What is Pangolin?
Pangolin was created by AvaLabs and was meant to be the flagship DeFi app and decentralized exchange (DEX) on the Avalanche Network. In February 2021, the project was launched with the vision to be community-driven. Later in May 2021, the project was handed over to an independent team that has brought the project where it is today -– with 30+ partnerships, 5,000+ daily users, and 300 million total value locked (TVL).
The DEX runs on Avalanche, uses the same automated market-making (AMM) model as Uniswap, and features a native governance token called PNG. The token is fully community distributed as well as capable of trading all tokens issued on Ethereum and Avalanche.
Notably, Pangolin provides three important features in comparison to other DEXs: fast and cheap trades; community-driven development; and a fair and open token distribution.
Pangolin Exchange Details
|Available on Mobile||Mobile website version only|
|Number of supported coins/tokens||140+|
|Fees||0.3% liquidity provider fee for each swap|
|Native token||Pangolin (PNG)|
|Supported Fiat Currencies||USD, EUR, GBP, AUD, CAD, and more.|
Features and Advantages
Firstly, Pangolin is able to finalize trades quickly and cheaply because it is built on Avalanche. As a result, users can swap assets with transactions that last less than a second alongside fees as low as a few cents. Pangolin, oftentimes, will feel just as fast as the trades on centralized exchanges.
Secondly, Pangolin is community-driven. Pangolin (PNG), the native governance token, makes it so the community drives the development of the product in full.
Lastly, Pangolin features a 100% community-focused token distribution model. What this means is that all tokens are distributed directly to the community — with no allocations to insiders, investors, advisors, or teams.
Token: Pangolin (PNG)
Pangolin is entirely community-driven and community-owned; therefore, there are no PNG tokens allocated to insiders; advisors; investors; or the team. PNG is capped at a supply of 538 million tokens, 100% of the amount to be distributed to the community. The first 95% of tokens — or 512 million tokens — are dedicated to the community treasury where it will be used to fund liquidity mining. Meanwhile, the remaining 5% — or 26 million tokens — are dedicated to a community airdrop.
The community has the ability to enable the Pangolin fee switch. Users can use the fee switch to divert 0.5% of all swap fees to a designated address. Swap fees will remain fixed at 0.3%, however liquidity providers will receive only around 0.25% of these fees. As a result, the community can acquire extra funds to support any significant community initiatives.
The Pangolin Fee Switch is subject to a 90-day timelock delay and is disabled by default.
Governance Proposals Dashboard
With Analytics on Pangolin, users can search tokens and pairs; check statistics such as daily transactions and fees; listed pairs and historical charts for liquidity and volume; top tokens; top pairs; and a detailed transactions list.
Ethereum-based assets can be transferred to Avalanche by using the Avalanche/Ethereum Bridge. The bridge allows users to yield assets such as Uniswap, ChainLink, Aave, and Wrapped Bitcoin across 2 blockchains.
Users can use the Avalanche Bridge (AB) to transfer ERC20 tokens from Ethereum to Avalanche’s C-Chain and vice-versa.
In order to transfer Ethereum-based assets to Avalanche, follow these steps:
- Access the https://bridge.avax.network
- Select “MetaMask” or “Coinbase Wallet” and log in to your wallet
- Ensure that the UI says “From Ethereum” as shown below. If it does not, press the “Switch” button and click “Switch Network” when MetaMask prompts you to
- Select the token you would like to bridge and enter the amount you would like to bridge
- Select “Transfer“
- Wait for the Ethereum and for the Avalanche transaction to confirm
- After your tokens are successfully bridged, you can review the transaction details
Pangolin Super Farms
The Pangolin Super Farms were announced on January 19, 2022. The purpose of the super farm was to accommodate incentivizing farms with a wide range of reward tokens. Pangolin’s Head of Strategy Stephen Novenstern shared, “Super farms are going to explode TVL and volume by compounding the ecosystem’s incentive program with the full strength of all of Pangolin’s partners.”
At the same time, Pangolin also announced their first-ever Super Farms partner project with the ChiknNFT project. For an entire month, Chikn offered a full month of FEED-AVAX LP Super Farm for PNG-FEED double rewards.
The Pangolin Academy
The Pangolin Academy is an interactive and incentivized DeFi education program. The academy aims to bring more education both to those who are familiar and unfamiliar with the crypto space. The Pangolin Academy’s goal is to onboard as many newcomers as possible into DeFi. This is considering the fact that only 1% of crypto users utilize DeFi.
Similar to Binance’s Academy or Coinbase’s Earn program, the Pangolin Academy aims to be a fun and rewarding experience for all.
In a governance post published in September 2021, Pangolin announced that it will be burning 57% of its max supply of PNG tokens. As a result, this will reduce PNGs maximum supply from 538M to 230M.
Additionally, the post added the implementation of a more strategic emissions schedule and added a deflationary attribute to the token. The strategic emission proposal reduces the token’s 28-year emission plan to a mere 4 years. Meanwhile, the deflationary model proposed to reduce emissions by 1,000 tokens per month.
Pangolin Exchange supports more than 140 cryptocurrencies that can be swapped with one another. A few notable examples of these are
These are only a select few of the cryptocurrencies available on the Pangolin Exchange. To see the full list, visit their exchange.
Accepted Payment Methods
When a user wants to buy cryptocurrency, Pangolin accepts fiat currency from over 30 different countries. A few notable examples of these are
These are only a select few of the fiat currencies that Pangolin Exchange accepts. To view the full list, visit their supported currencies page.
Ever since its launch in February 2021, Pangolin has partnered with numerous other companies in the blockchain space. These partnerships expand Pangolin’s scope and reach. Listed below are a few of the most recent partnerships.
On March 14, Pangolin partnered with VM Tycoon where the latter launched two Super Farms on Pangolin. As a result, users are able to earn double rewards and increased APR when farming BIZ-AVAX and DOLLA-AVAX LPs. VM Tycoons is an ecosystem that begins with an NFT on AVAX blockchain.
The partnership involved Pangolin utilizing Islander’s innovative marketing suite using web3 infrastructure. Once Pangolin claimed their Island on January 15, they began their marketing activities shortly.
Dragon Crypto Gaming
On January 27, Pangolin announced a partnership with Dragon Crypto Gaming in Super Farms. Dragon Crypto Gaming was one of the first partners for the Super Farm initiative. Pangolin users have shown plenty of interest in the project, evident by reaching $1M in daily trading volume on Jan 17.
Dragon Crypto Gaming provided 1,000 DCAU — valued at $90,000 — to support the Pangolin Super Farm.
On January 4, Pangolin integrated with Gnosis Safe. The integration is significant as it boosts the security of swapping or farming with DAO funds. This integration aimed to solidify Pangolin as the safest place for institutions to trade and manage their funds.
On December 29, 2021, Pangolin partnered with NFTrade.com for their first official NFT collection. The collection is composed of 16 unique designs of only 100 copies each. Additionally, the NFTs can be unlocked for users by staking PNG on the NFTrade app.
Pangolin is a premier DEX in DeFi that prioritizes the safety and security of its community. It has the native token PNG which is used for its strong community-led governance. Pangolin is the most reputable DEX on the Avalanche Network. Although it isn’t the biggest DEX anymore, it is still the most well-known and trusted among them all.
Pangolin is a Premier DEX in DeFi that prioritizes safety, security, and education in addition to returns. It has the native token Pangolin (PNG) which is used for its strong community-led governance. Additionally, the DEX has gained plenty of partners since its inception in February 2021 – expanding its reach and scope in the market.
Although Pangolin isn’t the biggest DEX in the Avalanche Network anymore, it is still the most reputable, well-known, and trusted among them all.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.