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Decentralized exchange, Pond0X, announced that its trading volume has crossed the $100 million mark as of September 28. This update comes from its primary communication channel, further backed up by a Dune dashboard, created by a user named Mogie, revealing an all-time high of over $111 million by September 29.
Controversy surrounded the platform when it introduced its native token, PNDX, on July 28. The crux of the issue was an unusual feature of the token, which enabled anyone to transfer the token irrespective of its original ownership. Consequently, some investors faced a loss of over $2 million. The digital community laid blame on Jeremy Cahen, Pond0X's founder, also known as "Pauly", for this anomaly.
When the token was introduced, Cahen shared a link to an app that enabled people to exchange a certain amount of Ether (ETH) for a set amount of PNDX. Furthermore, he revealed the contract address of the token. Excited investors took two routes to acquire PNDX: some used Uniswap by leveraging the given contract address, while others directly deposited ETH in Cahen's app.
As a result of the disparity in PNDX's price on Uniswap and the amount of ETH needed to produce it, many traders began selling the token, aiming to capitalize on the profit. This allegedly led to a shift of over $2 million from Uniswap buyers to app users. Furthermore, funds deposited via the app were directed to a contract without a withdrawal mechanism. This raised suspicions about Cahen's intentions.
Adding to the skepticism, some coding experts revealed that PNDX's transfer mechanism wasn't standardized. This anomaly meant that any developer with the right tools could essentially "hijack" the tokens. Sm-stack, a blogger and Solidity enthusiast, confirmed these allegations after running tests on Foundry.
Yet, despite these challenges, Pond0X still maintains a loyal following on social media platforms like Twitter. Two months post its turbulent launch, Pond0X's supporters remain undeterred.
Another perspective was offered by crypto analyst Antony Williams, who after analyzing the app's smart contract code, suggested that Pond0X might be operating as an "LP Farm".
This means that users get a specific ID that dictates their share of a Pepe (PEPE) token pool. The app also assigns scores to users, with higher scores potentially leading to increased trading fee rewards.
Pond0X initiated its decentralized exchange operations on September 1, and despite initial hiccups, it appears to be on an upward trajectory, capturing significant trading volumes.
