Pangolin Surpasses $1B in Total Volume Traded on Avalanche
Pangolin, a decentralized exchange (DEX) for Avalanche and Ethereum assets, has surpassed $1B in total traded volume on Avalanche. Pangolin uses the same automated market-making (AMM) model as Uniswap, but is built on Avalanche to drastically improve the user experience by reducing fees to a small fraction of what they pay today and finalizing trades instantly.
Pangolin is a community-driven project supported by Ava Labs. It is underpinned by Avalanche, making it fully compatible with Ethereum assets and tooling, but with faster finality, higher throughput, and significantly low fees.
In addition to performance upgrades, Pangolin features a liquidity mining program that enables liquidity providers toyieldthe native governance token, called PNG. All PNG tokens will be distributed to the community, with no premine or early access tokens for creators, to follow a fair launch model.Trading fees (0.3 per cent) for swapping are given to liquidity providers.
Ethereum assets are transferable to Avalanche via the Avalanche-Ethereum Bridge, an implementation of ChainBridge technology developed by ChainSafe, with Protofire, Hashquark, POA Network, Avascan, and Meter.io securing the bridge as “relayers.”
This bridge enables DeFi users to pursue yield opportunities with assets like UNI, AAVE, LINK, WBTC and more across two blockchains for the first time.
Not only does this enable a wider set of assets and applications, but it also empowers capital efficiencies more closely mirroring institutional finance than what traders have come to expect in cryptocurrencies and digital assets.