The PAWSWAP (PAW) price has taken a surprising plunge despite the staking of trillions of PAW tokens on the recently launched PAW Staking Mainnet.
The launch of the mainnet for staking is the first major product to be launched for the PAW ecosystem, which is backed by a roadmap that includes the launch of the PawChain blockchain and cross-chain decentralized exchange (PawSwap). The project aims to provide security, speed, and a user-friendly experience for trading crypto assets. The PawSwap team has confirmed that the newly launched mainnet meets CertiK’s standards, and it will be chairing a report on the audit status of the mainnet with its community.
So far, approximately 200 trillion PAW tokens have been staked on the mainnet, accounting for 0.2% of the total PAW token supply. However, rather than witnessing a surge in the PAWSWAP price due to such a great reduction of token supply, the price has dropped by 10.68% at press time.
This development is contrary to the expectations of many in the crypto community, who expected the staking of trillions of PAW tokens would trigger a significant price surge.
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 staking mainnet’s launch and the subsequent token staking may not have led to a bullish movement in the PAWSWAP price, the upcoming launch of the PawChain blockchain and cross-chain decentralized exchange (PawSwap) is expected to increase PAW token demand and could, in turn, result in a price surge for the PAW token.
In summary, the PAW ecosystem’s launch of the PAW Staking Mainnet has attracted the staking of trillions of PAW tokens, but this has not triggered a bullish movement in the PAWSWAP price as many expected.
Nevertheless, the launch of the PawChain blockchain and cross-chain decentralized exchange (PawSwap) is expected to increase demand and could ultimately result in a price surge for the PAW token.