Pangolin Exchange
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Pangolin Exchange

Litepaper: Pangolin Songbird


Pangolin is a decentralized exchange (DEX) using the same automated market-making (AMM) model as Uniswap V2*, which utilizes the constant product formula.

Pangolin was launched in February 2021 as a proven concept for AMMs native to the Avalanche network.

Pangolin DAO’s mission is to create a chain-agnostic exchange utilizing blockchains with low transaction costs, high transaction speed, and the bridge infrastructure for a cross-chain future. In this regard, Pangolin will launch on the Songbird network. Pangolin will also feature a native governance token on the Songbird network called PSB.

Songbird is the Canary network for the Flare Network ( A “Canary network” is an operational blockchain with a defined (and hence scarce) token supply that is intended to be used to test features for a related mainnet. On a Canary network users have a balance that cannot just be replenished at will. This is in contrast to a testnet which generally has an unlimited token supply available in increments to any user through a faucet.

The defined and scarce token supply may confer value to the token, potentially making it attractive to attackers such that testing is as “real” as it can possibly get. This allows for the hardening of the system under testing. Polkadot is the originator of the Canary network concept, with their Kusama Network.

The Songbird canary network has two distinct phases. Prior to the launch of Flare, Songbird will be instrumental in the continued testing of the Flare Time Series Oracle, the StateConnector and F-Asset systems and the network architecture. The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens.This will improve the security, stability and credibility for the ultimate launch of Flare.

Post Flare launch, Songbird is intended to be a long term network for testing governance led changes to Flare, such as the incorporation of new F-Assets, changes to the FTSO, F-Asset systems or any other network change.

In all periods Songbird has two other core uses. First, advanced testing and community building for applications that wish to launch on Flare. Ideally all applications that launch on Flare, especially those that utilize the FTSO and F-Asset systems will test initially on Songbird. Second, as a way for FLR token holders to familiarize themselves with key Flare protocols such as delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.

The use of Songbird as the testbed for potential updates to Flare means that between Flare and Songbird, Songbird will often be the more advanced network. Innovations and new dApp launches will happen first on Songbird and then may be rolled out on Flare after testing. This makes Songbird its own type of network which may be useful, in isolation, to applications that do not need the intended stability of Flare, but which wish to enjoy the core Flare protocols and potentially more advanced features that Songbird may offer ahead of Flare. This might generally appeal to lower value applications whereas Flare might appeal to applications handling greater amounts of value.


Pangolin believes in a multi-chain future and is chain agnostic. Pangolin’s multi-chain strategy is shaped by current limitations of the blockchain/bridging technology as well as the analysis of leading DEXs.

The currently existing bridging infrastructure doesn’t allow PNG tokens on the Avalanche ecosystem to be used on Songbird. In addition, due to the insecurity of the current interaction of bridges, a new token for Pangolin’s new franchises is a more secure solution.

Some multi-chain DEXs have already launched in several chains with different strategies. Many of these DEXs have encountered issues competing with native exchanges and have spread their tokens across multiple chains. Learning from such examples, Pangolin will have a new token on each chain, enabling it to emit more emissions, thereby attracting more Total Value Locked (TVL). Partnerships (as detailed below) with local projects are also a key component of the strategy to embed Pangolin in different chains. will be the website for all blockchains Pangolin will expand onto, which would create synergies among different Pangolin franchises.

Features & Product Overview

  • Token swaps: Trade any token on the Songbird network for another token.
  • Liquidity pools & yield farms: Provide liquidity to the pools to earn swap fees proportional to the share of the pool & provide liquidity to the farms to earn additional reward tokens.
  • Novel staking mechanism called “Sunshine and Rainbows”: Users get a higher APR as long as the rewards are not sold while allowing users to compound rewards without sacrificing their initial stake.
  • Incentive token staking (such as PSB or any ERC20 token): Stake tokens that are available for staking to earn reward tokens.
  • Governance: Vote on governance proposals using the governance token, PSB.
  • Analytics: Get more insight about the tokens, pools, the exchange’s volume, TVL, and track portfolio

PSB Token’s Use Cases

  • Providing liquidity to PSB farms to earn more rewards.
  • Participating in Pangolin DAO’s governance by voting on proposals.

PSB is not backed by any monetary value. PSB’s value is in determining the protocol’s direction and not from utility.

Total Supply: 230,000,000 PSB
Months to emit: 30 months

  • Liquidity providers: 48% (no cliff, 30-month linear monthly vesting)
  • Staking: 2.5% (no cliff, 30-month linear monthly vesting)
  • Treasury: 28% (no cliff, 30-month linear monthly vesting)
  • Protocol-owned liquidity: 2% (Pre-mint)
  • Team: 15% (6 months cliff, after that 2-year linear monthly vesting)
  • Advisors: 2.5% (6 months cliff, after that 2-year linear monthly vesting)
  • Airdrop: 2% (Pre-mint, Initially 1% will be airdropped to PNG (Avalanche) users, then the remaining 1% will be airdropped a few weeks later to users who did not sell the initial airdrop and/or who were staking their SGB tokens on any FTSO on the Songbird network when the snapshot is taken.) (Citizens or residents of the United States of America are not allowed to PSB token airdrop due to applicable law.)

Pangolin DAO takes regulatory compliance seriously and has not raised and will not any funds via a public sale, ICO, or IEO.

Token emissions will start in September 2022 and will end in March 2025. Zero PSB tokens will be emitted by the end of March 2025. Below are the emission schedule and emission rates for PSB token.

For every swap made on Pangolin, 0.3% transaction fee is charged all of which will be shared among liquidity providers. This amount is set forth by Uniswap V2’s smart contracts which Pangolin Songbird will also use.

A governance vote may take place after the launch to decide on the breakdown of swap fees (e.g. fees can be shared among liquidity providers, PSB staking pool, DAO treasury). Even though initially there will be no token buybacks, depending on the result of governance votes, the DAO may decide that a certain portion of the fees are earmarked to buyback PSB token which will then be distributed to PSB stakers.

Pangolin Exchange is run by Pangolin DAO. Decisions that may impact the future development of the platform may be decided via governance proposals. In particular, any smart contract upgrades and/or changes to smart contracts will be subject to governance vote. In addition, every six months, expenditures for the next six months will be put to governance vote to manage the budget. PSB holders can vote for or against governance proposals.

Snapshot will be used for governance upon launch. Once Pangolin’s own custom governance for Songbird is written and audited, on-chain governance will be introduced. .

Pangolin Exchange has been restructured for a multi-chain future. Building off the strength of the Uniswap V2 contracts, the team has built infrastructure for multi-VM capabilities, cross-chain interoperability, and features like portfolio management and token watchlists. With the rise of new blockchains, novel technology, and a growing user base, Pangolin Exchange will be at the forefront of every chain where it deploys

Important note: This version of the litepaper is a work in progress.

*Uniswap v2 Whitepaper:



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Pangolin Exchange

Pangolin is a multichain decentralized cryptocurrency exchange (DEX) on the Avalanche and Songbird Networks.