Thread by @el33th4xor

Two weeks ago, @PangolinDEX became the first Avalanche project to surpass $1B in trading volume. Let’s talk about Pangolin, AMMs, community-driven projects and their pros and cons.

Overall, Pangolin is unique because it offers:

- Fully decentralized, non-custodial trades
- Super cheap fees
- Real-time execution, near-instant finality
- No miners front-running orders
- A 100% community-driven project

Low latency and fair trade execution applies for any AMMs that have launched on Avalanche, of course. These AMMs include @SushiSwap, @officialzerodex, @ComplusNetwork, and @YetiSwap.

While Pangolin users pay very low fees individually, AMM operations, in aggregate, contribute significantly to an ongoing burn of AVAX for smart contract fees. This value exceeds the $1.6M+ USD so far and is constantly increasing.

Among all AMMs on Ethereum, BSC, and Avalanche, Pangolin has the unique claim of being a project 100% driven by, and for, its community.

The PNG token was created with a “fair-start,” with 0 tokens allocated to its team. This is unusual. It means that there were no privileged groups who could later dump tokens on users. It also means that there is no centralized group that can arbitrarily modify the contract.

Pangolin’s bootstrapping strategy had mistakes that didn’t achieve its intended goals, however. Between an oversized airdrop and flawed liquidity reward structure, its community encountered early issues with its PNG token value.

This caused initial dilution of the asset’s value, but help is on the way.

On April 3, Pangolin’s governance module was activated. Since then, $PNG token holders are solely in control of modifying its contracts and making decisions related to Pangolin’s operation.

Shortly thereafter, the Pangolin community passed its first governance proposal. This proposal went into effect on April 18th and re-weighted Pangolin rewards.

The PNG pools now provide 3x higher rewards than other liquidity pools.

chainbulletin.com/the-new-pangol…

As the community continues to smooth out the early tokenomics issues, grow in size, and upgrade the application, I suspect $PNG will be an increasingly attractive asset for exchanges to list.

Congratulations to everyone in the Pangolin community on these milestones. I have a feeling we’ve only seen a small fraction of what you’re capable of.

P.S. If you were providing liquidity to Pangolin, you must re-stake your tokens with the new liquidity contracts. This typically takes 30 seconds or so. More info is available in the application:
app.pangolin.exchange/#/png/1