What is Pangolin (PNG)?

Deep Dive

1. Purpose & Value Proposition

Pangolin aims to democratize decentralized trading by combining Avalanche’s sub-second finality with community-led governance. Unlike centralized exchanges, it eliminates intermediaries, letting users trade directly from self-custodied wallets. Its focus on Avalanche’s ecosystem positions it as a hub for swapping AVAX-native assets like WAVAX and bridged tokens (e.g., BTC.b, WETH.e).

2. Technology & Architecture

Built on Avalanche’s Contract Chain (C-Chain), Pangolin leverages Ethereum Virtual Machine (EVM) compatibility for easy dApp integration. Its V3 upgrade (launched July 2025) introduced:
- Concentrated liquidity: Lets liquidity providers (LPs) set custom price ranges for assets, reducing idle capital.
- Dynamic fees: Adjusts trading fees (0.01%–1%) based on market volatility to balance LP rewards and trader costs.
- Super pools: Combines liquidity from multiple sources, allowing LPs to earn fees and governance token rewards simultaneously.

3. Tokenomics & Governance

PNG has a fixed supply of 230 million tokens, with 95.8% in circulation. Its utility includes:
- Governance: Proposals range from fee adjustments to chain expansions (e.g., multi-chain integration).
- Staking: Users stake PNG to earn rewards from protocol fees or partner incentives (e.g., OpenOcean’s 2021 staking program).

Conclusion

Pangolin is a community-governed DEX optimizing Avalanche’s speed for decentralized trading, with recent upgrades enhancing liquidity efficiency. As DeFi evolves, can its governance model adapt to compete with cross-chain rivals while maintaining Avalanche-centric focus?