Pangolin

What Pangolin does

Pangolin is a decentralized exchange (DEX) protocol that operates primarily on the Avalanche blockchain, with additional deployments on the Hedera, Flare, and Songbird networks. Launched in 2021 by AvaLabs as the first DEX on Avalanche, Pangolin enables users to swap tokens, provide liquidity, and earn rewards without custodial intermediaries. Its core product is the Pangolin V3 exchange, which uses concentrated liquidity mechanics, NFT-tokenized LP positions, dynamic fee adjustments, multiple fee tiers, and an in-range farming incentive system to maximize capital efficiency for liquidity providers. The PNG native token underpins governance, staking rewards, and fee discounts across the protocol.

The platform runs a Super Pools product offering dual rewards in PNG and AVAX (or partner tokens) to liquidity providers, alongside features such as concentrated liquidity ranges and NFT-based transferable LP positions. Pangolin is also integrated with cross-chain partners including Thorchain, Axelar, and Squid, supporting routing and interoperability across chains. The protocol has cumulatively processed approximately $19.17B in trading volume since launch, with current TVL of $1.69M and 30-day volume of $49.14M.

Pangolin operates a transaction-fee revenue model, collecting fees on every token swap with rates set by LPs and dynamically adjusted based on market volatility, alongside token-based reward incentives. It follows a product-led growth motion with self-serve access through app.pangolin.exchange, targeting crypto traders and liquidity providers in the Avalanche and adjacent multi-chain ecosystems. Marketing is community-driven via Telegram, Discord, X, Reddit, Medium, and GitHub, with discovery also driven by listings on DeFiLlama, CoinMarketCap, and CoinGecko. The supporting organization is described as having 1-10 employees and operating as a private entity, with no disclosed funding rounds or revenue figures.

Name

Pangolin

Legal name

Pangolin

Website

https://pangolin.exchange

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Pangolin is a multi-chain decentralized exchange launched by AvaLabs in 2021 as the first DEX on Avalanche, enabling crypto traders and liquidity providers to swap tokens, concentrate liquidity, and earn dual-reward yields via Super Pools and NFT-based LP positions.

Ownership category

akta.pro rank

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Trading/Swap Fees: DEX collects fees on every token swap executed on the platform. Fee tiers are adjustable by liquidity providers, with dynamic fees adapting to market conditions.
2. Liquidity Provision Rewards: Protocol incentivizes liquidity providers through Superpools with dual rewards (PNG token + AVAX or partner tokens), generating trading volume that sustains the fee-based revenue model.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Pangolin is a multi-chain decentralized exchange (DEX) protocol where users can swap tokens, provide liquidity to pools, and earn yield through reward mechanisms. The platform operates across Avalanche, Hedera, Flare, and Songbird blockchains, with the PNG token serving as the native governance and utility asset. Its core offering includes token swap execution, concentrated liquidity provision, NFT-tokenized LP positions, and Superpools with dual rewards.

Product overview

Pangolin is a multi-chain decentralized exchange platform built on Avalanche, offering a unified trading and liquidity provision system across four blockchain networks (Avalanche, Hedera, Flare, and Songbird). The platform centers on the Pangolin V3 exchange core, supplemented by Super Pools for dual-reward liquidity mining, NFT-based liquidity positions for transferable LP tokens, concentrated liquidity for capital efficiency, and dynamic fee structures. The PNG token serves as the native governance and utility token. The platform positions itself as the first DEX on Avalanche, launched by AvaLabs in 2021.

Differentiator

Problem solved

Functional benefit

Brands

• PNG Token: Native token of the Pangolin DEX platform, used for governance and rewards.
• Super Pools

Products and services

• Pangolin V3 The primary decentralized exchange platform enabling token swaps, liquidity provision, and yield farming across multiple blockchain networks including Avalanche, Hedera, Flare, and Songbird. Targeted at crypto traders and liquidity providers seeking self-custodial trading.
• Super Pools Liquidity pools offering dual rewards (PNG and AVAX or partner tokens) to liquidity providers, designed to boost earnings and incentivize liquidity provision.
• PNG Token The native utility token of the Pangolin ecosystem, used for governance, staking rewards, and fee discounts within the DEX platform.

Quantifiable outcome

• $19.17B total trading volume processed since inception
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature6 records

Partnerships

Two partnerships are on record, tiered core.

• AvaLabscoreStrategic or Co-development Partner · 1 January 2021AvaLabs launched Pangolin as the first DEX on Avalanche in 2021. The partnership positions Pangolin as a foundational DeFi infrastructure component within the Avalanche ecosystem, with AvaLabs providing ongoing support and ecosystem integration.
• AvalanchecoreTechnology or IntegrationPangolin operates as the primary DEX on the Avalanche blockchain network, enabling token swaps and liquidity provision. Avalanche is the foundational L1 blockchain powering the protocol.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Uniswap: Uniswap is the canonical AMM DEX. Pangolin's V3 (concentrated liquidity, multiple fee tiers, NFT LP positions) directly mirrors Uniswap V3's architecture, and Uniswap V3 is also deployed on Avalanche, putting the two protocols in direct competition for the same LPs and traders.
• Trader Joe: Trader Joe is Avalanche's homegrown AMM DEX and Pangolin's primary on-chain competitor. Both target Avalanche-native liquidity with concentrated-liquidity AMM designs and yield farms, making them direct head-to-head rivals for the same local market Pangolin pioneered.
• SushiSwap: SushiSwap is a multi-chain AMM DEX offering swap, liquidity provision, and reward farming across Ethereum, Avalanche, and other networks. Like Pangolin, it pioneered cross-chain DEX expansion and runs Super Pool-style incentive programs, making it a directly comparable multi-chain AMM peer.
• Curve Finance: Curve is a concentrated-liquidity AMM DEX specializing in stables and correlated assets. It is the dominant reference design for concentrated-liquidity AMMs that Pangolin V3 replicates, and operates on multiple chains including Avalanche.
• Balancer: Balancer is a multi-chain AMM DEX supporting custom-weight pools and swap fee tiers. It overlaps directly with Pangolin on multi-chain AMM routing, customizable fee tiers, and yield-bearing liquidity pools across EVM chains.
• PancakeSwap: PancakeSwap is a leading multi-chain AMM DEX originally on BNB Chain and now deployed across many L2s and Avalanche. It competes with Pangolin for the same cross-chain AMM liquidity and is also expanding into concentrated-liquidity products.

Broad incumbents

• Osmosis: Osmosis is the primary AMM DEX in the Cosmos/IBC ecosystem, offering concentrated liquidity and Superfluid staking. While serving a different base chain, it shares Pangolin's AMM model, multi-chain ambitions, and LP-incentive tokenomics.

Emerging players

• LFJ (formerly LiquidJoe / Joe V2): LFJ is an Avalanche-native DEX with concentrated-liquidity and book-based liquidity features. It is a closer tactical competitor to Pangolin on Avalanche and represents the next-generation AMM design wave that Pangolin V3 is trying to match.
• Velodrome: Velodrome is a leading concentrated-liquidity AMM DEX on Optimism with a strong ve-token governance and emissions model. Its incentive design directly parallels Pangolin's Super Pools / PNG emissions and serves as a relevant comparator for governance-driven DEX models.

Regional players

• THORChain: THORChain is a cross-chain liquidity network for native asset swaps, listed as a Pangolin integration partner. While it operates on its own chain and a different architecture, it competes for cross-chain swap volume that AMM DEXs like Pangolin could otherwise capture.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/pangolindex
• GitHubgithub.com/pangolindex
• Facebookfacebook.com/pangolindex

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pangolin