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Pangolin is a decentralized exchange (DEX) using the same automated market-making (AMM) model as Uniswap V2*, which utilizes the constant product formula. Pangolin was launched in February 2021 as a proven concept for AMMs native to the Avalanche network.
Pangolin DAO’s mission is to create a chain-agnostic exchange utilizing blockchains with low transaction costs, high transaction speed, and the bridge infrastructure for a cross-chain future. In this regard, Pangolin will launch on the Songbird network. Pangolin will also feature a native governance token on the Songbird network called PSB. Songbird
Songbird is the Canary network for the Flare Network (https://flare.xyz/). A “Canary network” is an operational blockchain with a defined (and hence scarce) token supply that is intended to be used to test features for a related mainnet. On a Canary network users have a balance that cannot just be replenished at will. This is in contrast to a testnet which generally has an unlimited token supply available in increments to any user through a faucet. The defined and scarce token supply may confer value to the token, potentially making it attractive to attackers such that testing is as “real” as it can possibly get. This allows for the hardening of the system under testing. Polkadot is the originator of the Canary network concept, with their Kusama Network.
The Songbird canary network has two distinct phases. Prior to the launch of Flare, Songbird will be instrumental in the continued testing of the Flare Time Series Oracle, the StateConnector and F-Asset systems and the network architecture. The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens.This will improve the security, stability and credibility for the ultimate launch of Flare. Post Flare launch, Songbird is intended to be a long term network for testing governance led changes to Flare, such as the incorporation of new F-Assets, changes to the FTSO, F-Asset systems or any other network change.
In all periods Songbird has two other core uses. First, advanced testing and community building for applications that wish to launch on Flare. Ideally all applications that launch on Flare, especially those that utilize the FTSO and F-Asset systems will test initially on Songbird. Second, as a way for FLR token holders to familiarize themselves with key Flare protocols such as delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.
The use of Songbird as the testbed for potential updates to Flare means that between Flare and Songbird, Songbird will often be the more advanced network. Innovations and new dApp launches will happen first on Songbird and then may be rolled out on Flare after testing. This makes Songbird its own type of network which may be useful, in isolation, to applications that do not need the intended stability of Flare, but which wish to enjoy the core Flare protocols and potentially more advanced features that Songbird may offer ahead of Flare. This might generally appeal to lower value applications whereas Flare might appeal to applications handling greater amounts of value.
Cross-Chain Strategy Pangolin believes in a multi-chain future and is chain agnostic. Pangolin’s multi-chain strategy is shaped by current limitations of the blockchain/bridging technology as well as the analysis of leading DEXs.
The currently existing bridging infrastructure doesn’t allow PNG tokens on the Avalanche ecosystem to be used on Songbird. In addition, due to the insecurity of the current interaction of bridges, a new token for Pangolin’s new franchises is a more secure solution.
Some multi-chain DEXs have already launched in several chains with different strategies. Many of these DEXs have encountered issues competing with native exchanges and have spread their tokens across multiple chains. Learning from such examples, Pangolin will have a new token on each chain, enabling it to emit more emissions, thereby attracting more Total Value Locked (TVL). Partnerships (as detailed below) with local projects are also a key component of the strategy to embed Pangolin in different chains. Pangolin.exchange will be the website for all blockchains Pangolin will expand onto, which would create synergies among different Pangolin franchises.
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