Pangolin Decentralized Exchange Review

Pangolin is a decentralized exchange working on the Avalanche Network. Launched in February 2021, it uses the automated market makers (AMMs) concept. The DEX has enabled more than 15 billion dollars in trading volume in 2021. It has total liquidity of more than 58 million dollars and earning potential of 1064%.

Pangolin background

Founded in February 2021, the DEX consists of a team of experts in diverse fields such as finance, business, economics, software development, and more. Justin Trollip, Brandon Mino, Sarju Hansaliya, Pedro, Shung, and Firat Akkan are some of the core team members. The company was formed to enable a unified multi-chain architecture that users can access seamlessly without the need to have technical knowledge.

Pangolin overview

The DEX operates on the Avalanche platform with PNG as its native governance token that is based on ETH and Avalanche. Three important benefits offered by the DEX are cheap and quick trades, transparency in token distribution, and community-driven development.

Pros & cons

Pros

• Supports numerous crypto coins
• Low transaction fees

Cons

• Is based on ETH and Avalanche tokens only
• No verified track record

Funding methods:	Crypto tokens, credit card
Cryptocurrencies supported:	AVAX, UST, LUNA, NEAR, HBAR, ATOM, and many more
Countries:	N/A

Interesting features of Pangolin

Some of the main features of the DEX that make it unique as per the vendor are:

• It works on the Avalanche network enabling users to swap assets with low transaction fees at a fast rate.
• You can swap tokens with the AMM exchange and set limit orders for any Avalanche based token.
• The DEX allows you to add liquidity and earn a 0.25% fee on all trades in direct proportion to the pool share. 
• Users can earn PNG reward by staking their LP token in the farms.
• Staking the LP tokens in super farms allows you to earn PNG in addition to incentive tokens.
• You can earn more PNG tokens by staking the PNG tokens.
• You can track your portfolio and the token watchlist using the dashboard feature.
• PNG token holders get to participate in proposal voting.
• It is audited by Halborn.

What wallets does it support?

The main wallets that you can use on the DEX are MetaMask, Ledger, Coinbase Wallet, and WalletConnect. Here is a guide on connecting your wallet to the DEX:

1. Download MetaMask wallet and install it in your mobile app or browser extension
2. Import an existing ETH wallet or create a new one if you don’t have a wallet
3. Log in to the MetaMask wallet and choose custom RPC from the Network drop-down menu
4. Add PNG token to the wallet by entering the contract address of the token
5. Click on Next to confirm the setup

How does Pangolin work?

The DEX has a user-friendly interface that enables quick and easy trading on the platform. It combines the Chart and Trade features enabling you to track your portfolio and monitor your favorite tokens using the Watchlist feature. Trading can be done using market or limit order. For market order here are the steps:

1. Choose the tokens you want to swap
2. Enter the token amount
3. Approve the transaction and confirm it

For limit orders:

1. Choose the Limit order and sell/buy option
2. Select the currencies you want to trade
3. Set the price
4. Click on place order

What can you buy with Pangolin?

It supports more than 100 crypto coins. The most popular coins you can buy on this DEX are AVAX, UST, LUNA, NEAR, HBAR, and ATOM.

Are there any risks with Pangolin?

The risks present with using the DEX are the same as you face in any other crypto exchange. Your overall holding can decrease in value because of impermanent loss hence the vendor recommends doing thorough research before providing liquidity.

Pangolin fees

The trading fees you need to pay for using the DEX are as follows:

• When you execute a trade, you need to pay a trading fee of 0.3%. The amount is broken down as shown below.
• 0.25% is given to the liquidity pools as the trading fee for the liquidity providers.
• 0.0425% is given to the PNG staking pool.
• 0.0075% is paid for swap fees wallet of Pangolin DAO.
• Additionally, you need to pay a gas fee that costs 0.01 to 0.2 AVAX.

Deposit methods

The platform allows funding using Avalanche and ETH-based tokens. You can also use a credit card to buy AVAX on a centralized exchange that supports the Avalanche C-chain.

Should you buy it?

A user-friendly interface, efficient features, and vendor transparency are key factors that favor the platform. But since it is a fairly new DEX you need to consider the pros and cons carefully before using it.