Polkastarter, the newly launched DeFi token by the Polkadot network is gaining a lot of traction on its first day as the volume on Uniswap surged so let’s read more in the latest cryptonews.
The token powers a cross-chain DEX named Polkastarter which was launched in Uniswap yesterday and the platform also announced earlier this month when it was touted as another ETH killing interoperable Defi protocol which is powered by the high-throughput Polkadot ecosystem. Today’s announcement focused on the volumes of the new POLS token which has pushed it up to the fourth spot above Yearn finance and above the UNIswap uni token in only one day:
“With only 15 hours into our life with the $POLS token, we are now at #4 on the Uniswap volume list over the past 24 hours!!!
What a (Polka)start! pic.twitter.com/JN0Fls7CH8
— Polkastarter (@polkastarter) September 30, 2020”
In terms of the price, the new token saw one huge pump initially as most of the DeFi listings do, and then fall to around $0.27. Over the past few hours, the price increased to $0.41. POLS is now available as an ETH pair on Uniswap which had about $450,000 in liquidity at the time of writing. Poloniex listed the token in a few hours of the launch which would have added to the volume but CEC giants such as Binance and Huobi are still waiting. The project had a huge VC backing and early investors will probably see good returns from the seed sale where the tokens were priced at $0.0125. After that, there was a private sale at $0.0250 per token and then the launch price of $0.05.
Right now, the POL token is trading about 600% higher than its launch price but at peak prices, the increase was headed to a 1000% gain. Polkastarter set out an ambitious roadmap for next year which includes integration into Polkadot, KYC capabilities, governance models and DAO and full version of 2.0 at the end of 2021. Polkadot’s main token DOT has not seen a lot of action recently with prices retreating marginally on the day. DOT dropped by 4% on the day and in a retreat to $4.33 according to the charts. It is up by 7% on the week but the monthly outlook is not so good as it declined by 30% since the end of August.
Polkadot is in its early days and it is usually seen as an Ethereum killer just like Cardano and EOS. It will either succeed or face into the obscurity as a lot of other coins have done it before.
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