UPDATES: Songbird Incident & The PSB Airdrop

Pangolin Exchange
2 min readSep 15, 2022

We’ve been working hard to finalize the airdrop process for the last two days. According to our calculations, the airdrop amount is much more significant than our original expectations, but we are keen on keeping our word and paying back the community.

With that said, this process has many angles that create difficulties to resolve: legal, shallow market depth, our relationship with other parties, and time limitations.

Pangolin DAO aims to mitigate any price-related issues due to our actions. Our original plan was to reimburse users in SGB tokens. We’ve realized it’s not a feasible option anymore. It could create high volatility and a massive price impact for both SGB and PSB. Instead, we’ll refund in PSB tokens.

Because decentralized finance can be a legally grey area, Pangolin DAO tries to ensure all actions are legally compliant. Due to that fact and the difficulty of finding good lawyers with experience in web3, we sometimes find ourselves in non-ideal situations where we have to change promises to ensure we stay safe from regulators.

Here’s what’s happening next:

  • Taking PSB from team allocation, treasury funds, and protocol-owned liquidity
  • Multi-stage airdrop (at least 3) happening over the coming weeks
  • First airdrop on Friday, Sept 16th
  • Total amount paid in PSB

We want to refund our early supporters as soon as possible, but unfortunately, paying the total amount in PSB will take time. We will be using our treasury allocation, which vests linearly. This means we don’t have all the PSB on day 1 and is why it must be in multiple stages.

All airdrops will go live here: https://app.pangolin.exchange/#/airdrop

Phase 1 (Friday Sep 16th):

3,713,319 PSB

Reimbursing 1-to–1 the amount of PSB holders/stakers held in their wallet at the time of snapshot — 14:42 UTC Sept 13th (block 22822511)

Reimbursing 1-to-1 the value that liquidity providers and farmers had at the time of snapshot — 14:42 UTC Sept 13th (block 22822511)

Phase 2:

928,331 PSB

25% of bonus tokens

Phase 3:

928,331 PSB

25% of bonus tokens

Solutions in DeFi are rarely as easy as we want them to be. We appreciate everyone’s patience while we work towards creating a premier DEX built for the next decade of DeFi.

We will schedule an AMA for everyone to answer any community questions directly. Thanks again for your patience and understanding.



Pangolin Exchange

Pangolin is a multichain decentralized cryptocurrency exchange (DEX) on the Avalanche, Songbird, Flare, and Hedera Networks.