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Pharaoh CL Review 2026: Avalanche Concentrated Liquidity DEX

Pharaoh CL is a concentrated-liquidity DEX on Avalanche that pairs a Uniswap v3-style AMM with a vote-lock incentive system built around the PHAR token. It is a focused Avalanche venue, but no audits are listed.

Avalanche

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

6.5/10

Good

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Our verdict on Pharaoh CL

6.5/10

Pharaoh CL suits Avalanche users comfortable with concentrated liquidity who want a DEX with vote-lock incentives tied to PHAR. Its main strength is a familiar Uniswap v3-based design with dynamic fees and MEV-protected swaps. The main caveat is the lack of any listed audit, combined with modest TVL and custom incentive contracts, so size positions carefully and start small.

Score breakdown

How Pharaoh CL scores

Security: 5.5/10
Ease of use: 7.0/10
Fees: n/a
Features: n/a

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Pharaoh CL?

Pharaoh CL, branded Pharaoh Exchange, is a decentralized exchange on Avalanche. It describes itself as a next-generation AMM meant to serve as the chain's central liquidity hub, building on the design of Uniswap v3.

DefiLlama has tracked it since December 2023 and shows about $4 million in total value locked, all on Avalanche. Its token is PHAR. The interface offers Trade, Dashboard, Liquidity, xPHAR and Stats pages.

The pitch combines concentrated liquidity with a custom incentive engine and vote-lock governance. The homepage also highlights MEV-protected trades and dynamic fees. DefiLlama lists no audits, and the team and detailed fee tiers are not published on the trade page.

How Pharaoh CL works

Pharaoh is an automated market maker. Instead of an order book, traders swap against pools of tokens supplied by liquidity providers. Prices come from the ratio of assets in each pool.

It uses concentrated liquidity in the style of Uniswap v3. Providers pick a price range for their funds, so capital is used where trading happens. This can raise fee earnings but requires watching the range, and positions can lose value relative to simply holding the tokens.

On top of that, Pharaoh adds an incentive engine and a vote-lock model. PHAR holders can lock tokens through xPHAR to take part in governance and influence where incentives go, which is meant to attract liquidity to chosen pools.

6 features

Key features

Concentrated liquidity AMM

Pools use a Uniswap v3-style design where liquidity providers choose price ranges, aiming for deeper liquidity near the current price.

Dynamic fees

The site advertises dynamic fees that adjust rather than sitting at a single fixed rate per pool.

MEV-protected swaps

The homepage says trades are MEV-protected and aimed at best price execution.

Incentive engine

A custom incentive engine directs rewards to pools, tied to a vote-lock governance model.

xPHAR vote-lock

The interface includes an xPHAR section linked to the protocol's vote-lock model.

Dashboard and stats

The app offers Trade, Dashboard, Liquidity and Stats sections for swapping, managing positions and tracking activity.

Pros and cons

What we like

Concentrated liquidity design based on the well-known Uniswap v3 model.
Focused on Avalanche, with a stated goal of being a central liquidity venue there.
Dynamic fees and MEV-protected trades are advertised on the homepage.
Vote-lock governance and an incentive engine give PHAR holders a say over rewards.
Simple interface with trade, liquidity, dashboard and stats pages.
Operating since late 2023 according to DefiLlama.

Watch out for

No audits are listed on DefiLlama for the protocol, and the project's own pages do not point to any in the material reviewed.
Runs only on Avalanche, so liquidity and activity depend on one ecosystem.
TVL is modest at roughly $4 million, which can mean thinner liquidity on less common pairs.
Vote-lock and incentive models (xPHAR) add complexity and token-price exposure for newcomers.
Concentrated liquidity positions need active range management and carry impermanent loss.
Team, fee tiers and governance details are not set out on the main trade page.

Pharaoh CL fees

Pharaoh says it uses dynamic fees, but the trade page does not publish a fee table. Pool-level fee rates are shown in the app when you pick a pair or open a liquidity position.

As with any DEX, you also pay Avalanche network gas in AVAX and face slippage on larger trades in thinner pools. No separate deposit or withdrawal fee is mentioned.

Is Pharaoh CL safe?

DefiLlama lists no audits for Pharaoh CL, and none are cited in the material reviewed. Using a Uniswap v3-style design is a reasonable starting point, but the incentive and vote-lock contracts are custom and carry their own smart-contract risk.

The exchange is non-custodial, so you keep your tokens in your own wallet until you swap or deposit. Risks remain from contract bugs, token price swings, impermanent loss and thin liquidity. The project does not publish regulatory status or team details on the trade page. Only commit funds you can afford to lose and verify you are on the correct site.

6 steps

How to get started with Pharaoh CL

1
Install an Avalanche-compatible wallet and fund it with AVAX for gas.
2
Open the Pharaoh Exchange site and select Connect Wallet.
3
Use the Trade tab to choose tokens and review price, slippage and fees before confirming.
4
To provide liquidity, open the Liquidity tab, pick a pool and set a price range you understand.
5
Use the Dashboard to track positions and rewards, and check the xPHAR section before locking any tokens.
6
Start with a small amount to learn how ranges and fees behave.

Open Pharaoh CL

Who Pharaoh CL is for

Pharaoh CL is for Avalanche traders who want a concentrated-liquidity venue and for liquidity providers willing to manage price ranges and engage with a vote-lock reward system. It is less suited to beginners who want a no-maintenance way to earn yield, or to anyone who requires audited contracts.

Pharaoh CL FAQs

What is Pharaoh CL?

Pharaoh is a decentralized exchange on Avalanche. It describes itself as a next-generation AMM meant to act as Avalanche's central liquidity hub, built on Uniswap v3-style concentrated liquidity.

Which blockchain does Pharaoh use?

Pharaoh runs on Avalanche. Public sources reviewed list no other chains.

What is the PHAR token used for?

PHAR is the protocol's token. The interface also offers xPHAR, tied to its vote-lock governance model. The exact mechanics are not detailed on the trade page, so check the app's xPHAR section before locking tokens.

Has Pharaoh been audited?

DefiLlama lists no audits for Pharaoh CL. The design builds on Uniswap v3, which is widely used, but that does not replace an audit of Pharaoh's own contracts. Treat funds as at risk.

How do I earn on Pharaoh?

Concentrated liquidity lets providers place funds within chosen price ranges, which can earn more fees per dollar but needs range management and exposes you to impermanent loss. The app's Liquidity page is where positions are created.

What are the fees?

The site describes dynamic fees and MEV-protected trades. Specific fee tiers are not published on the trade page, so check the pool details in the app before swapping or providing liquidity.

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