PNG Airdrop Empowers Pangolin Ready to Rival Ethereum DEXs

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In Brief
  • Pangolin (PNG) tokens are being offered for one month from the exchange launch.

  • Obtaining PNG, owners of Uniswap (UNI) and Sushiswap (SUSHI) tokens will be able to participate in the Pangolin protocol decisions.

  • As more DeFi applications (DApps) on Avalanche seek to improve ERC-20 token liquidity Pangolin is becoming another viable swapping solution.

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Pangolin has set up a date for its next airdrop on March 10th. Users are required to have at least one Uniswap (UNI) or Sushiswap (SUSHI) token held on Dec. 7, 2020, to claim the PNG airdrop.

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According to the Pangolin (PNG) airdrop tutorial, users should claim the airdrop on Mar. 10. Before the process and they are required to transfer UNI or SUSHI from Ethereum wallets to the Avalanche blockchain using the Avalanche-Ethereum Bridge.

Access to Better Transparency

The airdrop is supposed to be the first step towards farming PNG tokens to the liquidity pools on Pangolin. Running on Avalanche, the DEX claims to have “three critically important benefits: fast and cheap trades, community-driven development, and a fair and open token distribution.”

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Unlike its closest competitors Uniswap and Sushiswap on Ethereum, Pangolin introduced a fully community-oriented token distribution model. This means that no PNG tokens were initially allocated to third parties to control the protocol governance processes. Amidst the series of Ethereum withdrawal suspensions from Binance, such transparency may be another reason for traders to choose DEXs.

With that said, it came as no surprise that the Pangolin launch has captured the crypto community’s attention. Avalanche CEO Emin Gün Sirer even reported a bug in the network due to high load.

Taking On Ethereum DEXs

As has been said, Pangolin users can trade ERC-20 tokens after transferring them through the Avalanche-Ethereum Bridge. Thus, paying gas fees, which remain extremely high due to ether’s (ETH) consistent bull run, is necessary for these transactions. 

Gas fees have recently topped an average of $21,79 for one ERC-20 transfer, according to etherscan.io. Meanwhile, one swap on the Uniswap platform will cost from about $60 to $70. 

Although using the token bridge on Pangolin is a bit cheaper, the cost is still high. Given that fact, it remains to be seen whether the DEX will develop enough ERC-20 token liquidity to compete with Uniswap.

However, while more and more DeFi applications (DApps) are being built on Avalanche to resolve this liquidity issue, Pangolin is becoming a faster and cheaper swapping alternative to Ethereum DEXs.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Amy was born in Malmo, Sweden. She became interested in cryptocurrency due to her husband, who was an early investor in bitcoin. Now, Amy writes for a number of crypto outlets, invests in cryptocurrencies, and spends time with her cat Buterin.

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