Pangolin Surpasses $1B in Total Volume Traded on Avalanche
Pangolin, a community-driven decentralized exchange for Ethereum and Avalanche assets, has surpassed $1 billion in total traded volume on Avalanche.
Similar to Uniswap, Pangolin uses an automated market-making (AMM) model but is built on Avalanche to improve users’ experience by reducing fees to a small fraction of what is paid today and finalizing trades instantly.
Over the years, more improvements have been made in addition to performance upgrades. One of the upgrades provided a liquidity mining program that enables liquidity providers to yield a native governance token called PNG.
Although built on the Avalanche network, it is still compatible with ETH assets. Ethereum assets are transferable to Avalanche through the Avalanche-Ethereum Bridge, an implementation of ChainBridge technology developed by ChainSafe, with Protofire, Hashquark, and a host of other players to secure the bridge as “Relayers.”
The bridge not only acts as a link to transfer assets, but it also enables DeFi users to pursue yield opportunities for the first time with assets like UNI, AAVE, LINK, WBTC and more across two blockchains.
Additionally, the bridge allows for a wider set of assets and applications and it also enables capital efficiencies more closely mimicking institutional finance than what most traders have come to expect in cryptocurrencies and digital assets.
Avalanche is a smart contracts platform and is the first that can confirm transactions in under one second and is capable of Visa-level throughput (4,500 transactions/second – orders of magnitude greater than existing blockchain networks).
Both individuals and institutions can launch decentralized applications and enterprise blockchain deployments on Avalanche, joining an interoperable, highly scalable ecosystem that is efficient in reducing cost and has fast performance.
It is very easy to launch finance applications using blockchain technology all thanks to the highly scalable and efficient networks, customizable public and private blockchains, the capability to create any digital asset, and more features that Ava labs possess. Ava labs is also empowering people to build an open, simple, and democratic internet of finance that enables the world to have a more prosperous future.
Ava Labs was founded by Cornell computer scientists who brought on talent from Wall Street to execute their vision. The firm has received funding from Andreessen Horowitz, Initialized Capital and Polychain Capital, with angel investments from Balaji Srinivasan and Naval Ravikant.
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