PSB Litepaper



Pangolin is a decentralized exchange (DEX) using the same automated market-making (AMM) model as Uniswap V2*, which utilizes the constant product formula.

Pangolin was launched in February 2021 as a proven concept for AMMs native to the Avalanche network.

Pangolin DAO’s mission is to create a chain-agnostic exchange utilizing blockchains with low transaction costs, high transaction speed, and the bridge infrastructure for a cross-chain future. In this regard, Pangolin will launch on the Songbird network. Pangolin will also feature a native governance token on the Songbird network called PSB.


Songbird is the Canary network for the Flare Network ( A “Canary network” is an operational blockchain with a defined (and hence scarce) token supply that is intended to be used to test features for a related mainnet. On a Canary network users have a balance that cannot just be replenished at will. This is in contrast to a testnet which generally has an unlimited token supply available in increments to any user through a faucet.

The defined and scarce token supply may confer value to the token, potentially making it attractive to attackers such that testing is as “real” as it can possibly get. This allows for the hardening of the system under testing. Polkadot is the originator of the Canary network concept, with their Kusama Network.

The Songbird canary network has two distinct phases. Prior to the launch of Flare, Songbird will be instrumental in the continued testing of the Flare Time Series Oracle, the StateConnector and F-Asset systems and the network architecture. The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens.This will improve the security, stability and credibility for the ultimate launch of Flare.

Post Flare launch, Songbird is intended to be a long term network for testing governance led changes to Flare, such as the incorporation of new F-Assets, changes to the FTSO, F-Asset systems or any other network change.

In all periods Songbird has two other core uses. First, advanced testing and community building for applications that wish to launch on Flare. Ideally all applications that launch on Flare, especially those that utilize the FTSO and F-Asset systems will test initially on Songbird. Second, as a way for FLR token holders to familiarize themselves with key Flare protocols such as delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.

The use of Songbird as the testbed for potential updates to Flare means that between Flare and Songbird, Songbird will often be the more advanced network. Innovations and new dApp launches will happen first on Songbird and then may be rolled out on Flare after testing. This makes Songbird its own type of network which may be useful, in isolation, to applications that do not need the intended stability of Flare, but which wish to enjoy the core Flare protocols and potentially more advanced features that Songbird may offer ahead of Flare. This might generally appeal to lower value applications whereas Flare might appeal to applications handling greater amounts of value.


Cross-Chain Strategy

Pangolin is chain agnostic and believes in a multi-chain future. Pangolin’s multi-chain strategy is shaped by current limitations of the blockchain/bridging technology as well as the analysis of leading DEXs.

The currently existing bridging infrastructure doesn’t allow Pangolin tokens issued on the other ecosystems to be used on Songbird. In addition, due to the insecurity of the current interaction of bridges, a new token for Pangolin’s new franchises is a more secure solution.

Some multi-chain DEXs have already launched in several chains with different strategies. Many of these DEXs have encountered issues competing with native exchanges and have spread their tokens across multiple chains. Learning from such examples, Pangolin will have a new token on each chain, enabling chain-specific governance and emissions. Partnerships with local projects are also a key component of the strategy to embed Pangolin in different chains. will be the website for all blockchains Pangolin expands to, creating synergy among different Pangolin franchises.

Features & Product Overview

Pangolin Songbird offers a variety of features and products for users:

  • Token swaps: Trade any token on the Songbird network for another token.

  • Liquidity pools & farms: Provide liquidity to the pools to earn swap fees proportional to the share of the pool & provide liquidity to the farms to earn additional reward tokens.

  • Novel incentive mechanism calledSunshine and Rainbows(SAR): Users get more rewards as long as they are not claimed while allowing users to compound rewards without sacrificing their initial stake.

  • Single-sided liquidity provision (such as PSB): Deposit tokens into single-sided pools that are available to earn reward tokens.

  • Governance: Vote on governance proposals using the SAR NFTs obtained by staking the governance token, PSB.

  • Analytics: Get more insight about the tokens, pools, the exchange’s volume, TVL, and track portfolio.

PSB Token’s Use Cases

PSB is a governance token. It can be used for:

  • creating NFT positions to participate in governance by voting on proposals.

PSB is not backed by any monetary value. PSB’s value is in determining the protocol’s direction.


PSB Token Distribution & Distribution Breakdown

  • Total Supply: 230,000,000 PSB

  • Months to emit: 30 months

PSB’s distribution breakdown is as follows:

  • Liquidity providers: 50.5% (no cliff, continuous vesting for 30 months)

  • Treasury: 28% (no cliff, continuous vesting for 30 months)

  • Protocol-owned liquidity: 2%

  • Contributors: 15% (12 months cliff, with continuous vesting thereafter for 18 months)

  • Advisors: 2.5% (12 months cliff, with continuous vesting thereafter for 18 months)

  • Airdrop: 2% (Initially 1% will be airdropped to PNG (Avalanche) users, then the remaining 1% will be airdropped a few months later to users who did not sell the initial airdrop and/or who were staking their SGB tokens on any FTSO on the Songbird network when the snapshot is taken.)

Citizens or residents of the United States of America are not allowed to PSB token airdrop due to applicable law.

Pangolin takes regulatory compliance seriously and has not raised and will not raise any funds via a private sale, public sale, ICO, IDO or IEO.

Token Vesting Schedule

Token emissions will start in September 2022 and will end in March 2025. Zero PSB tokens will be emitted by the end of March 2025. Below are the emission schedule and emission rates for PSB token.

Protocol Fees

For every swap made on Pangolin, 0.3% transaction fee is charged all of which will be shared among liquidity providers. The 0.3% fee is set forth by Uniswap V2’s smart contracts which Pangolin Songbird will also use.


Pangolin Exchange is run by Pangolin DAO. Decisions that may impact the future development of the platform and its treasury may be decided via governance proposals. In particular, any smart contract upgrades and/or changes to smart contracts may be subject to governance vote. In addition, every six months, expenditures for the next six months are planned to be put to governance vote to manage the budget. SAR NFTs holders can vote for or against governance proposals given they have PSB staked in their NFT positions.

Snapshot will be used for governance upon launch. Once Pangolin’s own custom governance for Songbird is implemented, on-chain governance will be introduced.


Pangolin Exchange has been restructured for a multi-chain future. Building off the strength of the Uniswap V2 contracts, the contributors have built infrastructure for multi-VM capabilities, cross-chain interoperability, and features like portfolio management and token watchlists. With the rise of new blockchains, novel technology, and a growing user base, Pangolin Exchange will be at the forefront of every chain where it deploys.

*Uniswap v2 Whitepaper:


This paper is for general information purposes only. It does not constitute investment advice or a recommendation or solicitation to buy or sell any investment, including the PSB token, and should not be used to evaluate the merits of making any investment decision. This paper should not be relied upon for accounting, legal, tax advice or investment recommendations. This paper reflects the current opinions of the authors and is not made on behalf of the developer community of Pangolin or its affiliates and does not necessarily reflect the opinions of Pangolin's developer community, its affiliates or individuals associated with such community. The opinions reflected herein are subject to change without being updated.

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