Pangolin

Pangolin is a cryptocurrency represented with the symbol "PNG". The token is the native currency and governance token of Pangolin, a decentralized exchange that runs on Avalanche and uses the same automated market-making model as Uniswap^[1]^[2]^[3].

Overview

Pangolin is a solution to two critical problems faced by other AMMs: subpar performance and governance controls that benefit a few large holders. on the Pangolin platform, users enjoy centralized exchange-like speeds without having to jeopardize access to their existing portfolio of assets and without having to give control to large insiders.

The PNG token on Pangolin is fully community distributed and is capable of trading all tokens issued on Ethereum and Avalanche.

There are three major benefits of the Pangolin platform. These are fast and cheap trades, community-driven development, as well as fair and open token distribution.

Pangolin is a platform that is driven 100% by the community. The native governance token, PNG, enables the community to drive the development of the product in full^[2]^[4].

Governance

PNG’s governance is highly community-driven. The development of Pangolin remains entirely up to the wider community as there are no insiders, such as investors, team members, or other such stakeholders, Pangolin governance enables several key actions, such as modifications to the liquidity pools, and fee switching.

Pangolin governance thresholds allow for 10% of PNG circulating supply (delegated) to submit a governance proposal, a 7 day voting period, and a 2-day timelock delay on execution. Also, during a voting period, a simple majority (>50%) of ‘yes’ votes weighted by delegated PNG that totals at least 15% of the circulating supply of PNG is required to reach a quorum^[5].

Tokenomics

Pangolin token has a circulating supply of 2,076,770 PNG, and a maximum supply of 538,000,000 PNG. It recorded an all-time high of $18.85 on February 19, 2021, and an all-time low of $3.60 on February 23, 2021^[6].

PNG Token Distribution

95% of PNG tokens, which amounts to 512 million tokens, are dedicated to the community treasury, where they will initially be used to fund liquidity mining, while the remaining 5% which amounts to 26 million tokens, are dedicated to a community airdrop.

None of the PNG tokens are allocated to the team, investors, advisors, or any sort of insiders. This makes Pangolin completely community-driven and entirely community-owned.

Airdrop

Pangolin airdropped a total of 26,900,000 PNG tokens to UNI and SUSHI holders. A snapshot was taken on December 7th, 2020, and eligible holders up to March 10, 2021, to claim their tokens^[7]^[8].