Community-driven decentralized exchange (DEX) Pangolin has surpassed $1 billion in total traded volume on Avalanche, just two months after it was launched, the DEX said in a press release shared with The Chain Bulletin on 9 April.
According to the announcement, by leveraging Avalanche’s significantly lower fees and faster confirmations time, Pangolin has enabled its users to seamlessly trade popular DeFi assets and drastically improved the user experience. Even though it was built on the Avalanche network, the DEX is stoll compatible with Ethereum assets thanks to the Avalanche-Ethereum Bridge, an implementation of ChainBridge technology developed by ChainSafe.
The Avalanche-Ethereum Bridge not only allows users to transfer assets between the two networks, but also enables DeFi users to pursue yield opportunities — with assets such as WBTC, AAVE, UNI, LINK and more — on both blockchains.
While it was launched back in February, Pangolin has already surpassed $1 billion in total traded volume. Even though the DEX uses the same automated market-making (AMM) model as Uniswap, it offers its users significantly lower fees, with a simple token swap costing only around $1.19 on Pangolin, which is one of the reasons behind the popularity of the DEX.
In addition to the performance upgrades it offers, Pangolin also has a liquidity mining program that allows liquidity providers (LP) to yield its native governance token PNG. In order tp have a “fair launch model”, Pangolin will distribute its PNG token to the community without having offering a pre-mine or early access tokens to creators. LPs will also receive 0.3% of all trading fees incurred for swapping tokens.