PancakeSwap and ESPL: A Clash Over the IF0

02/20/2023 02:10 • Metaverse Matters • 113 views

On February 20, the decentralized trading platform PancakeSwap and the Singapore E-sports club Esports Players League (ESPL) had a dispute over the IF0 conducted by ESPL’s Web3 E-sports platform ESPL ARENA in January. PancakeSwap said on Twitter on February 18 that it would give full refunds to IFO participants based on the dollar value of the funds raised by ESPL ARENA IFO, including the previous 10% air drop; The reason is that the ESPL ARENA team has sold the ARENA token they agreed not to sell, obviously ignoring their own projects and users who support it. PancakeSwap said that its due diligence on the team was insufficient and that it would take measures to improve the due diligence process.

PancakeSwap and ESPL, the E-sports club, have a dispute over “ESPL ARENA” IF0

Analysis based on this information:

PancakeSwap, a decentralized trading platform, and the Singapore E-sports club ESPL recently had a disagreement over the outcome of the IF0 conducted by ESPL’s Web3 E-sports platform ESPL ARENA in January. On February 18, PancakeSwap announced on Twitter that it would offer full refunds to IFO participants based on the amount of funds raised by ESPL ARENA IFO, including the previous 10% air drop. This decision came after PancakeSwap discovered that the ESPL ARENA team had gone against their agreement not to sell their tokens by doing just that.

This move by PancakeSwap was taken to ensure that users who supported ESPL ARENA were not left in the lurch after the team had evidently ignored the interests of their own project and their supporters. PancakeSwap declared that its previous due diligence on the ESPL team was inadequate and that it would take measures to improve the due diligence process to ensure projects conducted on its platform do not result in similar negative consequences in the future.

The disagreement between PancakeSwap and ESPL highlights the importance of trust and transparency in the decentralized finance (DeFi) field. PancakeSwap’s decision to refund IFO participants shows that the platform prioritizes its users’ interests, thereby enhancing consumer confidence. In contrast, ESPL’s failure to keep its promise not to sell its tokens demonstrates a lack of integrity, which casts a dubious light on the project and its platform.

The situation also brings to the fore the importance of due diligence in DeFi projects. It is vital that DeFi platforms conduct thorough research and analysis on the teams behind projects before allowing them to launch on their platform. This should include scrutinizing the backgrounds of team members to ensure that they have the necessary skills and experience to execute the project successfully. This would prevent incidents that could harm the interests of the backers of the project, as is the case with ESPL ARENA.

In conclusion, PancakeSwap’s decision to refund IFO participants serves as a reminder to DeFi users that their interests are a top priority. The dispute between PancakeSwap and ESPL emphasizes the significance of trust and transparency in the DeFi industry while underscoring the need for adequate due diligence processes.

Overall, DeFi platforms must ensure that they prioritize the interests of their users while maintaining due diligence in their processes. This will lead to increased accountability and confidence in the industry.

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PancakeSwap and ESPL: A Clash Over the IF0

PancakeSwap and ESPL, the E-sports club, have a dispute over “ESPL ARENA” IF0

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