The Current Market

Published in

Pangolin Exchange

4 min readJun 21, 2022

by Oracle, Lead Data Analyst

Everything seems doom and gloom if you’ve been scrolling crypto Twitter lately. So I’d like to give you a brief overview of where we stand in the short term, why people feel this way, and how I analyze the market.

The Market

Markets have been rough over the last few months, and there is more fear than we’ve seen for a long time.

In the previous 90 days, the total crypto market cap has fallen from $2.1 trillion to $900 billion, equalling more than a 50% drop.

Because the markets are risk-off for now, altcoins are taking an even bigger hit. Bitcoin’s dominance has increased by 12% in the last three months. (This ignores the recent pullback due to the increase in stablecoin dominance)

DEXs

Looking at DEXs across the board, you also see a significant drop in TVL. Pangolin has shared the same fate as many others with big hits to total TVL.

That said, Pangolin’s TVL in AVAX sits where it was in early February when AVAX was trading at around $90. However, with the considerable drop in the dollar value of AVAX, the total TVL has reflected the same.

TVL of DeFi across all chains has seen a significant drop in the last two and a half months falling over 60%.

Looking at the numbers, there is no massive drop in daily trades on Pangolin over the last 3 to 6 months. We see this as a win, as it hasn’t been the case for every DEX.

Community

From a community standpoint, we look forward to staying engaged with all our members and community partners. For us, keeping in touch with other projects in the ecosystem and providing a safe platform for users is more important than ever.

In these unprecedented times, we aim to be a haven for peer-to-peer swaps. From a team perspective, we will keep building to show you that the team’s spirits are up and we aren’t going anywhere.

Our Vision

Even before this current market, we have been spending frugally to ensure valuable assets like team members, market makers, and future building stay intact.

The vision of going cross-chain is closer than ever. Considering Pangolin has had no VC backing on Avalanche and the fact that other protocols are struggling regardless of raising lots of capital puts us in an excellent position moving forward.

Now is the right time to increase our presence on different chains and focus on our product offerings. We know it’s been long-awaited, and we’re excited to show you what we’ve been working on.

While we can’t share too many details outside of the grant to build on NEAR, the team is working hard to launch a few other chains soon.

This is the perfect opportunity to compound our community. New chains mean new community members, partner projects, and more interaction between Avalanche and our target chains.

Forward Only

The conversations and collaboration we’ve fostered with our cross-chain partners have us very excited. We’ll be rolling out fresh announcements in the coming weeks, so stay tuned for more. And as you probably all know, PNG holders will get an airdrop for every chain launch.

Maneuvering through market conditions like this is tough for everyone, and for us, seeing a space we care about affected across the board is painful. We have huge aspirations for what Pangolin can become, and a bear market, no matter how long, will not stop us from achieving them.

We’re always here if you need us on Discord or if you want to pop in only to exchange some gifs.

About Pangolin Exchange

Pangolin is a multichain decentralized cryptocurrency exchange (DEX) on the Avalanche Network. Through advanced tooling, deep liquidity, and smooth onboarding, Pangolin offers easy swaps and a great experience for projects and traders alike.