Pangolin exchange review - Avalanche based DEX with PNG governance

Pangolin DEX on Avalanche with PNG governance

Overview

Pangolin launched in early 2021 on Avalanche, backed by AvaLabs. It enabled token swaps, liquidity provision and PNG rewards without KYC hurdles. The focus was speed, low cost and ease of use, capturing DeFi users in search of a smooth experience.

Multichain ambition

Pangolin grew beyond Avalanche into Hedera, Flare and Songbird, even letting apps embed its DEX. The PNG token had a fixed supply, distributed largely to liquidity providers. Holders stake PNG, vote on DAO governance and benefit from protocol revenue buybacks.

DeFi toolkit

Beyond swaps, Pangolin expanded with farms, staking, limit orders, portfolio trackers and a news feed. V3 introduced concentrated liquidity and dynamic fees, bringing efficiency close to leading DEXs.

Fees and liquidity

Swap fees are ~0.3% plus Avalanche gas, reasonable given speed and usability. At peak, daily volume reached millions USD. Liquidity depth fluctuated, tied to PNG price and farmer activity. APRs varied with sentiment and TVL.

User feedback

Users praised the clean interface and near instant swaps. Farms and staking added appeal. But reviews also cited rug token risks, interface glitches, lost funds and slippage. Trustpilot ratings are mixed, reflecting both satisfaction and caution.

Pangolin snapshot

Feature	Insight
Launch year	Early 2021
Core chain	Avalanche C Chain (plus multichain)
Focus	Swaps, liquidity, farming, DAO
Token	PNG governance and rewards
Fees	~0.3% per swap, plus gas
Key tools	Concentrated liquidity, yield, limit orders
Adoption	High AVAX activity; modest multichain
Risks	Rug tokens, slippage, market swings

Strengths & weaknesses

Strengths	Weaknesses
Fast execution and strong Avalanche integration. PNG token with real governance utility. Capital efficient V3 liquidity model. DAO driven and user centered design. Multichain expansion shows adaptability.	Exposure to rug tokens and risky pairs. Fees not always the lowest in DeFi. Interface glitches and volume swings noted. Market hype heavily impacts farming yields.

Final take

Pangolin rode the early Avalanche wave with accessible DeFi tools, PNG governance and expanding features. It remains a DEX with strengths in speed, farming and DAO structure but also faces challenges in liquidity, stability and competition. A platform with promise and quirks - best approached with research and care.

Pangolin - Exchange Review