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 Trading volume Methodology

## 1. Overview

Pangolin trading volume measures the total USD value of trades executed on Pangolin, a decentralized exchange (DEX) on the Avalanche blockchain. The metric aggregates daily trading activity across all trading pairs on Pangolin v1, converting token amounts to USD values while applying price manipulation filtering to ensure data quality.

## 2. Data sources

- **Pangolin smart contract events**: Parsed `Swap` events from Pangolin v1 pair contracts on Avalanche, containing token amount changes for each trade
- **Factory contract events**: Parsed `PairCreated` events from the Pangolin Factory contract, establishing trading pair relationships
- **Avalanche transaction data**: Transaction records linking swap events to user addresses and providing execution context
- **Token metadata**: Token symbols, decimal places, and other metadata for proper amount calculation and pair identification
- **End-of-day price feeds**: Daily USD price data for tokens traded on Pangolin

## 3. Step-by-step calculation

### Component A: Raw trade extraction
- **Purpose**: Extract individual swap transactions from Pangolin smart contracts
- **Logic**: Parse `Swap` events from Pangolin v1 pair contracts on Avalanche blockchain. For each swap, calculate the net change in both tokens by subtracting `amount0Out` from `amount0In` for token0, and `amount1Out` from `amount1In` for token1. Link swap events to transaction records to identify the actual user addresses (not just contract addresses). Filter to include only trades from February 8, 2021 onwards when Pangolin launched.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, pair contract `address`, user `sender` address, token amount changes (`amount0In`, `amount0Out`, `amount1In`, `amount1Out`)

### Component B: Trading pair identification
- **Purpose**: Establish trading pair relationships and metadata
- **Logic**: Extract trading pairs from Pangolin Factory `PairCreated` events on Avalanche. Each event identifies the two tokens in a trading pair along with the pair contract address. Join with token metadata to obtain token symbols and decimal places for both tokens in each pair. Assign a fixed fee tier of 0.3% (3000 basis points) to all Pangolin v1 pairs. Create pair names by concatenating token symbols with a hyphen separator.
- **Key fields**: Pair contract `account_address`, `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`, `fee_tier`

### Component C: Daily volume calculation with decimal correction
- **Purpose**: Aggregate trades by day and correct for token decimal places
- **Logic**: Group swap events by day using timestamp truncation to daily boundaries. Join trade data with trading pair metadata to access token decimal information. For each trade, calculate the absolute value of token amount changes and divide by 10 raised to the power of each token's decimal places to get human-readable token amounts. Sum these corrected amounts across all trades for each trading pair on each day.
- **Key fields**: Daily `timestamp`, corrected `token0_amount` and `token1_amount` after decimal adjustment

### Component D: USD conversion with manipulation filtering
- **Purpose**: Convert token amounts to USD values while filtering price manipulation
- **Logic**: Join daily token amounts with end-of-day price feeds for both tokens in each trading pair. Calculate USD values by multiplying corrected token amounts by their respective USD prices. To filter out potential price manipulation or oracle issues, take the lesser of the two USD values (token0 USD value vs token1 USD value) for each trade. If either price is unavailable, default the trading volume to zero.
- **Key fields**: `price_usd` for both tokens, calculated `trading_volume` as the minimum USD value

### Final aggregation
- **Combining components**: Sum all daily trading volumes across trading pairs, grouping by timestamp, chain, market sector (exchanges), business segment (dex), and product categories
- **Currency conversion**: USD values are calculated using end-of-day price feeds, with price manipulation filtering applied at the individual trade level
- **Time aggregation**: All volumes are aggregated to daily boundaries using timestamp truncation
- **Final calculation**: The final trading volume represents the total USD value of legitimate trading activity on Pangolin for each day, with price manipulation attempts filtered out by taking the conservative (lower) USD value estimate for each trade

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

Total value of spot trades executed on the exchange.

PangolinPNG

Trading volume

Trading volume

Competitive landscape