What is Pangolin Cryptocurrency? Check This Complete Guide

Cryptocurrency exchanges enable users to exchange cryptocurrencies or even change them to traditional fiat money. This post is all about Pangolin cryptocurrency and its decentralized exchange (DEX). This tutorial covers some of the important concepts such as how to set up, how to use Pangolin, and recommended Wallets for PNG.

Pangolin Cryptocurrency: What is Pangolin?

According to its website, Pangolin is a decentralized exchange (DEX). It operates on Avalanche and utilizes the identical automated market-making (AMM) model just like Uniswap. Pangolin comes with three crucial advantages: These features are as follows:

Fast and cheap trades: Pangolin can settle trades swiftly and economically. As mentioned earlier, Pangolin is designed on Avalanche. This is the reason why it allows users to swap assets while having sub-second transaction integrity and transaction charges are extremely lower. Sometimes, trades on Pangolin will appear as fast as trades on centralized exchanges.
Community-driven development: It is community-driven. The primary governance token, PNG, allows the community to encourage the development of the product comprehensively.
Fair and open token distribution: Pangolin highlights a 100% community-focused token distribution design. This means that all tokens are issued immediately to the community only.

The exchange feature available on the website enables users to trade within AVAX, PNG, and remaining coins. The exchange can also be used to buy other coins like SUSHI, USDT, AAVE, and other coins.

Pangolin Cryptocurrency: PNG Token

PNG is the Pangolin’s token. It has a supply of 538 million tokens. The initial 95% of tokens are for the community treasury to use for funding liquidity mining. The remaining 5% is for a community airdrop. The circulating supply is 21,378,683 PNG coins and the maximum supply is 538,000,000 PNG coins.

How to Set up the MetaMask wallet?

This is the most important step. In this, first, users must create an Avalanche Wallet. To do this, simply visit https://wallet.avax.network/ and then click on “Create New Wallet”, and follow the given instructions. The next step is to get the AVAX. After getting AVAX, users must send their AVAX to the Avalanche Wallet.

The above step should be followed only if users don’t have an Avalanche wallet and AVAX tokens. If they already have the Avalanche wallet then they can move to Set Up Metamask. The following step is explaining how to set up Metamask with Avalanche.

Users should download MetaMask from here.
The next step is to create or import a current Ethereum wallet. If users don’t have the Ethereum wallet then simply select “Create a Wallet”.
The next step is to connect the Metamask to Avalanche. To set up the MetaMask, users should add a custom RPC. To accomplish this, first, click on the Network Selection button at the top of the MetaMask app.

Pangolin Cryptocurrency: Image Source: pangolin.exchange

Now, Click the drop-down menu and select “Custom RPC.”
Now, enter the following details into the required fields:
Network Name: Avalanche Network
New RPC URL: https://api.avax.network/ext/bc/C/rpc
ChainID: 0xa86a
Symbol: AVAX
Explorer: https://cchain.explorer.avax.network/

Pangolin Cryptocurrency: Image Source: pangolin.exchange

Now, the next step is adding Pangolin (PNG) token on the MetaMask. To do this, select “Add Token”

Pangolin Cryptocurrency: Image Source: pangolin.exchange

and then Select “Custom Token” and now, Enter the following data:

Token Contract Address: 0x60781C2586D68229fde47564546784ab3fACA982

Token Symbol: PNG and then select “Next” to successfully add PNG on Metamask.

Pangolin Cryptocurrency: How To Swap Tokens?

To swap tokens users can use the swap function. For example, the below image is displaying how to swap the token. In the below image, the .01 AVAX was swapped for 0.0496027 UNI at a rate of 0.201602 AVAX per UNI.

Pangolin Cryptocurrency: Image Source: pangolin.exchange

One thing to remember here is that if users want to decide to raise the amount they desire to swap in an inefficient pool, a notification will show that the rate is unfavorable.