The much anticipated PulseChain PulseChain.com launch has finally arrived and with that includes the PulseX Exchange. These projects have been about two years in the making with some doubting their ability to ever debut. Some were ecstatic with joy at the arrival of a new chain to compete with Ethereum, while others have scoffed at the technology.
First lets break down the quick history of what happened and why:
PulseChain is the brainchild of Richard Heart, the infamous creator of the HEX token and cult-like figure behind this new type of crypto movement. He is both outrageous and genius at times with a mix of obnoxious tendencies. His Twitter personality was built up to maximize engagement through various stunts such as purchasing the world's largest cut diamond- The Enigma, a 555.55 carat black diamond with 55 facets valued at $4.3 mil USD
The HEX community had long complained about the gas prices and congestion built up on Ethereum network, the base layer for the project token and dapps. Richard Heart's solution was to simply create a complete "fork" of Ethereum and airdrop all of the HEX holders, along with any other ERC token holders, their carbon copies of the new assets on a new network named PulseChain (PLS)
They allowed people to "sacrifice" crypto for the upcoming launch and airdrop of PLS tokens back in 2021
With a new network they would also need a decentralized exchange fork so they created PulseX (PLSX) and had a second "sacrifice" in January 2022 for this token
The chain finally launched this week and faced major issues with both congestion and gas fees required to transact on the network. Most users were only airdropped 1 PLS token and to do a simple send is a few hundred PLS and a swap on PulseX takes thousands of PLS tokens. Only people who had sacrificed for the PLS token, or those who knew someone who got early access to some tokens, were able to do anything on the new network.
The token bridge wasn't deployed until 5/15, a few days after the project launch. Upon creation it has also faced major congestion issues for users to bridge in or out assets. One of the main concerns was bridge validators running out of gas required to perform.
Here is a site to track all of the current pairs trading on PulseChain- remember that the bridge just went live yesterday so there will be a lot of volatility until price discovery occurs on these new tokens.
Currently the price of PulseChain token is down around 50% from the sacrifice rate of 10,000 points per $1 and PulseX is down around 80% it seems. These prices have been all over the place today as the bridge congestion keeps creating more uncertainty and prevents new buyers from coming in.
My thought is that within the next few weeks to months there will be an increase of network activity and the kinks will be worked out. There are some large players that are manipulating the price action right now since the majority of users cant even transact due to high gas. Once they get listed on centralized exchanges there should be more adoption and growth to follow.
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