Here is a detailed Pangolin Defi exchange review. Pangolin is a community-driven decentralized exchange for Avalanche and Ethereum assets with fast settlement, low transaction fees. Pangolin brings you the best trading opportunities to find and maximize your yield. Avalanche supports the Ethereum Virtual Machine (EVM), which enables traders with Ethereum assets to instantly and cheaply swap tokens.
Pangolin features a liquidity mining program that enables liquidity providers to yield the native governance token, called PNG. All PNG tokens will be distributed to the community, with no premine or early access tokens for creators, to follow a fair launch model. Trading fees (0.30 per cent) for swapping are given to liquidity providers.
Ethereum assets are transferable to Avalanche via the Avalanche-Ethereum Bridge, an implementation of ChainBridge technology developed by ChainSafe, with Protofire, Hashquark, POA Network, Avascan, and Meter.io securing the bridge as “Relayers.”.
This bridge enables DeFi users to pursue yield opportunities with assets like UNI, AAVE, LINK, WBTC and more across two blockchains for the first time.
How to Setup Metamask Wallet for Pangolin AVAX
Download MetaMask browser plugin extension. MetaMask is supported for browsers are supported: Chrome, FireFox, Brave, and Edge. You can create a Wallet or Import an Existing Wallet.
This is where you have to create or import an existing Ethereum wallet. If you don’t have an existing Ethereum wallet, please select "Create a Wallet". Always keep your Mnemonic and password to yourself and make sure to write it down. Never share this Mnemonic and password with anyone. If that is know by others, they will steal your funds. Note: This is the wallet that will be used to conduct transactions on Avalanche.
Connect Metamask to Avalanche.
Click the drop-down menu and select "Custom RPC."
Enter the following settings into the respective fields:
Network Name: Avalanche Network
New RPC URL: https://api.avax.network/ext/bc/C/rpc
ChainID: 0xa86a
Symbol: AVAX
Explorer: https://cchain.explorer.avax.network/
How to Add Pangolin (PNG) Token to MetaMask Wallet
Add Pangolin (PNG) token to be displayed on your MetaMask
Select "Add Token"
Select "Custom Token"
Enter the following information into the available fields:
Token Contract Address: 0x60781C2586D68229fde47564546784ab3fACA982
Token Symbol: PNG
Select "Next"
You have now successfully added the Pangolin (PNG) token to be displayed on your MetaMask.
How to Buy Avalanch (AVAX) Coin from Exchange and Transfer into Metamask Wallet
You can get AVAX from any of the supported exchanges listed on CoinMarketCap. AVAX can be purchased Binance.com (Non US Users), Coinbase, Huobi Global, KuCoin, Bitfinex. I like using KuCoin exchange because of lower fees and no restrictions for US users. I used KuCoin centralized exchange to purchase AVAX tokens from USDT I had. Then, I switch to withdrawal tab. I select C-chain. You want to transfer funds in C-Chain to your metamask wallet. C-chain is for contract chain. Do not send via X-chain to MetaMask or you will permanently lose your funds. I copied my Metamask C-Chain AVAX wallet address and copied into withdrawal address of Kucoin AVAX token. Then you need to complete the 2FA authentication before funds are withdrawen to MetaMask AVAX wallet address. My Funds arrived under 5 minutes to MetaMask wallet. Now I am ready do Pangalin DEX investing magic.
Reminder: to use Pangolin, you will need AVAX to cover the gas fees to execute transactions.
Pangolin Transfer from Ethereum via Avalanche Bridge
If you have Ethereum ERC-20 tokens, you can use the Avalanche Bridge to bring them to Avalanche and use Pangolin. The bridge allows you to transfer assets between both blockchain networks.
Transferring Ethereum ERC-20 Tokens to Avalanche
Access the Avalanche Bridge
Select "Metamask" and log in to your wallet
Ensure that the UI says "From Ethereum" as shown below. If it does not, press the "Switch" button and click "Switch Network" when Metamask prompts you to.
Select the token you would like to bridge and enter the amount you would like to bridge.
Select "Transfer"
Wait for the Ethereum transaction and the Avalanche transaction to confirm.
After your tokens are successfully bridged, you can review the transaction details:
Swap Tokens on Pangolin
By using the swap function, you can exchange tokens. In this example, there is .01501 AVAX that can swap for 6.626 USDC.e at a rate of 66.3 USDC.e per AVAX with liquidity provide fee of 0.0003 AVax. Price impact is <0.01%. It is a very liquid pool with almost no slipage.
If you decide to increase the amount you want to swap in an inefficient pool, a warning will indicate that you are about to swap at an unfavorable rate. To avoid this, simply lower the amount you want to swap or wait for the pool to increase in liquidity.
Adding and Removing Liquidity on Pangolin Pools
Pangolin allows token holders to add liquidity to pools. By adding liquidity, you receive PGL tokens, which is a representation of your ownership of the pool. After adding liquidity to a pool, you will see how you can use those PGL tokens to earn PNG here.
Pangolin allows users (liquidity providers) with Avalanche and Ethereum tokens to deposit them and earn yield from exchange fees.
To add to an Existing Liquidity Pool on Pangolin, Choose the token you would like to add to the liquidity pool. In my case, I chose AVAX-USDT.e Pool because of 36% Swap Fee APR. PNG Rewards of 46% APR at the total of 82% APR with liquidity pool of $31.6 Million. I could have chosen AVAX-USDC.e pool at total APR of 84%. Before I can provide liquidity, I have to have equal amount of USDT.e in my wallet. I wish these DEX does automatic Swap when I confirm with my MetaMask wallet total amount of AVAX I want to invest in. It is a little hassle where before I can provide liquidity I have to manually swap liquidity pairs before I can provide liquidity. One I choose my token pair, it will require you to add an equivalent value of that token pair.
1) Choose the token, and enter the amount you would like to deposit. I my case I chose 0.09 AVAX token. I click Deposit. I have to pay $0.30 in AVAX token as fees to confirm this in blockchain. Wait for MetaMask to confirm this transaction.
2) I repeat this for the other token pair. In my case is 6.6 USDT.e. I click Deposit. Again, I have to pay $0.30 in AVAX token as fees to confirm this in blockchain. Wait for MetaMask to confirm this transaction.
3) Select "Confirm Supply," and confirm the transaction on MetaMask. Here also, I have to pay gas of around $0.10 on AVAX tokens to confirm on the blockchain.
Once I create a new liquidity pool or add to an existing one, I will automatically have my position visible, allowing me to manage the liquidity pool by adding or removing liquidity. I can view details about my position when I click on the "Manage" dropdown. I can add more to the position or remove liquidity from the pool. As usual, I have to pay small fee to remove liquidity as well. I can determine the number of my tokens that I want to remove from the liquidity pool. In this case, I can chose 100% or any amount in between 1% and 100%.
Use Liquidity Provider (PGL) Tokens to Earn the Pangolin (PNG) Governance Token
After you successfully create a pool or add liquidity to an existing pool, you receive PGL tokens. These tokens are a representation of your ownership in a pool. You may use those PGL tokens to earn the PNG governance token by depositing them into one of your participating pools.
Here is how you deposit liquidity provider tokens (PGL) to earn Pangolin (PNG) governance tokens.
Select "PNG". Find the pool you are participating in. Select "Deposit". Select "Deposit PGL Tokens". Enter the amount of PGL tokens you would like to deposit. Select "Approve" and sign the transaction.
Select "Deposit" and confirm the transaction.
After depositing your PGL tokens into a pool, you will accrue PNG tokens. You can claim your earned PNG tokens without having to remove your PGL tokens. Select "PNG".
Select "Manage" on the pool you would like to claim your PNG tokens from.
Select "Claim".
Select "Claim" again and confirm the transaction through MetaMask .
You PNG rewards without removing your PGL tokens.
Watch followig detailed video that explain step by step:
