launch

Williams did not say that these rewards could be claimed immediately, but he confirmed that the developer “most likely” has the intention of paying them out at some point in the future. He also claims that the PNDX token is “essentially worthless,” which may have been created this way to “avoid legal complications.”

The project launched its decentralized exchange on September 1. According to the aforementioned Dune dashboard, trading volume on the DEX has now reached over $100 million, showing that at least some traders are not shy about criticizing Pond0X.