Liquidity providers deposit funds into Pangolin and receive trading fees from traders (supply-side fees).

Pangolin is a non-custodial exchange protocol built on Avalanche (originally a fork of Uniswap). Pangolin was founded by an anonymous team and launched in 2020.

PNG tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Pangolin

# Pangolin Fees Methodology

## 1. Overview

The Pangolin fees metric calculates the total trading fees earned by the Pangolin DEX on Avalanche. Pangolin is an automated market maker (AMM) that charges a fixed 0.3% fee on all trades. The metric is calculated by multiplying daily trading volumes by the fee rate, providing a measure of the protocol's fee revenue generation.

## 2. Data sources

The calculation relies on several key data sources:
- **Blockchain events**: Parsed Avalanche `PairCreated` events from the Pangolin V1 Factory contract to identify trading pairs and fee structures
- **Swap events**: Parsed Avalanche `Swap` events from Pangolin V1 Pair contracts capturing individual trade executions
- **Transaction data**: Avalanche transaction records to link swap events to actual user addresses
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing decimal precision and symbol information

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Establishes all valid Pangolin trading pairs and their fee structures
- **Logic**: Processes `PairCreated` events from the Pangolin V1 Factory contract on Avalanche to extract pair contract addresses, underlying token addresses (token0 and token1), and assigns a hardcoded fee tier of 0.3% (3000/1000000) to all pairs. The component joins with token metadata to obtain decimal precision and symbol information, creating display names in "TOKEN0-TOKEN1" format
- **Key fields**: `account_address` (pair contract), `token0_address` and `token1_address` (underlying tokens), `fee_tier` (0.3%), `token0_decimals` and `token1_decimals` for proper unit conversion

### Component B: Raw trade extraction
- **Purpose**: Captures individual trade executions with token amount changes
- **Logic**: Processes `Swap` events from Pangolin V1 Pair contracts, calculating net token changes by subtracting out amounts from in amounts for both tokens in each swap. Joins with Avalanche transaction data to link swaps to user addresses and filters data from February 8, 2021 onward. Each trade record includes business classification metadata (Exchange AMM, DEX segment)
- **Key fields**: `token0_amount` and `token1_amount` (net changes), `user_address`, `account_address` (pair contract), `block_timestamp` for temporal aggregation

### Component C: Volume calculation and USD conversion
- **Purpose**: Converts raw trade data into USD-denominated trading volumes with anti-manipulation safeguards
- **Logic**: Aggregates trade data on a daily basis, applies decimal correction using token metadata, and converts token amounts to USD values using end-of-day price feeds. Implements anti-manipulation logic by taking the lesser USD value between token0 and token1 amounts for each trade. This prevents inflated volumes from price manipulation or oracle attacks. Groups results by timestamp, chain, and business dimensions while preserving fee tier information
- **Key fields**: `trading_volume` (lesser USD value), `fee_tier` (0.3%), aggregation dimensions including timestamp and chain

### Final aggregation
- **Combining components**: Trading volumes are aggregated across all dimensions (timestamp, chain, market sector, business segment, product, fee tier) to create daily totals
- **Currency conversion**: USD conversion occurs at the individual trade level using end-of-day price feeds, with anti-manipulation protection applied before aggregation
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with all trades within a day contributing to the daily volume total
- **Final calculation**: Fees are calculated by multiplying the aggregated daily trading volume by the fee tier (0.3%), producing the total fees earned by Pangolin for each day. The result is processed through a finalization macro that standardizes the output format and applies chain availability filtering

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

PangolinPNG

Fees

Fees

Competitive landscape