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Pharaoh DLMM Review 2026: Concentrated Liquidity on Avalanche

Pharaoh DLMM is a concentrated liquidity exchange on the Avalanche C-Chain that uses an x(3,3) incentive model. It holds around $7.3 million in TVL, but no audits are listed and recent liquidity has been falling.

Avalanche

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

6.0/10

Mixed

Visit Pharaoh DLMM

Our verdict on Pharaoh DLMM

6.0/10

Pharaoh DLMM suits Avalanche users who already understand concentrated liquidity and ve(3,3)-style incentives. Its strengths are a focused feature set, with dynamic fees, MEV-protected swaps and an x(3,3) reward model, plus a sizeable TVL. The main caveats are that no audits are listed, TVL dropped about 20% in a week, and the PHAR token is small. Treat it as higher-risk DeFi and size positions accordingly.

Score breakdown

How Pharaoh DLMM scores

Security: 4.5/10
Ease of use: 6.5/10
Fees: n/a
Features: 6.5/10

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 DLMM?

Pharaoh DLMM is the concentrated liquidity layer of Pharaoh Exchange, a decentralized exchange built on the Avalanche C-Chain. It describes itself as powered by the metaDEX x(3,3) methodology, a more fluid take on the ve(3,3) model used by several DEXes.

The app has Trade, Dashboard, Liquidity, xPHAR and Stats sections. DefiLlama shows about $7.3 million in total value locked on Avalanche, with a 7-day decline of roughly 20%. The native token is PHAR, and the exchange has been migrating from V2 to V3, with xPHAR replacing vePHAR.

The project does not list any audits on DefiLlama. It also does not publish team details or a fee table on the homepage, so users should verify those points themselves before committing capital.

How Pharaoh DLMM works

Pharaoh is an automated market maker. Instead of an order book, traders swap against pools of tokens supplied by liquidity providers. Because the pools use concentrated liquidity, providers choose a price range for their capital, so more of it sits near the current price and trades can fill with less slippage.

Incentives follow the x(3,3) model, a variation on ve(3,3) designed to be more fluid. Instead of long-term locks of vePHAR, the project moved to xPHAR in its V3 migration, with V2 LP rewards continuing for a transition period. Emissions of the PHAR token are directed toward pools to attract liquidity, and participants who hold xPHAR take part in that process.

On the trading side, the homepage says swaps are MEV-protected and use dynamic fees. Dynamic fees adjust with market conditions, which can compensate liquidity providers more when markets are volatile.

6 features

Key features

Concentrated liquidity

Liquidity providers can place capital in chosen price ranges rather than across the full curve, which can improve capital efficiency for traders and LPs.

x(3,3) incentive model

The protocol uses the metaDEX x(3,3) approach, presented as a more flexible version of ve(3,3) incentives.

xPHAR token

The xPHAR token replaced vePHAR in the V3 migration and is used for liquidity, voting and rewards participation.

Dynamic fees

The homepage says swaps use dynamic fees, which adjust with market conditions rather than staying fixed.

MEV-protected swaps

The site advertises MEV-protected trade execution aimed at better prices on swaps.

Dashboard and stats

The interface has separate Trade, Dashboard, Liquidity, xPHAR and Stats sections for swapping, positions and metrics.

Pros and cons

What we like

Concentrated liquidity can offer tighter pricing and better capital efficiency than full-range pools.
Runs on Avalanche C-Chain, where gas costs and confirmation times are generally low.
Homepage states swaps are MEV-protected and use dynamic fees.
The app has dedicated dashboard and stats pages for tracking positions and metrics.
About $7.3 million in TVL suggests a meaningful amount of active liquidity.

Watch out for

No audits are listed for the protocol, so smart-contract risk is not independently documented.
TVL fell about 20% over the past seven days, a sign that liquidity can leave quickly.
The PHAR token is small, with a market cap under about $1 million in one third-party snapshot.
The protocol has moved between versions (V2 to V3, with xPHAR replacing vePHAR), which adds complexity for existing liquidity providers.
Concentrated liquidity carries impermanent loss and needs active range management.
Team, fee schedule and governance details are not clearly published on the homepage.

Pharaoh DLMM fees

Pharaoh says it uses dynamic fees on swaps, but a fee table is not published on the homepage. The fee for a given pool or trade appears in the Trade and Liquidity sections of the app before you confirm.

On top of protocol fees, users pay Avalanche C-Chain gas in AVAX. Liquidity providers also bear impermanent loss, which is not a fee but can outweigh earned trading fees and incentives.

Is Pharaoh DLMM safe?

No audits are listed for the protocol, so there is no independently documented review of its smart contracts. Contracts on a DEX hold user liquidity directly, so a bug or exploit could lead to losses. The team is not named.

The exchange is non-custodial: you trade from your own wallet and approve token spending per transaction. Be careful of fake sites that imitate the interface, and only approve what you need. The protocol's changes between versions (V2 to V3, vePHAR to xPHAR) mean liquidity providers should read migration notes carefully. Nothing here is investment advice.

6 steps

How to get started with Pharaoh DLMM

1
Set up an Avalanche-compatible wallet and fund it with AVAX for gas.
2
Open the Pharaoh Exchange site and confirm you are on the official domain before connecting.
3
Select Connect Wallet and approve the connection.
4
In the Trade tab, choose your tokens, check the quoted price and fee, then confirm the swap.
5
To provide liquidity, open the Liquidity tab, pick a pool and set a price range, and review the risks first.
6
Use the Dashboard and Stats tabs to monitor positions, and the xPHAR tab if you want to take part in the incentive system.

Open Pharaoh DLMM

Who Pharaoh DLMM is for

Pharaoh is aimed at DeFi users on Avalanche who want to swap tokens or provide concentrated liquidity and are comfortable with incentive-token mechanics, impermanent loss and unaudited-protocol risk. It is a poor fit for beginners who want a simple, low-risk way to hold crypto.

Pharaoh DLMM FAQs

What is Pharaoh DLMM?

Pharaoh is a decentralized exchange and concentrated liquidity layer on the Avalanche C-Chain. Users swap tokens or supply liquidity, and incentives are shaped by the x(3,3) model and the xPHAR token.

Which blockchain does Pharaoh use?

The project runs on the Avalanche C-Chain only. You need an Avalanche-compatible wallet and AVAX to pay gas.

What is x(3,3) and xPHAR?

x(3,3) is described as a more fluid and accessible version of the ve(3,3) model. In ve(3,3) systems, users lock tokens to vote on where emissions go and earn a share of fees. Pharaoh's version centers on xPHAR, which replaced vePHAR during the V3 migration.

What fees does Pharaoh charge?

The homepage states that trades are MEV-protected and use dynamic fees. A specific fee schedule is not published on the homepage, so check the fee shown in the swap or pool interface before confirming.

Has Pharaoh been audited?

DefiLlama lists no audits for the protocol. Like any DeFi exchange, it carries smart-contract risk, and you should only use funds you can afford to lose.

What is the PHAR token?

PHAR is the project's own token, and it trades as an ERC-20-style token on the Avalanche C-Chain. It is not listed on every major exchange, and its market cap is small, so liquidity can be thin.

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