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 pairs Methodology

## 1. Overview

The tradeable pairs metric measures the cumulative number of unique trading pairs available on the Pangolin decentralized exchange (DEX) over time. This metric tracks the growth of trading pair availability by counting each new pair when it's first created on the platform. The calculation identifies when each trading pair was initially deployed and maintains a running total to show the expanding universe of tradeable assets on Pangolin.

## 2. Data sources

The calculation uses the following raw data sources:
- **Pangolin Factory events**: Parsed `PairCreated` events from the Pangolin V1 Factory contract on Avalanche blockchain, containing pair creation transactions with pair addresses and underlying token addresses
- **Token metadata**: Token information including symbols and decimal precision for all tokens involved in Pangolin trading pairs
- **Blockchain timestamps**: Avalanche block timestamps to determine the exact date when each trading pair was created

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identify all unique trading pairs created on Pangolin and when they were first deployed
- **Logic**: Extract all `PairCreated` events from the Pangolin V1 Factory contract on Avalanche. Each event contains the newly created pair contract address along with the two underlying token addresses (`token0` and `token1`). The system applies a fixed fee tier of 0.3% (3000/1000000) to all Pangolin V1 pairs since this version uses a uniform fee structure. Token metadata is joined to enrich each pair with token symbols and decimal precision for both underlying assets.
- **Key fields**: `pair` address for the trading pair contract, `token0` and `token1` addresses for underlying assets, `block_timestamp` for creation time, token `symbol` and `decimals` for metadata

### Component B: Daily pair creation tracking
- **Purpose**: Determine the first appearance date for each trading pair and count new pairs created daily
- **Logic**: For each unique pair address and chain combination, identify the earliest block timestamp when the pair was created by taking the minimum timestamp and truncating it to daily granularity. Group all pairs by their creation date to count how many new pairs were introduced each day. Any days without new pair creation are filled with zero values to maintain a continuous daily time series.
- **Key fields**: `timestamp` truncated to day level, `chain` identifier, `account_address` for the pair contract, daily `pair_count` aggregations

### Component C: Cumulative aggregation
- **Purpose**: Calculate the running total of tradeable pairs available over time
- **Logic**: Apply a cumulative sum calculation over the daily new pair counts, partitioned by chain and ordered chronologically by date. This creates a running total that increases each day when new pairs are added and remains constant on days with no new pair creation. The result shows the total number of unique tradeable pairs available on Pangolin at any given date.
- **Key fields**: `tradeable_pairs` as the cumulative count of unique pairs

### Final aggregation
- **Combining components**: The cumulative pair count from Component C serves as the core metric value, with additional standardization applied through Token Terminal's finalization process
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp truncation, with forward-filling to ensure no gaps in the time series
- **Final calculation**: The final `tradeable_pairs` value represents the cumulative count of unique trading pair contracts that have been created on Pangolin up to each specific date, providing a measure of the platform's trading pair universe growth over time

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

Number of unique token pairs available for trading on the exchange.

PangolinPNG

Tradeable pairs

Tradeable pairs

Competitive landscape