Pangolin Newsletter #2 - June 08
A fortnightly series detailing what's been going on in the world of Pangolin.
Pangolin Core Team Elected
Pangolin’s core team has officially been hired to commence the execution of an exciting roadmap.
The team is looking forward to working with our community and partners to build the future of Pangolin and has already been hard at work.
Core Team Roadmap
Here are some of the things we’ve already put in place and what we intend to focus on moving forward:
The community has been calling for CEX listings and we have entered into various discussions in this respect. You can find all the information on the listings we can already talk about at the links below, but in summary:
Gate.io – application documentation was submitted to Gate.io on May 21; we’re hoping to have a resolution on this very soon.
Coinone – discussions about listing on Coinone’s Exchange are also ongoing. Remember that most CEXs require a set amount of your tokens to be locked up within them for a certain time, so we need to think carefully about where to list and consider potential tradeoffs.
We are working on some other CEXs in the background. As soon as we are allowed to discuss them, we will.
There are two potential avenues to pursue when it comes to achieving staking: Fixed Rewards (similar to Avalanche) or Variable Rewards (Similar to Sushi). For a breakdown of these, you can see our online discussion here.
We’re looking for community feedback on which approach you’d like us to take, but if the community prefers us to offer both options this is also a possibility.
The majority of community members would like to increase PNG rewards for certain pools. Now that we have the necessary funds (2 million PNG) in the multi-sig, we can submit an on-chain proposal.
We have initially submitted the above proposal to adjust weights, and will submit another snapshot and proposal down the road for additional pairs to be added.Due to a gas limitation, the maximum new pairs we can add in a proposal is 4.
Why 10x on AVAX-PNG?
There are several benefits for having AVAX-PNG at 10x. First would be the dilution of rewards to stop a single pool accumulating too many of the PNG tokens and then dumping (as has been happening on the AVAX-ETH pool), which can really impact the price of PNG. Distributing daily rewards across more pools dilutes the amount of PNG received by any particular pool every day, minimizing the ability to dump tokens.
The 10x multiplier will not distribute more tokens - there is a fixed amount of PNG to be distributed each day - but will rather change the balance of token distribution to be more in favor of the AVAX-PNG pool.
In response to another concern, the new AVAX-PNG 10x pool is not skewed towards early investors, because anyone who is an LP in the pool will benefit, not just early adopters.
Twitter Poll Result: SPORE pairs to be added
Following our recent Twitter Poll, “Which @avalancheavaxtokens would you like to see receive $PNG rewards next?”, we will be adding the AVAX-SPORE 1x and PNG-SPORE 5x SPORE pairs.
SPORE won the poll by a considerable margin, collecting 53.1% of almost 21,000 votes, compared to XAVA (15.3%), PEFI (2.2%) and other options (29.5%)
Vote Result for Creating a Treasury for Pangolin’s multi-sig
No surprises here! The community unanimously voted in favor of Treasury creation at the end of May. This wallet will fund team salaries, bounties, marketing, operations, and various development expenses.
Proposal #5 voting results:
Voting increased reward rates for Avalanche-Native Pools started on June 5 at 2:34am (GMT+2) and ended on June 8 at the same time.
You can see an overview of this vote here; the community was overwhelmingly in favor of the suggested implementations.
The rewards rates will be updated on Monday June 14th after a mandatory 7 day execution delay.
European Expansion Manager
Sabo, a long time moderator and contributor at Pangolin, has been promoted to a new role of European Expansion Manager. This position will manage growth of communities in European countries, do market research and analysis, manage moderators, and gather partner and competitor data.
International Communities
Pangolin has added 5 new international communities, and increased users in existing communities, as we expand to different countries and languages.
Marketing
We have started some co-marketing initiatives with other projects on Avalanche. We believe in lifting up projects around us, and we can use our brand and followers to give other projects needed exposure to be successful. These projects have seen a 20%+ increase in Twitter followers since this marketing campaign launched.
About Pangolin Exchange
Pangolin Exchange is a community-driven decentralized exchange (DEX) with fast-settlement, low fees, and a democratic process. Built on the Avalanche Network. Pangolin brings you the best trading opportunities to find and maximize your yield.
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