Pharaoh exchange profile

Pharaoh is an Avalanche C-Chain exchange and liquidity system. Customers swap tokens through pools, provide liquidity and participate in PHAR-related incentives. Its current interface exposes trading, liquidity, xPHAR, dashboard and statistics routes. It does not turn all of those activities into one uniform account balance: a wallet token, a pool position, a gauge stake and a voting token each need their own exit action.[1]

DefiLlama showed about $3.098 billion of combined Pharaoh spot DEX turnover over the preceding 30 days on 20 October 2026. It also showed 755 active addresses during its 24-hour window. An address is not a verified person or registered exchange customer, and the combined protocol volume already includes its tracked pool versions. Counting each version again would overstate the service’s activity.[23]

A swap can cross more than one pool, so the route, pool depth, fee and price impact all matter. The swapping guide distinguishes connecting a wallet, approving token spending and confirming the swap transaction. Connection alone does not transfer the tokens. The minimum-received condition protects the signed transaction against execution below its bound; a failed transaction can still incur network gas.[16]

A concentrated range can approximate selling above the current price or buying below it. It is not an irreversible exchange limit order: if the market crosses the range and reverses before liquidity is removed, the apparent conversion can reverse too. The documentation expressly distinguishes this from buy-stop and stop-loss functionality. Treating a range position as a guaranteed protective order would leave a materially different exposure.[6]

The dynamic-fee model gives examples starting at 0.05% with a 1% cap for deep or stable liquidity, and 0.30% with a 2% cap for less liquid, volatile pools. Extreme settings can reach 5%. A quote therefore needs its current pool configuration; a creation tier is not a fixed maker/taker tariff or a guarantee for every DLMM pool.[3]

A hypothetical 1,000 USDC chargeable swap at 0.05% incurs a 0.50 USDC fee component, before price impact, routing and gas. The actual transaction uses its current applicable rate.[3]

DLMM analytics can report earnings and realised APR for individual bins over one-hour, 24-hour and seven-day periods, including time spent in and out of the active price. These are observations of a position’s recent productivity, not a fixed interest promise. The guide does not supply a single universal live DLMM fee to substitute for the current pool quote.[7]

The onboarding path starts with a compatible wallet and assets on Avalanche C-Chain, with AVAX available for gas. Acquiring tokens from a centralised exchange or moving them through a bridge is an external funding step. Its verification, source-network fee and transfer time are not a Pharaoh bank-deposit tariff. Token identity and destination chain must match the pool before an approval or liquidity deposit is useful.[15]

Converting a hypothetical 100 PHAR into 100 xPHAR and immediately redeeming it produces 50 PHAR. That 50-PHAR reduction precedes gas or token-price changes, and remains an exit cost even where the interface charges no additional service fee.[4]

The 24-hour TWAP buyback period after each epoch boundary blocks new p33 minting from xPHAR. Withdrawals to xPHAR remain allowed during that period. A blocked mint is not the same event as a freeze on every withdrawal or a failed wallet connection.[19]

Liquidity farming can return a different token mix and market value from the original deposit. Removing the liquidity does not undo trades the pool has already made. An advertised farming APR can also include PHAR emissions or incentives whose market value changes. The inspected farming guide did not establish a universal maximum time for every gauge exit, so its actual contract state still matters.[17]

The protocol’s custody model is distributed across wallet balances and smart contracts rather than an omnibus cash account visible only in an exchange ledger. The official address directory distinguishes routers, pool contracts, position management, xPHAR, p33 and governance controls on Avalanche C-Chain. Approving a router and holding a position NFT represent different permissions and assets. Contract identity should be checked against that directory rather than inferred from the ticker alone.[11]

The immutable-pool description in the design material concerns the covered legacy and V3 mechanics. It should not be broadened into a claim that every new module has identical code or controls. The documentation did not establish a single signer threshold or timelock duration for every current administrative operation. Users remain exposed to the contracts, approved spending and configuration of the pool they actually use.[12]

The audit index identifies reviews of inherited Ramses V3 and x(3,3)-related code, including engagements by Consensys Diligence, Code4rena and Cantina/Spearbit. It does not establish that every deployed Pharaoh address, DLMM component and later parameter change received a fresh independent audit. A cited review should be matched to its version and assessed as evidence about that scope.[10]

The inspected Consensys report is an August 2024 Ramses V3 review, with work extending into September. It records a critical finding as fixed, but also partially addressed and acknowledged items, and calls for more testing of edge cases. That is useful context for the inherited code; it is not an audit opinion on all current Pharaoh deployments or an insurance commitment.[22]

Pool losses can arise without a wallet being compromised. Relative token-price changes alter the inventory received on withdrawal; concentrated positions can stop earning while out of range. Compare the resulting tokens with simply holding the original assets, rather than treating fee income alone as investment profit. A positive displayed APR does not measure every component of that comparison.[19]

The public guides describe wallet-based access, including MetaMask, Rabby, Coinbase Wallet and Trust Wallet. A compatible wallet and Avalanche balance are technical prerequisites, not a statement of legal eligibility. No supported fiat-account country list is established by the onboarding route.[15]

The retrieved legal page is a risk disclaimer. It does not supply a complete client contract identifying a legal interface operator, permitted investor categories, a regional exclusion list, an inactivity schedule or a formal account-termination process. This profile consequently does not treat an accessible web interface as proof of worldwide permission or assign a domicile from the chain it uses.[13]

For a failed swap, separate the approval from the swap transaction and distinguish a revert from a still-pending request. Increasing slippage changes the price the user permits; it does not repair every failure or guarantee liquidity. The wallet transaction and its on-chain result are the useful records for deciding whether tokens moved. Reconnecting a browser is not evidence that a previous allowance was revoked.[16]

The interface exposes dashboard and statistics routes, but the inspected public material did not establish a consolidated tax statement, universal CSV history or a retention period covering every legacy, V3, DLMM and staking action. A user’s records need the transaction, network, token amounts and reward claims for each holding type. Pool analytics should not be mistaken for a complete personal cash-flow statement.[1]

No contract-backed phone instruction channel or published promise to execute emergency closures through support was established from the project’s official contact links. For a staked or range position, a report to the community channel does not itself remove liquidity. The necessary authorised transaction and the state of its contract remain decisive.[20]

A named legal interface operator and an entity-specific financial permission were not established in the retrieved legal disclosure. The native permission list is therefore empty. The software’s availability, its inclusion in Avalanche’s ecosystem and publication of audit reports do not establish a financial-service licence or customer compensation scheme.[13]

Pharaoh is also called Pharaoh Exchange. Avalanche’s ecosystem directory associates the project with Avalanche and the older pharaoh.exchange domain, while the current project repository directs users to phar.gg. Those records support brand continuity, but do not establish a precise legal migration date or an automatic transfer of balances from an older interface.[21]

The tokenomics page provides allocations for treasury and earlier vePHAR/PHAR V2 participants and describes emissions that can change by epoch. Its nominal supply allocation, illustrative post-burn figures and modelled maximum are different quantities; none should be represented as a live circulating-supply measurement without current chain evidence. The migration allocation also does not, by itself, establish a still-open claim window or the transaction needed to recover an old holding.[8]

Operator

Pharaoh Exchange; legal interface operator not established

Exchange model

Decentralised

Service scope

Avalanche swaps, legacy/V3/DLMM liquidity and PHAR-related staking and voting.

Client types

Not established

Pricing publication

Public pricing

Other names

Pharaoh Exchange; pharaoh.exchange

Pricing scope

Pool-specific dynamic fees and allocations; separate token-redemption economics.

Funding scope

Avalanche C-Chain crypto assets and AVAX gas; external fiat acquisition or bridging.

Custody and asset handling

Wallet assets, pool positions, gauge stakes and token contracts; administrative roles apply.

Client eligibility

Wallet prerequisites documented; complete client categories and regional terms not established.

Support

Project-linked Discord, X and documentation.

Authorisation and registration scope

No current entity-specific financial permission established from the retrieved disclosure.

Exchange metadata checked 20 Oct 2026Source 2Source 1Source 13Source 23Source 18Source 12Source 15Source 5Source 3Source 20Source 21

Reward eligibility is an active participation requirement. The voting guide says users must hold xPHAR, stake it and vote before the epoch ends to qualify for the relevant rewards. Epochs run for seven days and reset on Thursday at 00:00 UTC. Votes direct the next distribution of PHAR emissions to pools, while a voter’s return depends on that pool’s fees, incentives and competing votes. Merely seeing xPHAR in a wallet is not equivalent to completing the staking and voting steps.[18]

p33 represents liquid-staked xPHAR, automating votes, selling rewards and compounding them. Its exchange ratio can change and its secondary-market price can diverge from that ratio. The documentation describes zero additional deposit, withdrawal and compounding service fees, which does not remove gas, execution costs or the underlying xPHAR redemption haircut. Minting also pauses during the hour before the epoch boundary.[4]

The MEV page reports no captured value for the described mechanism at the inspected snapshot. Its future-operation descriptions do not establish an AI advisory service, guaranteed trading return or compensation for execution loss. A permissioned protocol executor and a user’s own trading automation are different forms of authority.[9]

Developers have an official contract repository and a deployed address directory. V3 and DLMM use distinct routing and quotation contracts, so a working integration for one does not automatically cover the other. The public materials inspected did not establish a unified hosted trading API with exchange-style read, trade and withdrawal keys. Wallet signatures and contract approvals remain the concrete authority for the described swap and liquidity flows.[11]

The software licence page places specified components, including voter, gauge and fee-distribution contracts, under Business Source License terms. Public source inspection and unrestricted commercial reuse are different rights. A code licence governs software use; it does not supply a customer financial-services authorisation or establish the operator of the web interface.[14]