What is Pangolin (PNG)?

Quick Facts

  • Launched: February 2021 by Ava Labs
  • Blockchain: Avalanche C-Chain
  • Type: Decentralized Exchange (DEX) with AMM model
  • Governance token: PNG
  • Fair launch: 100% of PNG distributed to the community
  • Key features: Token swaps, liquidity pools, staking, yield farming
  • Mission: Chain-agnostic, community-driven DeFi exchange

Introduction

Pangolin is a decentralized exchange (DEX) built on the Avalanche network. It uses an Automated Market Maker (AMM) model similar to Uniswap, allowing users to trade tokens directly from their wallets without relying on a centralized intermediary.

Its native token, PNG, serves as both a governance and utility token, giving the community direct say over the protocol's future.

History & Background

Pangolin was launched in February 2021 by Ava Labs as one of the earliest AMM-based DEXs native to the Avalanche network. It was designed to demonstrate Avalanche's speed and cost advantages over Ethereum-based DEXs.

From day one, Pangolin committed to a fair launch philosophy — no team allocation, no insider allocation, and no premine. All PNG tokens were distributed directly to the community through liquidity mining.

How Pangolin Works

Pangolin uses the same constant product formula as Uniswap V2, where liquidity providers deposit pairs of tokens into pools. Traders swap against these pools, and prices adjust automatically based on supply and demand.

Because Pangolin runs on Avalanche's C-Chain, it benefits from sub-second transaction finality and significantly lower gas fees compared to Ethereum-based AMMs. Users can trade both Avalanche-native and Ethereum-compatible assets on the platform.

Features include token swapping, liquidity provision, yield farming via Super Farms, limit orders, and single-sided staking.

Tokenomics

PNG is the governance and utility token of the Pangolin protocol. It was distributed entirely through liquidity mining, with no allocation to the founding team, advisors, or investors.

PNG holders can stake their tokens to earn a share of protocol trading fees, participate in governance votes, and provide liquidity to earn farming rewards. The token's economic design prioritizes community ownership and zero inflation through a capped supply model.

Circulating supply ? 235.01 million PNG
Total supply ? 538.00 million PNG
Max supply ? -- PNG
Updated 15h ago

Ecosystem & Use Cases

PNG powers several key functions within the Pangolin ecosystem:

  • Governance: Token holders vote on protocol changes, fee structures, and liquidity mining allocations.
  • Staking: PNG can be staked to earn a portion of swap fees from Pangolin trades.
  • Liquidity Mining: Users who provide liquidity to pools can earn PNG rewards.
  • Cross-chain Trading: Via bridge integrations, users can access Ethereum assets on Avalanche.

Pangolin's multi-chain vision also means it plans to expand to other blockchains with new chain-specific tokens, while PNG remains the flagship token on Avalanche.

Team, Governance & Community

Pangolin was incubated by Ava Labs but was designed to be fully community-owned from launch. The protocol is governed by a DAO structure, where PNG holders submit and vote on improvement proposals.

Proposals can cover anything from adjusting liquidity mining pools to modifying the fee structure. The community-first governance model ensures no single entity controls the protocol's direction.

Advantages

  • Fast and cheap trades thanks to Avalanche's high throughput and low fees
  • Fair launch with no team or insider token allocation
  • Community governance giving token holders real decision-making power
  • Cross-chain compatibility supporting both Avalanche and Ethereum assets
  • Multiple earning opportunities through staking, farming, and liquidity provision

Risks & Challenges

  • Competition from other Avalanche-native DEXs and major cross-chain platforms
  • Smart contract risk inherent to all DeFi protocols, despite audits
  • Liquidity depth can be limited compared to larger, multi-chain DEX aggregators
  • Market dependency — protocol activity is closely tied to overall DeFi market conditions

Long-Term Vision

Pangolin's long-term goal is to become a chain-agnostic exchange that operates across multiple blockchains with low fees and fast settlement. Rather than spreading a single token across chains, Pangolin plans to launch native governance tokens on each new chain it expands to, embedding itself deeply in each ecosystem.

By combining community-first governance, innovative DeFi features, and Avalanche's technical strengths, Pangolin aims to be a lasting pillar of decentralized trading infrastructure.

Frequently Asked Questions

Pangolin is a community-driven decentralized exchange (DEX) on the Avalanche network. PNG is its native governance and utility token, used for voting, staking, and earning protocol fees.

Pangolin launched in February 2021, making it one of the first AMM-based DEXs native to Avalanche. It was created by Ava Labs to showcase Avalanche's performance advantages.

Pangolin uses the same AMM model as Uniswap V2, but runs on Avalanche instead of Ethereum. This gives it significantly faster transactions and lower fees.

PNG can be used to vote on governance proposals, stake to earn trading fee rewards, and participate in liquidity mining programs. It represents ownership and voting power in the Pangolin protocol.

No. Pangolin launched with a fair launch model where 100% of PNG tokens are distributed to the community. There was no allocation to the team, advisors, or investors.

Pangolin aims to expand to multiple blockchains, launching a new chain-specific governance token on each. PNG remains the flagship token for the Avalanche deployment.

Pangolin offers token swaps, liquidity provision, yield farming via Super Farms, limit orders, and single-sided PNG staking. It supports both Avalanche-native and Ethereum-compatible assets.

Pangolin has undergone smart contract audits, but as with all DeFi protocols, risks such as smart contract vulnerabilities and market volatility remain. Users should always do their own research before participating.