Deep Dive
1. V3 Overhaul (21 July 2025)
Overview: Pangolin V3 redefined its decentralized exchange mechanics, shifting liquidity management to users and introducing dynamic fee structures.
The upgrade introduced concentrated liquidity pools, allowing users to allocate funds within specific price ranges for higher capital efficiency. Dynamic fees adjust based on market volatility, balancing trader costs and liquidity provider (LP) rewards. Super pools combine swap fees and bonus token rewards, requiring LPs to maintain positions within set ranges to earn yields.
What this means: This is bullish for PNG because tighter liquidity spreads reduce slippage, attracting more traders. Dynamic fees could stabilize LP returns during market swings, while super pools incentivize long-term participation. (Source)
2. Kyber & Velora Integrations (23 July 2025)
Overview: Post-V3, Pangolin integrated with KyberNetwork and VeloraDEX to expand liquidity access and routing efficiency.
These integrations let Pangolin tap into Kyber’s aggregated liquidity and Velora’s Avalanche-native infrastructure. Users gain access to deeper pools and optimized trade paths across multiple platforms without leaving Pangolin’s interface.
What this means: This is neutral for PNG because while cross-DEX liquidity improves user experience, it also increases competition for fee revenue. However, broader ecosystem integration strengthens Pangolin’s position as an Avalanche DeFi hub. (Source)
3. Security Emphasis (11 August 2025)
Overview: Pangolin emphasized code-level security assurances, likely referencing audits or architectural hardening.
While specifics weren’t disclosed, the team highlighted “trust written in code,” suggesting rigorous testing or third-party audits. This follows industry trends post-major hacks, where transparency boosts user confidence.
What this means: This is bullish for PNG because robust security reduces exploit risks, critical for retaining institutional and high-value users. Trustworthiness could differentiate Pangolin in a crowded DEX market. (Source)
Conclusion
Pangolin’s V3 and ecosystem integrations signal a focus on capital efficiency and cross-chain interoperability, while security upgrades aim to solidify user trust. With these changes, can PNG leverage its Avalanche roots to outpace competitors in DeFi’s next growth phase?