Pangolin is a decentralized cryptocurrency exchange (DEX) that operates on the Avalanche Network. It strives to provide a seamless experience for traders and projects through advanced tooling, deep liquidity, and smooth onboarding. The platform's native governance token, PNG, aims to empower the community to steer the development of the product. With a 100% community-focused token distribution model, all tokens are distributed directly to the community, without any allocations to advisors, investors, or insiders. The total supply of PNG is capped at 230 million tokens, with 83% of these tokens dedicated to incentivizing Liquidity Providers on Pangolin.

Pangolin operates as a multichain DEX, facilitating easy swaps and providing a range of tools for projects and traders. PNG token holders can stake their PNG and receive a share of protocol revenues. This is achieved through regular token buybacks, where 0.0425% of all trades are paid to the PNG staking pool. This mechanism allows stakers to receive APR on their PNG without experiencing impermanent loss. Pangolin also provides a variety of tools including token swaps, liquidity pools, yield farming, portfolio tracking, watchlists, and in-app news.

Pangolin aims to serve as a digital asset gateway, providing a platform for trading, staking, and making offerings of digital assets. It provides a variety of tools and features that cater to both projects and traders. These include token swaps, liquidity pools, yield farming, portfolio tracking, and watchlists. Pangolin also provides a DEX-as-a-Service (DAAS) where projects can directly integrate Pangolin's DEX widget into their decentralized application (dApp). This makes it a versatile platform for a variety of use cases in the decentralized finance (DeFi) space.

Pangolin was launched in February 2021 on the Avalanche Network as a proof of concept for automated market makers (AMMs). In its first year, Pangolin facilitated over $15 billion dollars in trading volume. The platform is backed by a team of experts in finance, economics, business, marketing, blockchain development, software development, design, and community building. They are committed to building a decentralized trading platform and multi-chain hub. Pangolin aims to be on a multi-chain journey, with deployments on various networks including Hedera Network, Flare Network, EVMOS, and Near Protocol, among others.

Pangolin aims to contribute to liquidity within the Avalanche ecosystem. It uses an automated market-making (AMM) model, striving to leverage Avalanche's high-speed, low-cost infrastructure for an improved user experience. Pangolin supports all Avalanche and Ethereum tokens, thereby aiming to increase the variety of tokens supported. It also features a liquidity mining program that provides non-monetary rewards with its native governance token, PNG. This model aims to incentivize users to participate. Moreover, Pangolin directs trading fees to those who participate in the platform's liquidity pools, further aiming to support the liquidity and overall health of the Avalanche ecosystem.

The PNG token plays a role in the governance of the Pangolin decentralized exchange (DEX). As the native governance token of Pangolin, PNG allows its holders to participate in the decision-making process of the DEX. This means that PNG holders can propose changes, vote on proposals, and influence the platform's direction. This is in line with Pangolin's commitment to being a community-driven platform, where all decisions are made by the community of token holders. The PNG token provides functionalities such as staking and farming to participate in non-monetary incentive programs. This decentralized approach to governance strives to uphold transparency and fairness, aligning with the principles of blockchain and cryptocurrency.

Pangolin has several features that differentiate it in the decentralized finance (DeFi) space. One of its key features is its lower transaction fees. As it operates on Avalanche, Pangolin has lower fees, making it a choice for users seeking cost-effective transactions. Another feature is the efficiency of Pangolin's platform. With Avalanche's high throughput, transactions on Pangolin are processed efficiently, aiming for a user-friendly experience. This differentiates Pangolin, as users can engage in efficient trading without the congestion often associated with other decentralized exchanges (DEXs). Pangolin also has a variety of tokens available. Its diverse token selection ensures that users have access to a diverse set of assets, including popular and emerging tokens. This provides traders with a variety of options. Lastly, Pangolin features an interface and onboarding process designed for ease of use, making it more accessible for both experienced and novice users to navigate and engage in decentralized trading.

Pangolin operates on a non-custodial model. This means that users maintain full control over their assets at all times, which is a key feature in aiming to improve the security of users' assets during transactions. In traditional financial systems, a third party, such as a bank or a broker, holds and controls your assets. This custodial model can expose users to risks such as mismanagement, fraud, or insolvency of the third party. However, in a non-custodial model like Pangolin, these risks are mitigated as users have full control over their assets. They can initiate, execute, and verify transactions independently without the need for intermediaries. This not only aims to improve the security of their assets but strives to ensure privacy and streamline transaction processes. It's important to note that while the non-custodial nature of Pangolin aims to improve security, users bear the responsibility of managing and securing their private keys.

Pangolin integrates with Avalanche C-Chain by leveraging the Ethereum Virtual Machine (EVM) compatibility of the Avalanche C-Chain. This compatibility aims to provide an alternative method of transaction processing with a focus on finality and throughput. Pangolin employs Automated Market Maker (AMM) technology, and its native governance token, PNG, has the ability to interact with all tokens hosted on Ethereum and Avalanche. The integration with Avalanche C-Chain allows Pangolin to aim for efficient and cost-effective transactions, community-driven development, and a fair and open token distribution. Users have the ability to swap, stake, farm, and bridge tokens from one network to another on Pangolin. The integration also aims to provide access to liquidity pools and execute cross-chain swaps by automating the use of swap providers.

Pangolin utilizes a bridge technology that aims to improve the interoperability of blockchain networks. This technology facilitates the transfer of assets between different blockchain networks without the need for third-party solutions. The bridge technology works by locking the original asset in a designated contract on the source chain and minting a copy of it on the destination chain. This process is facilitated by back-end communication mechanisms that monitor events on the source chain and execute corresponding functions on contracts deployed on the destination chain. This aims to ensure synchronization and consistency between the two chains, facilitating the transfer of assets. The bridge technology not only aims to improve the security and efficiency of the platform but also strives to facilitate the availability of new assets on Pangolin.

Pangolin DEX strives to offer improvements in transaction efficiency and speed through several measures. It employs the same automated market-making (AMM) model as Uniswap, but with performance improvements. By leveraging Avalanche's high-speed, low-cost capabilities, Pangolin seeks to reduce transaction fees and finalize trades instantly, with the intention of improving user experience. Pangolin's cross-chain strategy, which envisions a multi-chain future, is structured to utilize blockchains with low transaction costs and high transaction speed. This approach is intended with the aim of keeping Pangolin relevant on every chain where it deploys, thereby maintaining its transaction efficiency and speed.

Pangolin supports a wide range of assets for trading and liquidity provision through its approach to liquidity provision. It allows liquidity providers (LPs) to create custom liquidity pools with any two tokens of their choice, thereby supporting trading pairs that may not be available on other DEXs. This flexibility provides a broad range of trading options to platform users. Pangolin enables LPs to specify the price range in which they aim to provide liquidity, striving to enhance capital efficiency by focusing on the price intervals where trading activity is more likely to occur. LPs can also adjust their price ranges dynamically based on market conditions, allowing them to optimize their liquidity provision strategies. Once LPs have configured their liquidity pools and price ranges, they can provide liquidity by allocating an equivalent value of both tokens into the selected pool. Pangolin calculates LP shares based on the allocated amounts and the current pool prices, and LPs receive LP tokens representing their shares in the pool. LPs can monitor and manage their positions through the Pangolin interface, adding or removing liquidity, adjusting price ranges, and tracking their in-range farming incentives.