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).

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Exchanges (DEX)

Pangolin

# Pangolin Tradeable assets Methodology

## 1. Overview

The tradeable assets metric measures the cumulative count of unique tokens available for trading on the Pangolin decentralized exchange. This metric tracks the growth of the token ecosystem by counting each unique token when it first becomes tradeable through the creation of a liquidity pair. The calculation identifies all tokens that have been part of at least one trading pair and maintains a running total over time, providing insights into the platform's asset diversity and growth.

## 2. Data sources

- **Pangolin Factory events**: Parsed `PairCreated` events from the Pangolin v1 Factory contract on Avalanche, containing token addresses and pair creation timestamps
- **Token metadata**: Token information including symbols and decimal places for display purposes

## 3. Step-by-step calculation

### Component A: Trading pair extraction
- **Purpose**: Extract all trading pairs created on Pangolin with their token addresses and metadata
- **Logic**: Parse `PairCreated` events from the Pangolin v1 Factory contract to extract `token0` and `token1` addresses along with pair creation timestamps. Each event represents the creation of a new trading pair between two tokens. The component assigns a fixed fee tier of 0.3% (3000 basis points) to all pairs, as Pangolin v1 uses a uniform fee structure. Token metadata including symbols and decimals is joined from the token dimension table to create human-readable pair names
- **Key fields**: `block_timestamp` (pair creation time), `account_address` (pair contract address), `token0_address` and `token1_address` (the two tokens in the pair), `fee_tier` (fixed at 0.3%), token symbols and decimals

### Component B: Token aggregation and first appearance tracking
- **Purpose**: Identify all unique tokens and determine when each first became tradeable
- **Logic**: Combine `token0_address` and `token1_address` from all trading pairs using UNION ALL to create a comprehensive list of all tokens that have ever been part of a trading pair. Truncate timestamps to daily granularity and find the first appearance date of each token by taking the minimum timestamp across all pairs containing that token. This identifies the date each token first became tradeable on the platform
- **Key fields**: `timestamp` (daily granularity), `chain` (Avalanche), `token_address` (unique token identifier)

### Component C: Daily new token counting
- **Purpose**: Count how many new tokens become tradeable each day
- **Logic**: Group tokens by their first appearance date and count the distinct number of tokens that became tradeable for the first time on each day. This creates a daily time series of new token additions to the platform
- **Key fields**: `timestamp` (daily), `asset_count` (number of new tokens per day)

### Component D: Gap filling and cumulative calculation
- **Purpose**: Ensure complete daily time series and calculate running totals
- **Logic**: Apply gap filling using the `fill_zeros` macro to ensure every day has a record, filling missing days with zero new token counts. Calculate the cumulative sum of tradeable assets using a window function that sums all `asset_count` values from the beginning of time up to each date, partitioned by chain. This creates a running total of unique tokens that have ever been tradeable
- **Key fields**: `tradeable_assets` (cumulative count of unique tokens)

### Final aggregation
- **Combining components**: The intermediate result contains daily cumulative token counts for each chain
- **Currency conversion**: Not applicable - this is a count metric
- **Time aggregation**: Data is aggregated to daily granularity with cumulative totals maintained over time
- **Final calculation**: The final metric represents the total number of unique tokens that have ever been part of a trading pair on Pangolin, calculated as a running cumulative sum of tokens based on their first appearance date in any trading pair

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

Number of unique tokens tradeable on the exchange.

PangolinPNG

Tradeable assets

Tradeable assets

Competitive landscape