Austin, United States, August 16 – Pangolin Exchange, a multichain decentralized cryptocurrency exchange (DEX) with over $16b in volume, will deploy a novel algorithm and introduce multiple new concepts in tokenomics and staking architecture on Songbird and Flare Networks.
Using a first-of-its-kind algorithm, Sunshine and Rainbows (SAR) will be deployed on single-sided staking and farming pools. SAR will give a higher APR to users who do not sell their rewards, while allowing them to compound rewards without sacrificing their initial stake.
Along with higher APRs, single-sided stakers will receive an NFT for each position they take. The SAR NFT can be sold, along with the accompanying APR, on secondary markets creating new strategies for yield farmers.
Justin Trollip, Pangolin CEO, commented: “One of the things that truly excites me about Sunshine and Rainbows is some of the interesting secondary products that will be built on top of it. Unlike ve tokenomics that can be predatory, these secondary products will provide unique value propositions.”
For DeFi enthusiasts, this is a first-of-its-kind opportunity to earn higher yields for maintaining their single-sided and farming stakes. After launching on Songbird and Flare, Pangolin will expand SAR to other L1s creating benefits to staking and farming across multiple chains.
Pangolin is a multichain decentralized cryptocurrency exchange (DEX) native to the Avalanche Network. Through advanced tooling, deep liquidity, and smooth onboarding, Pangolin offers easy swaps and a great experience for projects and traders alike.
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