PancakeSwap’s Dispute with ESPL Arean over IF0

02/20/2023 02:10 • NFT Newsflash • 120 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

Interpret the above information:

The decentralized trading platform, PancakeSwap, had a dispute with the Singapore E-sports club, Esports Players League (ESPL), over the IF0 conducted by ESPL’s Web3 E-sports platform ESPL ARENA in January. The dispute erupted after PancakeSwap announced on Twitter 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. This announcement came as a result of the ESPL ARENA team’s selling of the ARENA token which they agreed not to sell, thus ignoring their own projects and users who support it.

The PancakeSwap statement suggests that its due diligence on the ESPL ARENA team was insufficient, and it would take measures to improve the due diligence process. This statement highlights the importance of due diligence in the DeFi world. It is essential for DeFi protocols to conduct thorough background checks on the teams behind the projects they support, especially since the entire ecosystem is built on trust and transparency.

Furthermore, the statement raises questions about the reliability of IFOs and the accountability of the platforms that facilitate them. Since IFOs are a popular fundraising method in the DeFi world, it is crucial for participants to understand the risks associated with them. Projects, as well as DeFi protocols, should maintain transparency with their users and ensure that all promises made during the IFO process are kept.

In conclusion, the dispute between PancakeSwap and ESPL Arena over the IFO process underscores the importance of due diligence, transparency, and accountability in the DeFi community. It is essential for DeFi protocols to improve their due diligence mechanisms and maintain transparency with their users to avoid similar disputes in the future. Finally, investors must also educate themselves about the potential risks associated with cryptocurrencies and be mindful of scams and fraudulent activities that can take place in the market.

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PancakeSwap’s Dispute with ESPL Arean over IF0

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

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