Pangolin, a decentralized exchange (DEX) on the Avalanche network, will debut on the layer-1 blockchain Flare network. Flare is known for its interoperability solutions, and Pangolin hopes to leverage the underlying technology to reach new blockchain networks.
With the move to Flare blockchain, Pangolin can see new cross-chain token pairs, offer in-dApp swap functionality to partner projects, and start up liquidity for the network. The layer-1 blockchain platform has paid special attention to interoperability, allowing projects on the platform to connect and interact with multiple blockchain networks.
Pangolin can offer DEX-as-a-service features to any Flare-based application that wants to incorporate direct token swaps into its user experience.
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Another dominating problem in the decentralized financial (DeFi) market is the recent crash among centralized crypto lending firms, which has caused investors to lose billions of dollars. Justin Trollip, CEO of Pangolin, told TBEN that recent problems have arisen due to hubris and unsustainable leverage by interconnected whales, and Pangolin would ensure that such events do not happen on their platform. He explained:
“The great thing about DeFi is that once funds have a smart contract, there’s no veil of secrecy about where those funds are and what they’re being used for. We take the safety of our users seriously and provide full transparency along with major investment in audits for newly implemented smart contracts.”
The Pangolin DEX can exchange any token bridged to Flare, whether or not it has smart contract capabilities, with FAssets and LayerCake, the two interoperability solutions offered by the Flare network.
Interoperability is seen as the future of DeFi, with many market and Web3 experts predicting that projects with cross-platform support will form the backbone of the next generation of DeFi and Web3 projects.