Panorama Swap

An Aleph Zero DEX

4 min readApr 9, 2022


Decentralized Finance

At Panorama we are building a brand new decentralized exchange; lightning fast swaps, privacy, and a ton of benefits for users. Driven by on-chain smart contract logic; users can trust that their funds are handled as expected. The automated market maker which drives Panorama is a robust pricing solution, abstracting away the complexity of orderbook matching.

Aleph Zero, a state of the art smart contract blockchain is the infra layer on which Panorama will be built. Due to its unmatched throughput, privacy and censorship resistance; Aleph Zero will provide the perfect infra layer to serve DeFi applications. The Aleph Zero ecosystem is currently sparsely populated, however we are quickly seeing expansion, with developers and builders migrating with the intention of innovating and providing the space with value, which is an incredible sight to behold.

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Current State of DeFi

A large proportion of the total value locked in cryptocurrency still resides on smart contract layer 1 protocols which leave something to be desired. There are still multiple inherent issues since the iterations and improvements upon more primitive layer 1 solutions such as Ethereum.

We have seen throughout the last year that many innovations have taken place yet there is still much more room for improvement.

  • Slow confirmation times: Ethereum and EVM compatible chains are inferior and handle computation much less efficiently when compared with WASM and LLVM implementations.
  • Occasionally faulty blockchains: Despite improvements in throughput the reliability of some high throughput chains sometimes makes certain protocols less usable than desired
  • Composability: In an attempt to scale through horizontal scaling solutions such as sharding the problem of a lack of composability becomes an issue. These solutions scale well for value transactions, but when composing multiple instructions that may be fragmented across multiple shards a bottleneck is introduced where the shards must reconvene to become aware of the various concurrent states that were not previously aware of each other.

Features of Panorama

Panorama is an automated market maker built on Aleph Zero. It leverages the simplicity of the constant swap pricing model and facilitates lightning fast swaps due to Aleph Zero’s incredibly fast throughput and sub-second block confirmation times.

Aleph Zero was chosen as the protocol layer for Panorama to allow for near-zero gas fees on transactions, and incredibly high throughput. Aleph Zero has introduced many innovations to the blockchain space, a state-of-the-art post blockchain state transition ledger which utilizes a DAG-Blockchain hybrid and facilitates private smart contract computation is the perfect setting for building censorship resistant applications. This means that once fully integrated, Panorama will be able to leverage private smart contracts, protecting the user against front running and maximal extractable value.

PANX Token Metrics
  • Token Swaps: Permissionless swaps with slippage and low liquidity/unbalanced liquidity warnings. Users can earn fees on the liquidity they provide.
  • Granular Privacy: When the full scale privacy features of Aleph Zero are rolled out, users will be able to obfuscate any transactions that may take place on top of Panorama, most notably swaps can be made completely private such that no front-running or maximal extractable value at the expense of users may take place.
  • Asset Management: A fully comprehensive asset management page in which users can manage AZERO balances, token balances, LP share balances.
  • Liquidity Management: The liquidity page will allow users to add and withdraw liquidity with ease.
  • Yield Farms: Liquidity providers will be able to generate additional rewards for contributing. Key pools will be incentivized with $PANX tokens.
  • Permissionless Pools: The introduction of censorship resistant liquidity provision.
  • Cross-chain Liquidity: Protocol Bridges are an important component of the multi-chain infrastructure layer
  • Governance Mechanism: When the Panorama governance mechanism is in place, Users will be able to vote on, and make governance proposals.

Smartnet Release

The smartnet beta release is currently in the pipeline and will be the preliminary release of the Panorama Swap platform, This will be a test environment where users may test the protocol. Due to a lack of current token infrastructure, we will provide a way for users to create tokens, and to track token and LP share balances with a dedicated assets page.

Mainnet release

Aleph Zero is in its infancy, and as such many core features are still being rolled out. We expect Mainnet smart contract functionality by Q4 of 2022. Before this release we will ensure that an audit is carried out so that users can be confident that there are no vulnerabilities in the smart contract source code.

Seed Event

Panorama Swap will be hosting a seed event on 23 April. Participants will each have the chance to secure a maximum allocation of $5,000 USDT in PANX tokens. The token price will be $0.10 with a 27,500,000 PANX hard cap.

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