Flare Network is set to incorporate its first DEX into its protocol.
Flare Network, a Layer-1 blockchain with a consensus protocol for external data, has announced the launch of the first decentralized exchange on its protocol, Pangolin Exchange.
According to the announcement shared on July 27th, by joining forces with Flare, Pangolin mainly seeks to expand the cross-chain token pairs using Flare’s native interoperability infrastructure. Moreover, this partnership will help Pangolin to provide tools for users to swap projects in dApps and boost network liquidity.
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Pangolin can function as a valuable addition to the Flare Network. It will allow any Flare-based application to include token swap functionality in their user experience.
Pangolin already holds a total trading volume of $15 billion, 3 thousand token pairs, and a booming 9 million swaps on their platform. With the collaboration in mind, Pangolin seeks to expand the number of supported tokens and reach even greater numbers.
This will be possible through Flare’s assets and LayerCake interoperability applications, which would allow the trade of Flare-bridged tokens. The transactions can be completed with all tokens regardless of whether they have smart contract functionality or not.
When talking about this partnership, Pangolin's CEO shared his excitement:
We’re very excited about partnering with Flare to deploy on their unique technology stack. They are introducing innovations to the space to allow us to leverage our established platform and build innovative products utilizing the State Connector to achieve features not yet imagined within DeFi.
Pangolin’s Exchange is set to launch in August on Songbird, a highly decentralized contract platform. The exchange will become available to the whole Flare Network after Observation Mode is completed and initial tokens are distributed.
Flare and Pangolin seek to encourage users to test the exchange, launching a 2% airdrop of Flare Pangolin tokens. These tokens will be distributed to all Pangolin users giving away 4,6 million tokens, in total.
