By Max - Cryptocurrency Consultant - 01/12/2021
Decentralised exchange (DEX), Pangolin, has recently announced its partnership with algorithmic currency protocol, Olympus. Pangolin is an Avalanche (AVAX) backed DEX that is driven by its community. Pangolin offers democratic distribution of crypto assets from the Avalanche and Ethereum (ETH) platform. Pangolin has set new plans to collaborate with DAO platform Olympus to build a one-of-kind bonding programme and co-marketing push. Pangolin will be the first DEX within the Avalanche ecosystem to integrate a bonding programme. The new programme will allow Pangolin to have its own liquidity tools, enabling platform users to trade their liquidity provider tokens for Pangolin’s native governance token PNG. Users can also trade crypto market investment PNG at lower costs through the bonding programme. However, Pangolin never sells its tokens to keep the liquidity within the native coffers.
Olympus is a community-run DAO that was founded by anonymous accounts with the usernames of “Zeus,” “Unbanksy,” “Apollo,” and “Wartful.” The DAO is known for being an interesting economic experiment in the Decentralised Finance (DeFi) industry. Olympus, despite being governed by its community, also operates using decentralised blockchain technology by utilising smart contracts. Thanks to the collaboration with Olympus, Pangolin is no longer having troubles with yield farmers. The bonding programme addresses several problems that the protocol faces with liquidity. The bond programme sets aside a large portion of the native cryptocurrency to be used as liquidity incentives, this puts pressure on farm tokens to sell.