Pangolin Project Manager

Hey everyone,

Recently we are in the process of the community taking ownership of Pangolin and as part of that process, we need someone to formally join the Pangolin team to lead the next stage of our exciting evolution.

This decision will be up to our community. With that in mind, I thought it would be a good opportunity for me to present some more details about my background and, if appointed, the direction I’d like to take the project.

Background

I completed a Bachelors in Economics and Business and my first real foray into the business world was as a Management Accountant for Richemont.

I quickly grew bored with accounting and made the move into ERP. I worked as a Solution Architect for a few years and then formed my own software company. We built an Australian Payroll solution which I then successfully sold off.

At this stage I returned to consulting as a Solution Architect on numerous multimillion dollar implementations, but I had grown frustrated with the lack of innovation in ERP and the legacy codebases of SAP, Oracle and Microsoft and decided I was going to build a competitor on a modern codebase. It was an ambitious venture and one that failed to get Venture Capital funding. So unfortunately after Covid appeared, I had to shut it down.

I learnt a few important lessons from that venture.

  1. The real innovation was in crypto
  2. Community is more important than capital

Structure

If the community decides to appoint me, this is the broad outline of the approach we’ll be taking.

The key aspect of the direction is to focus on four value streams:

  • Community building
  • Finance and Tokenomics
  • Research
  • Engineering

Community building

Pangolin has a very vibrant community that is incredibly passionate about the project.

One of the factors that I know has concerned a lot of people is the uncertainty around the direction the project is taking. In line with this, the first real milestone I’d like to reach is gaining back some of the trust of the community. I believe we do this with transparency. In line with this, I would like to host the following initiatives:

  • Weekly AMA’s on Twitter/Reddit with myself and other core contributors
  • Pangolin Academy — This will be a learning initiative that will onboard interested people into our ecosystem. So whether you’d like to learn about Solidity, the Graph, the financial underpinnings of a DEX or you’d like to know more about NFT’s, the Pangolin Academy will be an opportunity for knowledge sharing and creating our next wave of Pango contributors. This is a family and as such we need to provide pathways for people to enter into the community and contribute according to their skills and interests.
  • Social media — We need much more content and outreach via our social media channels.
  • Global outreach programs — Pangolin is for all of us. We need to make sure Pangolin is accessible to everyone without the barriers of borders or language. As part of this initiative, we’ll be translating all our documentation to Chinese, Spanish, Arabic and French and other languages.

Partnerships will also be a key component of this. This is where we’ll leverage our healthy relationship with the Avalanche community to pursue strategic initiatives.

Finance and Tokenomics

I’d like us to run the finance value stream just like any off chain organization would. We focus on income earned versus expenditure to determine net profit. The net profit we make then can either be used for further investment in the platform or else paid out to the community in terms of dividends. Meanwhile the community treasury is used to fund major capital expenditures and also used to earn interest income.

Let’s look at how this may work in practice:

Let’s first talk about budgeting. We want to get an approved budget from the community. We want the community to approve two major pieces

  1. Operating expenses
  2. Capital expenditure

In line with this there are two current sources of PNG:

  • Treasury
  • Swap fee’s (0.05%)

Currently the Treasury holds 18,473,371.25 PNG, I’m proposing to start off we withdraw 20,000 PNG in order to start working on Bounties to build some important features. This can be expanded further in the future, but this will allow us to start building up momentum.

The second source of Revenue is the 0.05% of Swap fees generated by the platform. Currently this goes to the Liquidity Providers and provides approximately $10,000 USD in Revenue per day. I’d like to start the discussions with the community on how best to utilize these swap fees to best further Pangolin’s growth.

Then we have to look at how we use our Treasury long term. There are two main components to the treasury:

  • Funding new projects
  • Earning income

Funding new projects will need a business case with a Return on Investment (ROI). So for example, if we wanted to build a Bridge to BSC, we’d need to determine the cost of building the bridge versus the expected revenue we’d be bringing in to determine how much extra revenue we’d make against how much we spent.

Then the other thing we need to take into consideration is that we don’t want the Treasury funds sitting idly by when we could be earning interest. So do we then invest the Treasury funds in BenQi, BZX or other investment options to ensure we’re maximising returns on our funds.

If I’m appointed, I will compile a detailed budget for both the Income Statement and Balance sheet that will then be submitted to the community to determine our financial direction.

Then in terms of Tokenomics, there are a lot of ongoing developments occurring in the background that once we have more official news, we’ll be able to share with the community. Having a healthy PNG price is critical to everyone involved in the project and this will be a huge priority for us moving forward.

Research

I’m a firm believer in the Abraham Lincoln quote:

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”

I believe research leads engineering effort and for us to be competitive we’ll need to out think and outmaneuver our competition. I propose that we setup a think tank called “Pangolin Research” and open up an intern programme.

The key area’s of research will be around:

  • Tokenomics
  • Competitor analysis
  • Financial services and instruments
  • PysOps
  • Game theory

Anyone can become an intern for “Pangolin Research” for 3 months, with the only requirement that you submit publicly the research paper you will be working on. This is to ensure we don’t have too many duplication’s. As part of being on the intern programme, you’ll get access to the core team to mentor you and guide you on your journey.

After the first programme, the best researcher will be chosen to join the Pangolin core team as our in house researcher.

Engineering

While I understand the community is desperate for new features, I’d argue that the first engineering focus should be on establishing healthy foundations and identifying the best talent in our community.

We are incredibly fortunate to have Connor from Ava labs helping us out and the first thing I’d like to propose is that, we as a Community, give him a donation to say thanks for the incredible work he’s done. I’m not going to suggest an amount, but I do think we need to show Connor some love :heart:

Then another standout Pangolin Guardian is Xavier. His work on the Pangolin Telegram has been outstanding. Always willing to help, always available. He’s a real credit to our community and I’d like us to also donate an amount to him for all the time he’s spent helping our community grow.

We also can’t expect Connor to perform his Ava Labs tasks while juggling Pangolin forever. At some point we’re going to need to hire a Solidity dev. I have some ideas around who this should be, and I think we should start interviewing as soon as possible.

There then needs to be two parallel tasks going on:

  • Building the foundational pieces
  • Defining V2 Roadmap

So let’s talk about the foundational pieces:

Multisignature — I propose that we set aside some funds for bounties to ensure we can continue moving forward while we setup some of the foundational elements in the background.

Branding — Currently it’s very obvious Pangolin is a fork of Uniswap V2. Although traditionally branding could be considered a marketing exercise, I believe it sits within the realms of User Experience and include it in engineering. I propose that we setup a bounty for the branding, UI and UX of Pangolin. Currently Uniswap is very simplistic, professional. Sushiswap is awful in my mind. Not sure what they’re going for, it’s busy, messy and has no clear direction. PancakeSwap I’m a fan of, it’s playful, gamer orientated. What is our unique branding? I love Eduardo Risso but let’s open up a bounty and then let the community decide!

Bridge — The community seems to unanimously want the Bridge,the AEB bridge is built on Chainsafe’s ChainBridge. While it works, it still relies on trusted relayers. I have opened discussions with numerous parties from Beefy, Snowball, Complus, Elk and Pangolin to talk about being hosted relayers. So this would be fairly standard to implement. There has been a lot of background work going on for this, and implementing a bridge for BSC, Polkadot and Kusama would begin pretty much on day 1 of me starting.

Bounties — Inline with agreement from the other multisig holders, we’d start introducing bounties on Github issues that we need help with.

Technical cleanup — This would involve getting all of Pangolin’s codebase ready for mass adoption.

While all the engineering work was ongoing, we’d be looking at defining the roadmap for V2. This would consist of regularly engaging the community for feedback on our progress with heavy emphasis on the research programme.

Summing up

To engage more fully in the community, I will host a Youtube livestream. That way everyone can ask whatever questions they have and would have an opportunity to get to know me and have your voices heard.

I look forward to hearing from all of you and understanding how we can build the best community that serves all of us.

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Fantastic background, I just think the term product owner does not fit in Pangolin concept, since we as community are the product owner. Probably what would fit better is Software Developer Lead. In charge of analyze and propose technical solutions to what we as community suggest.

However, at the end I think the ones in charge to prioritize and propose features should be the community, and then you can help us to say what is possible what is not and get the best solution from Software perspective.

In general glad that this is moving forward, thanks for your hard work.

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Good to see ava labs backing up Pangolin, i think before all in crypto trust comes first and i trust the avax project. And looks like things can be serious in the long term. People want price speculation moves (cex listing, buying png and burning it with swap fees. etc), but i hope community can decide on long term solid fundemetals. Price will come with it.
Good design, project leading and new engineering will lead to success easily since avax is already growing organically and defi is a trend.
Excite people, make innovation.

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You are my angel.
Please fast vote and run feature on avalanche ! :rocket:

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Love it !
Let’s start :sunglasses:

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I had the same thoughts about this and I think that it’s a very good point. We should use these funds to provide liquidity on a Liquidity Market Protocol like BenQi and earn interests. Basically we will be able to use the interests earned on the lending platforms for the expenses.

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ıam in, let’s go community :rocket: :rocket:

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Another thing I’ve thought about and discussed is the staking of PNG. So Sushi allows you to stake and then get xSUSHI. The xSUSHI gets dividends from the 0.05%, but we could also allow staking for xPNG which then gets a portion of the interest earned from the Treasury.

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you mean like pefi and xpefi in penguin finance ?

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Haven’t researched their staking mechanism, but just looked now and they don’t seem to have any dividend mechanism associated with xPEFI

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Thank you for taking the initiative and all your hard work. Pangolin desperately needs direction and you seem to be a great candidate in providing that. You have my support, sir.

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So this is even better because this way the APY for the staked PNGs would be pretty huge :face_with_monocle:. There were a lot of users that talked about a way to burn :fire: some PNGs, I don’t really like the idea to burn the funds from the treasury or from the trading fees and I thought about this: how about adding a feature to the staking option where you can stake xPNG for a minimum of 2 weeks to a maximum of 12 months, just like the staking on Avalanche, if you stake for 2 weeks you earn less, if you stake for 12 months you earn more but with a little feature, you are free to unstake whenever you want to but you have to pay a fine of 5%, and this fine will be burned. Basically it is a punishment for the panic sellers

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Let’s GO!!!

I love this

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I currently do this with CREAM. It’s also a great hedge against price movement. I staked for 4 years because the returns are just insane

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Thanks for the proposal.

I think the position name should be Product Coordinator or Product Manager. Pango needs coordination between Avalabs, core developers, any other relevant stakeholders and community. We need smooth communication between community and future core developer team. I like the idea of research which will encourage brainstorming among active members of community.

Lets vote for progress…:slight_smile:

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I have personally worked with @hariseldon2 and I fully endorse his ability to be an excellent product owner for Pangolin

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You are right for the moment, but they said that their Penguin Arena, Cryptopenguin, and prediction market dApps will send a portion of their fees to the xPEFI pool (the other portion is burned). They also have a multiplicator (started at 1 and is currently at 2.23 PEFI/xPEFI) so that the earlier you put them in, the more xPEFI you get per PEFI. They have a decreasing fee for withdrawal (from 25% at the beginning to 0% 6 months later. These fees are 100% burned.

I think their idea is good but could be improved in some ways. PNG needs a way to be staked with the best tokenomics possible. I genuinely am thinking about working on some of these bounties (French translation, Tokenomics, Competitor analysis, Financial services and instruments, UI/UX). PancakeSwap is doing everything so well that the CAKE price keeps going up. We can get on their level in no time as a community!

I’m currently unemployed (Digital Marketing), I applied to work at Ava Labs but maybe my path is to work with this community (or both?:crossed_fingers:).

Sound interesting. I’ll need to read more about it. We need all the help we can get. Once we have the next proposal live and if it passes, then there’ll be a lot more ability for us to start releasing these bounties out to the community.

I’m really looking forward to meeting everyone and working together :slight_smile:

Hi,

for many this post will sound harsh, even too much at some points but, on Yield Yak we depend on the AVAX ecosystem to succeed and I really want to make things clear and go to the point. Having reviewed the initial post, a TLDR of it would be “We want to run before we learn to walk”.

Pangolin has been by far the worst performing DEX of any L2, it has to be the center of the Avax ecosystem, the one that powers every other piece but, it keeps just looking at itself, caring about itself and focusing on itself.

In order for Pangolin to grow, the ecosystem needs to grow, you can’t grow alone, you can’t form an ecosystem if you don’t look at what’s happening outside your walls and I just see more of this on this post which is really worrying.

I will be quoting and giving my view on some of the points. Please, all of this is a personal view and comment, it has nothing to do with Yield Yak as a project or as a team.

TLDR: stop thinking like a company, stop caring only about Pangolin, stop using community money to make more money but use it to help the community. Nobody wants Pangolin to be profitable and do only profitable investments, we want Pangolin to be the engine that powers the AVAX ecosystem, we want Pangolin to work with every project on the ecosystem, we want Pangolin to empower them and get them to the next level, that’s how you will get Pangolin and the ecosystem to grow. YOU CAN’T GROW IF THE ECOSYSTEM DOES NOT GROW and right now, Pangolin is not only helping the ecosystem is dragging it down with them.

Message to AVALABS: while there is more emphasis on how to bring projects from other chains that has no intention to build or list a token on Pangolin or have a native Avax token, you are wasting money and giving marketing to the wrong projects. Push your native projects, push for the builders, coordinate them, provide resources for them, make sure your developers are available for them for doubts…

This would be a nice start, I was expecting a lot more focus on how the community will grow after this sentence, unluckily, it was just the start.

Why? You state that offchain organizations fail and they are bad but, you will apply the methods to run an onchain operation? It is incredible contradictory and goes agains every single decentralization purpose.

Your first point is about “how do we make profit” when Pangolin is the worst performing main dex of any side chain. Raydium/Pancake/Quickswap/Mdex, you name it, all of them have more TVL and the ecosystem is growing with them.

For Pangolin to make profit you must make the ecosystem grow, you must help the ecosystem to grow, you need more Snowballs and Pefis and less PNG pairs and less YFI/UNI/AAVE pairs. Focus on build your ecosystem, you won’t attract any YFI/UNI/AAAVE liquidity as they already decided that AVAX is not their place to be.

Use them, don’t put it on Benqi, don’t play with the ecosystem money, use the ecosystem money to make the ecosystem bigger.

This is a clear example of the wrong direction, every PNG will go back to the community anyway, you had plenty of opportunities to use this PNG to help the ecosystem grow, to help some projects to reduce emissions and still be competitive while they were building, think on how to help the projects and not how you make money out of the projects. Pangolin makes money from trading volume and not from investments.

It is incredibly sad that Snowball team had to beg for delegations to get rewards added but Pangolin holds 18M png on a treasury that can be used to incentivise one of the top 10 pairs for weeks. Meanwhile, $500/day volume PNG/YFI has rewards attached to it…

Nobody wants an Income statement, nobody on the community ever asked for a balance sheet. We do not need this! you have no shareholders, Pangolin is not a public listed company. We need your hands dirty, we need your involvement on the community, we need you helping projects to grow, we need you offering services to every project launching, WE NEED YOU TO SPEND MONEY not to tell us how much money you are making

Connor is an employee of Avalabs, Avalabs job is to promote and help the ecosystem to growth he was supposed to be doing that on Pangolin right? I’m all up for donations but for contributors that has no salary, no payment from the avax foundation. He was not helping Pangolin, he was doing his job as part of the Avalabs team.

I really hope that this is the last of your priorities. Uniswap UI/UX is one of the best in crypto, simple and to the point. As you say, Sushi tried to do something different and they had to bring back the Uniswap UI/UX because of public demand. Rebranding is fine but it is just not important as this moment.

Before you think on mass adoption, what about thinking on the early adoption? what about thinking on how to start working? as stated at the start, please, first walk, then think on how to run.

I will be really harsh on this one, you should be ashamed of this statement when you are presenting yourself as the “lead for the main dex on AVAX”. Did you not speak with the PEFI team? Did you not have a chat with them to understand what they do, what they miss, what they need, how Pangolin can help them?

PEFI is the 8th token by 7 day volume. You keep talking about involving and be part of the community but you don’t even know what the top volume tokens on the exchange do when there is ¡¡2!! tokens on the exchange that are AVAX native. This is clearly an issue that has been driving the fail of pangolin, there is a total disconnection on what is happening on the ecosystem.


To finalize, I want to reiterate that THIS IS NOT A PERSONAL attack or anything of the sort to @hariseldon2 as I don’t know him at all and never spoke with him personally. I don’t anyone to think that I believe he is not the right person, I just want to point out that it feels like there is a clear misdirection on the Pangolin plan that I’m sure he can correct and put into the right direction if he listens to the community of builders on the AVAX ecosystem.

Sorry for the long thread but I have been sharing similar things for weeks in private and I’m really sad that it seems none of it was actually taken into account. I should probably stop sharing pages of feedback and just focus on something else

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