Decentralized exchange (DEX) Pond0x has reportedly achieved a total trading volume exceeding $100 million despite scam allegations.
In a recent post on X (formerly Twitter), the project's official channel referred to a Dune dashboard that displayed over $111 million in all-time trading volume as of September 29.
As of now, the dashboard shows a total trading volume of $112.4 million.
Pond0x's latest milestone comes despite concerns and allegations of scams surrounding the launch of the exchange's native token, PNDX.
The controversy began when the project launched the PNDX token on July 28.
Critics accused the project, led by founder Jeremy Cahen (also known as "Pauly"), of being a rug pull or exit scam.
The concerns centered around the unconventional manner in which Cahen launched the coin.
In a post on X (formerly Twitter), Cahen shared the URL to an app that allowed users to deposit a fixed amount of Ethereum (ETH) in exchange for a fixed amount of PNDX.
He also provided the contract address for the token.
In response, some investors purchased the coin on Uniswap using its contract address, while others deposited ETH into the app to receive PNDX.
The price of PNDX on Uniswap quickly surpassed the value of the ETH required to mint PNDX, prompting minters to sell their coins on the market for a profit.
Critics argued that this process transferred over $2 million from those who bought the coin on Uniswap to those who minted it using the app.
The ETH deposited through the app went into a contract without any means of reclaiming the funds, leading to allegations that the project was designed to drain funds from investors and benefit Cahen.
Furthermore, coding experts raised concerns about the token's lack of a normal transferRead more on cryptonews.com