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PAW Price up 7.2% as Paw Chain Rolls out Mechanism for Burning PAW With Every Transaction

Tue, 05/02/2023 - 12:09
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Yuri Molchan
Paw Chain has presented aggregator for cross-chain swaps that will help conduct PAW burns
PAW Price up 7.2% as Paw Chain Rolls out Mechanism for Burning PAW With Every Transaction
Cover image via unsplash.com

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The official Twitter handle of Paw Chain has announced the launch of Paw Chain Aggregator. It ensures cross-chain swaps via existing pools of liquidity. The tweet says that through this process, PAW will be bought and then burned using transaction fees from each transfer.

Now, the developer team of the Paw Chain is sending the aggregator code to CertiK, which has been auditing the PAW staking portal and will begin doing the same for the Paw Chain Aggregator. The team expects CertiK to conduct the second audit faster than the first one; CertiK's verdict on the latter was that it meets the necessary requirements.

Over 200 trillion PAW staked via new portal

As covered by U.Today previously, Paw Chain launched a mainnet portal for PAW staking. In less than 24 hours, a whopping 190 trillion PAW tokens were staked for 13 weeks.

By now, the staked amount has increased to 200 trillion. The staking mainnet was the first major product released on Paw Chain. PAW is the native token of the PawSwap multi-chain DEX.

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PAW price prints rise

According to data shared by CoinMarketCap, over the past 24 hours, the price of the PAW token has jumped by 7.20%. The rise coincided with the rolling out of the news about Paw Chain Aggregator.

On Monday, despite the news of 190 trillion PAW getting staked, the price remained down 12%.

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Image via CoinMarketCap

Anonymous PawSwap ambassador and validator @Dezaxe offered his explanation of that price plunge. He stated that the staking portal was released during a red crypto market when the major cryptocurrencies, Bitcoin and Ethereum, were facing a decline. The drop in BTC and ETH prices had a negative impact on the crypto market overall, the Twitter user stated.

Therefore, he stressed, the price going red was not caused by the Paw ecosystem in any way. The latter is solid, @Dezaxe insists, and will not be affected in the short term.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.