Pangolin V2 Review 2026: A Small Multi-Chain DEX on Avalanche

Pangolin V2 is a decentralized exchange described by DefiLlama as a community-driven DEX that runs on multiple blockchains. DefiLlama tracks it on Avalanche, Hedera, Flare and Songbird, and the project's token is PNG. The official app is at the URL listed on this page.

The project is best known as an Avalanche DEX. A June 2021 news item noted its transaction volume had grown 21% over 30 days, and an April 2026 explainer still describes it as an AMM-based Avalanche exchange for low-cost swaps. Total value locked is now about $1.8M, down 1.7% over seven days.

That makes it a small venue next to the largest DEXes. Its homepage available for this review is minimal, so details on the team, governance and roadmap are not covered here. This review is based on public data and descriptions, not hands-on use.

Pangolin is an automated market maker. Instead of matching buyers and sellers in an order book, it holds pools of token pairs in smart contracts. A trader swaps one token for another against a pool, and the price moves according to the pool's formula.

Liquidity providers supply the tokens in these pools and earn a share of the trading fees. A Pangolin documentation snippet from May 2025 says that when traders swap through your liquidity range, you earn fees that accrue in real time. That wording points to liquidity placed within chosen price ranges, but the project does not give further details.

All of this runs from the user's own wallet. Pangolin does not hold your funds in an account, so you are responsible for your keys, for approving token spend permissions and for checking you are on the right network.

Fee rates are not published publicly used for this review. Pangolin's documentation snippet says liquidity providers earn a share of fees when swaps pass through their range, but the fee percentage is cut off, so no number is given here.

Users will see the swap fee, price impact and expected output in the app before they confirm a trade. Network gas fees on Avalanche, Hedera, Flare or Songbird are paid separately and depend on each chain.

DefiLlama lists three audits for Pangolin, but the auditors, dates and findings are not given publicly. Treat that as a positive signal, not a guarantee. Smart contracts can still contain bugs, and new deployments on other chains carry their own risks. No hack or shutdown is mentioned publicly.

As a non-custodial DEX, Pangolin does not hold your funds in an account, but you carry wallet security and token approval risk. Use the official app address, check which network you are on and revoke unneeded approvals. Liquidity providers should also understand impermanent loss. Regulatory status is not stated publicly, so check local rules for using DeFi.

Pangolin V2 fits DeFi users who already hold assets on Avalanche, Hedera, Flare or Songbird and want a community-driven DEX for swaps or liquidity provision. It is less suited to people moving large sums, who may find deeper liquidity elsewhere, or to beginners who have not yet learned wallet security and impermanent loss.