What is Pharaoh (PHAR)?

Deep Dive

1. Purpose & value proposition

Pharaoh tackles DEX inefficiencies like farm-and-dump cycles by tying liquidity incentives to voter participation. Its ve(3,3) model (a Solidly fork) lets users lock PHAR for vePHAR tokens, granting:
- Voting power to allocate emissions to specific pools
- Fee/bribe capture – voters earn 100% of trading fees and project bribes from pools they support (PharaohExchange)
This creates a flywheel: deeper liquidity attracts traders → higher fees → more bribes to voters → stronger lockups.

2. Tokenomics & governance

• Supply control: 85% of PHAR’s 95,225 max supply is locked, averaging 3.9-year commitments with no unlock cliffs (PharaohExchange).
• Revenue sharing: Voters earned $1M+/month as of July 2025 via fees and bribes like IntegrityDAO’s $1,500 ID rewards and Aesyx’s $4,000 AVAX payouts (PharaohExchange).
• Liquidity innovation: Holders can borrow against vePHAR via 40Acres Finance, using future bribes/fees to repay loans without liquidations.

3. Ecosystem & adoption

• Volume surge: Hit $113M daily volume on July 17, 2025, with $122K protocol revenue in 36 hours (PharaohExchange).
• Avalanche dominance: Competes with LFJ DEX for 85% of Avalanche’s DEX volume, specializing in AVAX-stablecoin pairs and new stablecoins like AXD (NullTX).
• Stablecoin focus: 85% of Avalanche DEX volume involves stablecoins, aligning with Pharaoh’s deep liquidity in low-slippage swaps.

Conclusion

Pharaoh’s voter-aligned model and Avalanche’s stablecoin dominance position it as a high-revenue DEX, though reliance on continuous bribes and locked supply introduces cyclical risks.
How might competition from Uniswap’s growing Avalanche presence impact Pharaoh’s fee generation?