Pangolin

Market Making

Pangolin is a community-driven decentralized exchange native to Avalanche that enables permissionless trading and liquidity provision (to earn trading fees).

Risk Rating
Average
Protocol Code Quality
Protocol Maturity
Protocol Design
Summary
What we like
Pangolin is a community-first, decentralized exchange (DEX) that distributed 100% of its governance token to its community with no allocation to investors, advisors or team,
What we like less
No clear documentation on multisig configuration. Multisig members consist of mainly Pangolin team members and key members from other Avalanche projects.
What it means for you
Offers you a top retail-focused DEX (Uniswap V2 fork) built on the Avalanche blockchain offering sub-second transaction finality and cheap transaction fees.
Information
Exploit/Hacks
None
Info
  • Website
  • Token: PNG
  • Tags: Market Making
Key Metrics
  • TVL: $48.6M (Rank #93)
  • TVL Ranking by Market Making: #0
  • Blockchain: Avalanche, Hedera, Songbird, Flare
  • Chain TVL
    • Avalanche: $48.12M
    • Hedera: $154.97K
    • Songbird: $143.28K
    • Flare: $131.7K
Risk Assessment
Average
Protocol Code Quality
  • Code reviewed by at least one experienced auditor; Halborn audited in October 2021
  • Public team promotes accountability
  • No documented protocol hacks since launch
Protocol Maturity
  • Core protocol launched in 2021; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 20% by total value locked slightly reduces risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
  • Timelock is at least 48hrs, which provides users with sufficient time to exit if any malicious upgrades are approved
  • At least one minor governance issue documented
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • This protocol is susceptible to risks related to decentralized exchanges (DEXs), such as impermanent loss
  • Pangolin is a Uniswap fork implemented on the Avalanche chain
Things to know about Pangolin

How Pangolin works

Pangolin is an automated market maker (AMM) that is a fork of Uniswap V2 built on Avalanche. AMMs rely on liquidity pools rather than traditional order books to execute decentralized trades. The liquidity pools are funded by users who deposit two tokens in equal proportion in exchange for a liquidity provider (LP) token that represents their claims to their share of the total pool, plus a portion of trading fees. On Pangolin, users can earn additional yield by locking up their LP tokens to farm for native protocol tokens.

How Pangolin makes money

Pangolin charges a 0.3% fee on all trades within a liquidity pool. Of this amount, 0.25% is paid to LPs as a reward for providing liquidity, 0.0425% paid to PNG stakers, and 0.0075% paid to DAO’s swap fees wallet.

How you make money on Pangolin

You can provide liquidity to earn 0.25% of trading fees on Pangolin. You can also stake PNG on the platform to earn a portion of all swap fees (0.0425%) generated on the platform.

Pangolin Pools
Pangolin AVAX-USD Market Making
130.6%
Yield
$2M
TVL
Risk
B
Protocol
Pangolin
Chain
Avalanche
Pangolin AVAX-ETH Market Making
62.3%
Yield
$1M
TVL
Risk
C
Protocol
Pangolin
Chain
Avalanche
Pangolin BTC-USD Market Making
188.4%
Yield
$64K
TVL
Risk
C
Protocol
Pangolin
Chain
Avalanche