Pangolin is a decentralized exchange (DEX) that runs on Avalanche, makes use of the equal computerized market-making (AMM) version as Uniswap, functions a local governance token known as PNG this is completely network allotted and is able to buying and selling all tokens issued on Ethereum and Avalanche.
Pangolin is airdropping a complete of 26,900,000 PNG tokens to UNI and SUSHI holders. The picture changed into taken on December 7th, 2020 and eligible holders can declare their tokens inside one month of Pangolin’s launch (cut-off date is tenth of March 2021).
Pangolin Airdrop community-driven decentralized exchange for Avalanche and Ethereum assets with fast settlement, low transaction fees, and a democratic distribution–powered by Avalanche. Pangolin brings you the best trading opportunities to find and maximize your yield.
To check the amount you are able to claim, follow this link and type in your address at the bottom of the page. Take the value output and divide by 10^18 to get the number of PNG tokens you are able to claim. A 400 UNI balance will have got you around 80 tokens.
Visit the Avalanche bridge page.
Connect your Metamask wallet where you held your UNI or SUSHI tokens during the snapshot date.
The snapshot was taken on December 7th, 2020.
Now select UNI or SUSHI as the token you would like to transfer. This step costs a lot of gas (check gasnow.org for appropriate gas fee) + bridge fee, but could be worth paying it depending on your amount of claimable PNG.
You need to send at at least 1 UNI or SUSHI to activate the claim. You can still claim even if you don’t have any UNI/SUSHI in your wallet by buying UNI/SUSHI on some exchange and sending it across the bridge.
Now select your destination address and complete the transaction. Select “I want to send funds to my address” so that the UNI/SUSHI crosses the bridge into the same address controlled by your wallet but on the Avalanche network. (Warning for Trezor users: It seems like there is no way to get your UNI/SUSI back to ETH Mainnet right now, because Avalanche does not support Trezor yet)
You need some AVAX to pay the transaction fee for the following steps. Buying at least 0.3 AVAX from an exchange is recommended.
Because Avalanche works on multiple chains, you need to create an Avalanche wallet, get your X-chain address from the wallet and send your AVAX from the exchange to your X-chain address. Follow this tutorial to learn more. (do not use Ledger, because cross chain transfers won’t work with Ledger)
Now do a cross-chain transfer from X-chain to C-chain and send your AVAX from your C-chain wallet to your ETH address on the Avalanche network.
Set up your Metamask to work with the Avalanche network so that you can access/claim your PNG airdrop on Avalanche. Follow the steps on this page to learn more.
Visit the Pangolin app page after you’ve accessed your airdrop wallet on Avalanche.
Click on “Airdrop” and claim your tokens. You need to exactly set 470 Gwei gas price, otherweise your transaction will be stucked an Metamask has to be reseted until you try again.
The number of tokens you will receive will be based on this formula: PNG amount = 0.7 * (UNI amount ^ 0.8) & PNG amount = 0.3 * (SUSHI amount ^ 0.8).
UNI holders have an allocation of 18.5M PNG and SUSHI holders have an allocation of 7.8M PNG tokens.
After claiming your airdrop you could send your AVAX and UNI/SUSHI from C-chain to X-chain address and then withdraw it to an exchange without the need to pay expensive bridge fees.
For more information regarding the airdrop, see this page or check this extremely detailed tutorial on Reddit. Follow this tutorial to set up your Metamask for Avalanche.
Trades Quickly and Cheaply
First, Pangolin can finalize trades quickly and cheaply. Since Pangolin is built on Avalanche, it enables users to swap assets while enjoying sub-second transaction finality and transaction fees as low as a few cents. Oftentimes, trades on Pangolin will feel as fast as trades on centralized exchanges. Second, beyond the significant performance upgrades to the technical status quo, Pangolin is community-driven.
The native governance token, PNG, enables the community to drive the development of the product in full. Third, but not least, Pangolin features a 100% community-focused token distribution model, meaning that all tokens are distributed directly to the community, without any allocations to team, advisors, investors, or insiders.
PNG Distribution: A 100% Community-Driven Governance Token
To reinforce the project’s commitment to being created solely for the benefit of users, Pangolin is following a fair launch model with its governance token (PNG). However, while PNG will enable all the governance activities of Pangolin, and therefore its future development, governance proposals will not start until three months after the launch of Pangolin. This waiting period of three months is to ensure that enough PNG is distributed to the community.
No PNG tokens are allocated to the team, investors, advisors, or any sort of insiders. Therefore, Pangolin is entirely community-driven and entirely community-owned. PNG is capped at a supply of 538 million tokens, 100% of which will be distributed to the community according to Chart 1. The first 95% of tokens, or 512 million tokens, are dedicated to the community treasury, where they will initially be used to fund liquidity mining. The remaining 5%, or 26 million tokens, are dedicated to a community airdrop.
Liquidity Mining Allocation (95% of PNG)
The vesting schedule is algorithmically specified as follows: starting from 256 M tokens for the first four years, the number of tokens distributed halves every additional four years, meaning that the next four years contribute roughly a quarter, and so on. This pattern continues into perpetuity. For reference, during the first four years, roughly 175,342 PNG will be distributed per day to liquidity miners. The full schedule of distribution of PNG in the liquidity mining allocation is shown below.
A big part of the value proposition of PNG’s governance is that it is highly community-driven. Because there are no insiders, such as investors, team members, or other such stakeholders, the development of Pangolin remains entirely up to the wider community. Pangolin governance will be live three months after launch and will enable several key actions, including:
Modifications to the liquidity pools
Initially, the distribution of tokens will be entirely through the liquidity mining pools listed in the previous section. The liquidity mining period will remain active until the pools are altered or another community initiative is accepted as a formal governance proposal. Proposals may add and subtract liquidity mining pools or may allocate PNG directly to a user or smart contract such as a community treasury.
The community will also have the ability to enable the Pangolin fee switch. This fee switch can divert .05% of all swap fees to a designated address. Swap fees will remain fixed at .30%, but liquidity providers will only receive at most .25% of these fees. This provides the community with the opportunity to acquire extra funds to support any significant community initiatives. The Pangolin fee switch is subject to a 90-day timelock delay and is disabled by default.
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