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 Active users (daily) Methodology

## 1. Overview

The Pangolin daily active users (DAU) metric measures the number of unique trader addresses that execute swaps on the Pangolin decentralized exchange on Avalanche each day. This metric provides insight into daily user engagement and trading activity on the platform. The calculation identifies distinct wallet addresses that perform trading transactions within each 24-hour period, serving as a key indicator of protocol adoption and user retention.

## 2. Data sources

- **Avalanche blockchain events**: Parsed `Swap` events from Pangolin v1 pair contracts on Avalanche, containing swap transaction details including token amounts, sender addresses, and contract interactions
- **Avalanche transaction data**: Transaction records from the Avalanche blockchain providing user wallet addresses (`from_address`), transaction hashes, and block timestamps
- **Blockchain metadata**: Block timestamps and transaction metadata used for daily time boundary definitions and data filtering

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Identify all swap transactions on Pangolin v1 pairs with associated user information
- **Logic**: Extract `Swap` events from Pangolin v1 pair contracts on Avalanche and join with corresponding Avalanche transaction records to obtain the originating user wallet address. Filter transactions to include only those occurring on or after February 8, 2021, when Pangolin launched. Calculate net token amount changes for each swap by computing the difference between input amounts (`amount0In`, `amount1In`) and output amounts (`amount0Out`, `amount1Out`) for both tokens in each trading pair, using high-precision BigNumeric arithmetic to handle token decimal precision accurately.
- **Key fields**: `block_timestamp` for daily aggregation, `from_address` as the unique user identifier, `transaction_hash` for transaction linking, `amount0In/Out` and `amount1In/Out` for swap calculations

### Component B: Daily user aggregation  
- **Purpose**: Count distinct active traders per day across all Pangolin trading activity
- **Logic**: Truncate block timestamps to daily boundaries using day-level time truncation to create consistent 24-hour periods. Group all swap transactions by the truncated daily timestamp and count distinct user addresses (`from_address` from transaction records) within each day. Classify all users as 'Trader' type since the metric specifically measures trading activity. Apply chain availability filtering to ensure data quality and completeness.
- **Key fields**: `timestamp` (daily truncated), `user_address` (distinct trader wallet), `user_type` (classified as 'Trader'), `chain` (Avalanche)

### Final aggregation
- **Combining components**: The final metric aggregates all distinct user addresses from swap transactions within each daily time period, ensuring no duplicate counting of users who perform multiple swaps on the same day
- **Time aggregation**: Daily boundaries are defined using timestamp truncation to day level, creating consistent 24-hour measurement periods in UTC timezone
- **Final calculation**: The metric outputs the count of unique trader wallet addresses per day that executed at least one swap transaction on Pangolin v1 pairs, providing the daily active user count for the protocol

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

Unique revenue-generating users over a fixed 24-hour window.

PangolinPNG

Active users (daily)

Active users (daily)

Competitive landscape