Pangolin, a decentralized exchange (DEX) around the Avalanche network, will debut around the layer-1 blockchain Flare network. Flare is renowned for its interoperability solutions and Pangolin wishes to make use of the underlying technology to achieve new blockchain systems.
Using its proceed to the Flare blockchain, Pangolin can see new mix-chain token pairs, offer in-DApp swap functionality to partner projects, and bootstrap liquidity for that network. The layer-1 blockchain platform has compensated special focus to interoperability, allowing projects around the platform for connecting and communicate with multiple blockchain systems.
Pangolin can provide DEX-as-a-service features to the Flare-based application that wishes to include direct token swaps into its consumer experience.
Another dominating trouble in the decentralized finance (DeFi) market continues to be the current crash among centralized crypto lending firms, resulting in investors losing vast amounts of dollars. Justin Trollip, Chief executive officer of Pangolin, told Cointelegraph that recent issues happened because of hubris and unsustainable leveraged positions by interconnected whales, and Pangolin would ensure such occasions don’t occur on their own platform. He described:
“The good thing about DeFi is the fact that once money is inside a smart contract there is no veil of secrecy around where individuals money is and just what they are getting used for. We go ahead and take security in our users seriously and supply full transparency together with major investments in audits for just about any recently deployed smart contracts.”
The Pangolin DEX can swap any token that’s bridged to Flare, whether or not it’s smart contract abilities, using FAssets and LayerCake, the 2 interoperability solutions provided by the Flare network.
Interoperability is viewed as the way forward for DeFi, with lots of market pundits and Web3 experts predicting that projects with mix-platform support would be the backbone of generation x of DeFi and Web3 projects.