ORIGINALLY POSTED: 27th July 2022
Flare Network, the blockchain that aims to connect everything, has announced a new decentralized exchange, Pangolin Exchange.
Pangolin is one of the most popular and trusted DEXs on the Avalanche blockchain, with over $15B in total trading volume, 3K token pairs listed, and 9M swaps on their platform. The DEX sees Flare as the ideal partner as it looks to grow its reach into multiple new ecosystems. By launching on Flare, Pangolin aims to take advantage of Flare’s native interoperability infrastructure to greatly increase the amount of cross-chain token pairs, offer in-dApp swap functionality to partner projects, and bootstrap liquidity for the network.
Using Flare’s two interoperability applications, FAssets and Layer Cake, the Pangolin DEX will be able to swap any token that’s bridged to Flare, whether it has smart contract functionality or not, immediately increasing the amount of tokens supported by Pangolin significantly. In addition, Pangolin DEX can offer DEX-as-a-service capabilities to any application building on Flare that needs to integrate direct token swaps in its interface.
Pangolin Exchange will launch on Songbird in August and on Flare once Observation Mode concludes and the initial token distribution event is complete. To encourage the existing community of users to test the new version, the launch will be accompanied by an airdrop of 2% of Flare Pangolin tokens to all existing Pangolin DEX users on Avalanche — a total of 4.6M tokens.
Hugo Philion, Flare CEO & Co-founder, commented: “Pangolin is well-respected for good reason, so we are very happy to welcome them as the first DEX on Flare mainnet. In many ways, Flare is the perfect new home for Pangolin on their expansion journey. The State Connector will power secure decentralized bridging and full cross-chain composability so assets and information can flow freely between all chains. Pangolin doesn’t need to choose just one ecosystem when many more can be accessed through a single deployment on Flare.”
“We’re very excited about partnering with Flare to deploy on their unique technology stack. They are introducing innovations to the space that will allow us to leverage our established platform and build innovative products utilizing the State Connector to achieve features not yet imagined within DeFi,” said Justin Trollip, Pangolin CEO.
Flare’s State Connector, the industry’s only decentralized consensus protocol for external data, can trustlessly acquire and use data from both on- and off-chain sources. Through this, Flare delivers secure and decentralized bridging that allows assets to flow freely across all blockchains, opening the door to hundreds of use cases that weren’t possible before.