The price of PAW token, the native cryptocurrency of the PawSwap decentralized exchange, has surged by 40% in the past seven days. The token is currently trading at $0.00000001976, according to CoinMarketCap.
PawSwap is expected to launch in late 2023-early 2024. The exchange will support a variety of cryptocurrencies, including BNB Chain, Shibarium, and Ethereum.
PAW token staking was launched at the end of April. Within 24 hours, more than 200 trillion PAW tokens were locked in the staking contract. The tokens will be staked for 13 weeks.
PawSwap development team admin Ryboshi Nakamura believes that the price surge is mainly due to the staking mechanism. Staking puts coins temporarily out of circulation, increasing their scarcity.
Nakamura tweeted “to the moon” as he apparently expects the price to rise even higher in the near future.
In addition to the staking mechanism, the PawChain development team is also working on a Layer 2 wallet called Pawallet. The wallet will allow users to hold, buy and sell crypto, as well as interact peer-to-peer off-chain.
The team has not disclosed any details about the other features that will be launched on the wallet.