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Pharaoh V3 Review 2026: Avalanche Concentrated Liquidity DEX

Pharaoh V3 is a concentrated liquidity DEX on Avalanche that uses an x(3,3) token model built around xPHAR. DefiLlama lists no audits, so users should weigh that against the roughly $27.5 million in TVL.

Avalanche

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.5/10

Good

Visit Pharaoh V3

Our verdict on Pharaoh V3

6.5/10

Pharaoh V3 suits experienced DeFi users on Avalanche who want concentrated liquidity and are comfortable with ve(3,3)-style token mechanics. Its main strength is a focused design with about $27.5 million in TVL and a clear app layout. The main caveat is that DefiLlama lists no audits, and the V3 migration is recent. Beginners and anyone wanting audited contracts should do more research or start with small amounts.

Score breakdown

How Pharaoh V3 scores

Security: 4.5/10
Ease of use: 6.5/10
Fees: n/a
Features: 7.0/10

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 V3?

Pharaoh V3 is a decentralized exchange and concentrated liquidity layer on the Avalanche C-Chain. DefiLlama files it under DEXs and lists about $27.5 million in total value locked, with a 4.4% drop over the past seven days. It has been tracked since October 2025.

The project uses the x(3,3) methodology, a variation on the ve(3,3) model used by several DEXs. Its native token is PHAR, and the xPHAR token is central to governance and rewards. A migration portal for v3 moves assets, governance and liquidity to upgraded contracts.

The homepage markets Pharaoh as Avalanche's concentrated liquidity DEX with MEV-protected trades and dynamic fees. Third-party price pages in public reporting shows inconsistent PHAR prices, so check current market data directly.

How Pharaoh V3 works

Pharaoh is an automated market maker. Instead of an order book, traders swap against pools of tokens funded by liquidity providers. With concentrated liquidity, providers choose a price range for their funds, so more capital sits where trading happens.

The protocol uses an x(3,3) design, which DefiLlama describes as a more fluid and accessible version of ve(3,3). In ve(3,3) systems, token holders lock tokens to gain voting power and a share of fees and incentives. Pharaoh uses xPHAR, a converted form of PHAR, for this role, and P33 is a liquid staked version of xPHAR.

The homepage also says trades are MEV-protected and use dynamic fees. The project does not explain how these are implemented, so treat them as the project's stated claims.

6 features

Key features

Concentrated liquidity

Liquidity providers can concentrate funds in chosen price ranges, which can improve capital efficiency compared with full-range pools.

x(3,3) token model

Based on the x(3,3) methodology, described as a more fluid and accessible version of the ve(3,3) model.

MEV-protected swaps

The homepage says trades are MEV-protected and use dynamic fees. How this works in detail is not stated publicly.

xPHAR and P33

PHAR can be converted to xPHAR. A liquid staked version, P33, is described as an easy way to earn on the platform.

Dashboard and stats

The app has Trade, Dashboard, Liquidity, xPHAR and Stats sections.

V3 migration portal

A v3 migration portal moves assets, governance and liquidity to upgraded contracts and xPHAR.

Pros and cons

What we like

Concentrated liquidity can make capital more efficient for liquidity providers who manage ranges.
About $27.5 million in TVL on DefiLlama suggests meaningful deposits.
The homepage describes MEV-protected trades and dynamic fees.
The app has a clear structure covering trading, liquidity, xPHAR and stats.
The x(3,3) model with a liquid staked P33 option gives token holders ways to earn without active management.

Watch out for

DefiLlama lists no audits for Pharaoh V3, so contract risk is not independently documented publicly.
Liquidity and volume appear modest. Search snippets show daily trading volume in the tens of thousands of dollars, and the price figures quoted conflict.
Concentrated liquidity and ve(3,3)-style token mechanics are harder for beginners to understand than a basic swap.
The v3 migration to upgraded contracts and xPHAR adds complexity and migration risk for existing holders.
It runs only on Avalanche C-Chain, so users on other networks must bridge first.
TVL fell 4.4% over seven days, and the V3 listing dates only from October 2025, so the track record is short.

Pharaoh V3 fees

Pharaoh's homepage says trades use dynamic fees. The project does not publish specific swap fee tiers, or how fees are split between liquidity providers and token holders.

Users should check the fee shown on the Trade screen and in the Liquidity section before confirming a swap or opening a position. Network gas on Avalanche C-Chain is paid on top.

Is Pharaoh V3 safe?

DefiLlama lists no audits for Pharaoh V3. Public sources include no information about audit firms, bug bounties, admin keys, timelocks or past incidents, so smart-contract risk should be treated as unverified. The v3 migration to upgraded contracts adds another point where errors can occur.

As a DEX, Pharaoh is non-custodial. You keep your tokens in your wallet until you swap or deposit, but deposited funds sit in smart contracts. Liquidity providers also face impermanent loss, and concentrated positions can move out of range. Only use the official site, and never share your seed phrase.

6 steps

How to get started with Pharaoh V3

1
Install an Avalanche-compatible wallet and fund it with AVAX for gas.
2
Open the official Pharaoh site and check you are on the correct address before connecting.
3
Select Connect Wallet and approve the connection.
4
Use the Trade tab to swap, and check the quoted price, fee and slippage before confirming.
5
To provide liquidity, open the Liquidity tab and pick a pool and a price range, starting with a small amount.
6
If you hold PHAR, read the xPHAR documentation before converting, since terms are not stated publicly.

Open Pharaoh V3

Who Pharaoh V3 is for

Pharaoh V3 is for DeFi users who already hold or can easily get AVAX and want to trade or provide concentrated liquidity on Avalanche. It fits people who understand impermanent loss and token-locking incentives. Newcomers who only want a simple swap may prefer a larger, audited exchange.

Pharaoh V3 FAQs

What is Pharaoh V3?

Pharaoh V3 is a decentralized exchange and concentrated liquidity layer on the Avalanche C-Chain. It lets users swap tokens and provide liquidity, and it uses the x(3,3) model with the PHAR and xPHAR tokens.

Which blockchain does Pharaoh V3 run on?

Public sources name Avalanche C-Chain as the only chain. DefiLlama lists Pharaoh V3 on Avalanche alone.

What is x(3,3) and xPHAR?

x(3,3) is described by DefiLlama as a more fluid and accessible version of the ve(3,3) model. Where ve(3,3) locks tokens for a fixed period, xPHAR is a converted form of PHAR. The project does not give the exact conversion or exit terms, so check the app.

Has Pharaoh V3 been audited?

DefiLlama lists zero audits for Pharaoh V3. That does not prove the contracts are unsafe, but it means no audit is documented publicly. Read the project's documentation for any audit reports before depositing.

What are the fees on Pharaoh?

Public sources say fees are dynamic but give no figures. Pool and swap fees appear in the swap and liquidity interfaces. Avalanche gas costs also apply.

Does Pharaoh protect against MEV?

The homepage describes MEV-protected trades and best price execution. A migration portal for v3 is also mentioned. These are the project's own claims, and public sources include no independent verification.

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