DeFi is Not Dead: Polkadot’s POLS Token Soars 10x on Day One
The token powers a cross-chain DEX called Polkastarter, which was launched in Uniswap yesterday, Sept. 29. The platform was announced earlier this month when it was touted another Ethereum killing interoperable DeFi protocol powered by the high-throughput Polkadot ecosystem.
POLS Volume Surges
Today’s announcement has focused on the volumes of the new POLS token, which has pushed it up to the fourth spot, above Yearn Finance and Uniswap’s own UNI token, in terms of 24-hour volume.
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!!!
We would have never thought we’d see more volume than top-notch #DeFi projects like $YFI $DAI $UNI even on our first trading day.
What a (Polka)start! pic.twitter.com/JN0Fls7CH8
— Polkastarter (@polkastarter) September 30, 2020
In terms of price, the new token saw one massive pump initially, as most DeFi listings do, then falling back to around $0.27. Over the past few hours, prices climbed to $0.41.
POLS is currently available as an ETH pair on Uniswap, which, at the time of writing, had $450,000 in liquidity. Poloniex listed the token within a few hours of its launch on Uniswap, which would have added to the volume; however, CEX giants such as Binance and Huobi have yet to follow suit.
The project had heavy VC backing, and early investors would have seen good returns from the seed sale where tokens were priced at $0.0125. Following that was a private sale at $0.0250 per token and then the launch price of $0.05. Currently, POLS is trading 600% higher than its launch price. However, at peak prices, the increase was upwards of 1000%.
Polkastarter has set out an ambitious roadmap stretching into next year, which includes integration into Polkadot, KYC capabilities, whitelisting, governance models and DAO, and a full version 2.0 at the end of 2021.
DOT Price Update
Polkadot’s primary token DOT, has not seen as much action as its new sibling, with prices retreating marginally on the day. DOT has dropped 4% on the day in a retreat to $4.33, according to Coingecko.
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It is up 7% on the week, however, but the monthly outlook is not so pretty with a decline of over 30% since the end of August.
Polkadot is in its early days and has been touted as another one of these ‘Ethereum killers,’ just like EOS and Cardano before it, that will either succeed or fade into obscurity as many before it have done.
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