Core team roadmap

Hey everyone,

Hopefully you’ve been keeping up with all the news and seen the great news that the core team has been officially hired!

We’ve already been hard at work getting things ready, so we wanted to share with the community what we’ve been up to and what we are working on moving forward.

CEX listings

We’ve heard the community loud and clear. We all want CEX listings and we’ve started discussions. Some conversations and work has been occurring with some CEX’s that we can’t mention here, however the one’s we can talk about are:

We’ve submitted an application to to list. Generally asks for a presale allocation of tokens in order to eligible to be listed on the exchange. Since Pangolin was a completely community distributed token this wasn’t possible. So instead we’ve proposed to bring the Gate token across from Ethereum and add liquidity to Pangolin for the token. We’ll also need to provide marketing to promote the listing. We submitted the documentation on 21st May and have chased up the Gate team today. So we’re hoping we can get a resolution on this very soon.

We think it’s important to note, that most CEX’s require you to lock up a set amount of your token within them for a predetermined amount of time. Because of this, we have to think about which CEX’s we’re listing on and consider the tradeoffs.

As mentioned there are some other CEX’s being worked on in the background and as soon as we’re allowed discussing them, we will.


Let’s first discuss how we can achieve staking. The way we see it, is there are two major classes of staking:

  • Fixed rewards (similar to Avalanche)
  • Variable rewards (Similar to Sushi)

For fixed rewards, you stake your PNG and you receive a fixed return. An example would be as follows:

  • 1 year locked - 37% APY
  • 2 year locked - 65% APY
  • 3 year locked - 109% APY
  • 4 year locked - 130% APY

If we look at variable rewards, we are staking our PNG in order to earn a variable profit. Where do we obtain this profit from. Let’s look at two possibilities:

  • Swap fee’s
  • Treasury

So every time someone swaps within Pangolin, a 0.30% fee is charged to the user. Currently this fee goes to the Liquidity Providers. However we have the ability to turn on 0.05% and direct that to staking.

So if we look at an example.

For the WAVAX-USDT over 24 hours, the fees were $6,342. All those fees went to the Liquidity Providers. If we turned on the fee switch then $1,057 of those fees would go to people who are staking PNG. This would be applicable across the entire platform. So the way it would work would be that if you staked PNG, you would be rewarded with a new token xPNG that would always be worth more than PNG. If you’d like more information, please see Sushi’s documentation.

Then in terms of providing extra rewards for PNG staking, we could also use the Treasury to earn yield on Pangolin and then distribute those earnings to PNG stakers. MarginSwap currently allows earning 5.99% on depositing PNG.

So if we took some PNG from the treasury we could invest it and all interest income would then be distributed back to PNG stakers.

We’d like some feedback from the community on which approach you’d like us to take. We could also do both, if the community wanted it.

Our first on chain proposal

We understand a lot of the community would like to increase the PNG rewards for certain pools. Now that we have the funds (2 million PNG) in the multisig, we have the ability to submit an on chain proposal. When changing pool rewards, there is a technical limitation that means we can only adjust 10 pools at a time.

What this means is we can create one of the following changes for 10 pools

  • Add PNG rewards
  • Adjust the multiplier of PNG rewards for PNG pools

As an example, we could adjust 5 pools with different multipliers and then also add 5 new pairs to receive PNG rewards.

Here’s an example of what this may look like:

  • AVAX - PNG 10x
  • PNG - DAI 5x
  • PNG - ETH 5x
  • PNG - wBTC 5x
  • PNG - USDT 5x
  • PNG - PEFI - new pair
  • PNG - XAVA - new pair
  • PNG - SPORE - new pair
  • PNG - GDL - new pair
  • PNG - ZERO - new pair

Please note The above list is an example and only for illustrative purposes. Also important to note that YieldYak, Markr, Sherpa and others have not released a token yet, so we won’t be able to include them until a token is released. We’d like to get some comments and feedback from the community and then we’ll put a snapshot up to determine the 10 changes we’d like to change.


Then there is a lot of housekeeping stuff. We don’t want to bore anyone with, but we just want to add it here, to create transparency about how much work we have to do:

  • Handing over infrastructure from Ava labs
  • Fixing some issues with Analytics site
  • Establishing a mechanism for paying core team and bounties
  • Creating a test framework
  • Creating/handing over the back end infrastructure
  • Legal and compliance for all core team members in their respective jurisdictions
  • Establishing regular AMA’s
  • Defining our marketing strategy
  • Partnerships
  • Fiat on ramp
  • CoinMarketCap
  • Many, many more

Hope this helped to provide some transparency and clarity into what we’re working on as well as some of the priority items.

Please let us know if you have any questions and/or comments?


CEX: hope you are not paying these exchanges anything (you should not pay anything below bitmax/kucoin level and even on those you should just pay some vesting PNG over 1 year)

Coinone should pay you to list there :grinning_face_with_smiling_eyes:

Add fee for stakers and push volume is a good idea, but needs to come together with a push for volume. Help the other exchanges to grow so you get the sweet arbitrage volume

PNG - DAI 5x
PNG - ETH 5x
PNG - wBTC 5x

Remove DAI and wBTC, these pairs are not needed for PNG, you do them thru 2 hops: avax-dai-png and avax-wbtc-png

Add less rewards but do it to the AVAX-NativeToken pair, promote liquidity and volume for their projects (and therefore your exchange) and not the volume for PNG, those PNG pairs make no sense for anything other than split liquidity and that’s bad for everyone


That would be great.


All in all, I really like what you guys put forward here. However, I have an issue with the staking rewards in that they feel way too high, IMHO. I mean, 130% APY for 4 years is within the range of being an LP but does not come with the risk of IL … so I wonder how much liquidity would move out of the pools. Also, I guess these static APY would be paid from the treasury, right? I strongly favor to have the payout scale with the usage or, at the very least, decrease the staking APY by a lot.

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Avax ETH Bridge integration is super important

Sounding great

Fiat onramp is a must
Matic grew extra fast because newbies could use their visa’s


I’m loving all of this guys! Fully supporting everything that’s on the to do list. Thank you for including increasing some of the PNG pool rewards. Great idea to make them differentiated as in avax/PNG the top because are the two main tokens then others that include png 5x… well thought!!

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Great job. Please make a sushi-like stake for png stake. And the png stake example you suggested is really good. I don’t think an Avax-like staking would be really good. PNG stakers (like sushi) get a chance to win different coins. 0.05% of all transfer fees are also fair. (Of course all.) If png stakes (like sushi) are made then png becomes really attractive. And the recommended pool(avax-png vb. ) rates are also very good. PLEASE let’s quickly move these great offers onto the chain.

Pulling Pang into xchain dashboards like Zapper would be excellent to see. I keep banging the drum on this. I believe this is happening through Avax team but to be first to this party world be great.

A published managed roadmap? A private (to governance holders) more granular kanban/roadmap?

Is there experience design (XD) and customer experience (CX), UXUI and general creative/branding focus on the team. As the market gets saturated with level 2 plays… Creative thinking, right implementation of CX and so on becomes very important. It seems make l2 imps are following Uniswap v2. That’s fine to start with, it’s vanilla. What’s the strategic direction for the experience? Is it consumer XD, is it hybrid enterprise / consumer? Is it a split CX?

Growth strategy?



All great questions. We’ve only been in the job a day so we’re still finding our feet.

All these things are being discussed, however we have to get some foundational elements down and settled before we can really give this the ample time it deserves.

I’m a huge CX/UX fan, so it’s critical to our success and something we have to get right.

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Just wanted to give everyone an update on our first on chain proposal.

We are going to have two on chain proposals. The reason we are going to do two is to allow us time to gauge community sentiment on which tokens you’d like to be eligible for PNG rewards. We’ve also found that due to a gas limitation, the maximum new pairs we can add in a proposal is 4.

First proposal

The first proposal will be to change multipliers to the following pools:

  • AVAX - PNG 10x
  • PNG - SNOB 5x
  • PNG VSO 5x
  • PNG USDT 5x

The reasoning why we chose those pools is because all of those projects are building natively on Avalanche.

We will put this on chain proposal up in the next day or so, whereby anyone can vote yes or no.

Second proposal

Then for the second on chain proposal we will be adding new PNG rewards for 4 new tokens.

We will be conducting a Snapshot to determine the top 4 tokens by vote. We’d encourage all DeFi projects building on Avalanche to rally their communities to vote for them and create marketing around including them in these rewards.

Once we have received the Snapshot votes, we will then create an on chain proposal to add PNG rewards to those projects tokens.

Please let us know if you have any feedback or thoughts?


Does the fourth-tier CEX’s really make sense?
A substantial increase in APY is necessary

They’re a South Korean CEX. So it’s really if we see ourselves penetrating and expanding into the Korean market and gaining a significant marketshare there.


In the process of incentivizing native projects, and to not dilute rewards further, I would propose to remove rewards for all UNI/SUSHI/AAVE/YFI pools, and to bring more liquidity possibly add rewards for tokens like INJ/GRT/CTSI.

THIS is 1000% needed and it will drive the price up and the traffic on pangolin, people want high apy, now it’s nothing for farming LP tokens especially after the huge drop in price and huge loss for early investors, new investors stay away from coins that dumped like this until SOMETHING great like the 10x on AVAX-PNG pool


Does putting 10x on the AVAX-PNG pool do anything for the platform other than to distribute tokens faster and centralize token distribution to the people who heard about Pangolin first? Can anyone give a reason for this proposal that benefits the exchange in the long term and isn’t a cash grab for people who want to get rich quick?

There’s actually a few benefits. It dilutes the rewards more. This is critical to prevent a single pool from accumulating too many of the PNG tokens and then dumping, as what’s currently occurring on the AVAX-ETH pool.

It’s also not skewed towards early investors. Anyone that is an LP in that pool will benefit from this, not just early adopters.


Thank you for the response, I really appreciate it. Perhaps I misunderstood the rewards. From what you’re saying I take it that the 10x multiplier would not distribute more tokens but rather change the balance of token distribution to be more in favor of the AVAX-PNG pool? If that is the case I am for the change.

We will be adding the following SPORE pairs as well since they won the Twitter poll by a large margin



Correct, there is a fixed amount of PNG to be emitted per day