$PNG Staking Rewards Changes
Pangolin is excited to announce a critical, new Staking feature going live later today, December 6th. This change will replace the current staking implementation from the original Avalanche Rush program (stake PNG to earn WAVAX) with Pangolin’s own Staking implementation. With this change, there are some important details for you to be aware of.
Staking PNG earns you more PNG!
With this, PNG Stakers will earn PNG rewards through protocol revenue sharing via market PNG buybacks, which are then deposited directly into the staking contract wallet. This buyback process will be executed every two weeks.
This Staking change will be done using a phased rollout. Here is a summary of what will occur:
1: New staking implementation is deployed live.
2. Pangolin’s multi-sig will execute initial buyback and deposit it into the new staking contract.
3. Stakers can then migrate from the old staking contract and deposit their PNG into the new staking contract. Note, rewards from the new contract will not be live immediately, therefore waiting to migrate until rewards are live is the best option. However, if you won’t have access to your wallet in the next 24 hours, migrating early will ensure you receive rewards as soon as it’s live.
We anticipate that the new contract rewards will begin within the next 12 hours of this writing (3:08pm EST). Real-time updates will be provided in Pangolin’s Telegram and Twitter.
4. Buybacks program is initiated, occurring every 2 weeks, buying PNG from the market using swap fees collected from protocol revenue, and then depositing into staking contract.
These changes are important because they transform PNG staking into a self-sustainable rewards system rather than one dependent on external sources of funding for staking rewards. This also positively affects PNG token by adding more buying pressure to the market.
“A major benefit of Pangolin’s new Staking implementation is that we will have additional and steady buying pressure on $PNG.”
— Justin, Pangolin CEO
About Pangolin Exchange
Pangolin Exchange is a top decentralized exchange (DEX) on the Avalanche Network that provides the best DEX experience through deep liquidity, easy swaps, advanced tooling, and smooth onboarding. Pangolin brings you the best trading opportunities to find and maximize your yield.
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