# Pharaoh Exchange > The Native Liquidity Layer on AVAX Pharaoh Exchange is a concentrated liquidity DEX on Avalanche C-Chain using an x(3,3) metaDEX model for token swaps and emission-directed liquidity. Pharaoh Exchange is a concentrated liquidity layer and decentralized exchange built on Avalanche C-Chain. Users swap tokens across stable and volatile pairs, provide liquidity in configurable price ranges to earn dynamic trading fees, and stake xPHAR to vote on weekly PHAR emission allocations and receive 100% of protocol fees. The protocol's x(3,3) model replaces vote-escrow lockups with a flexible escrow system where participants exit at any time subject to a burn penalty. - Type: Project - Sector: Finance - Status: Active - Founded: 2023-12-01 - Profile: https://thegrid.id/profiles/pharaoh_exchange ## Products - [Pharaoh Exchange](https://thegrid.id/profiles/pharaoh_exchange): Pharaoh Exchange is a concentrated liquidity DEX on Avalanche C-Chain that enables token swaps across stable and volatile pairs through configurable liquidity ranges and dynamic fee tiers. Users provide liquidity to earn trading fees and PHAR emissions directed by weekly xPHAR governance votes, while xPHAR stakers receive 100% of protocol fees. The protocol operates a BUSL-licensed fork of the RAMSES concentrated liquidity implementation. (Decentralised Exchange, Live, Main Product) ## Assets - [Pharaoh (PHAR)](https://thegrid.id/profiles/pharaoh_exchange): PHAR is the native governance and utility token of Pharaoh Exchange on Avalanche C-Chain. It is emitted weekly to liquidity providers based on xPHAR voter allocations, and convertible into xPHAR to earn protocol fees and direct emissions. PHAR holders benefit from supply constriction through the xPHAR burn-to-mint mechanism, which permanently burns 50% of deposited PHAR. (Governance) - [Pharaoh Escrow (xPHAR)](https://thegrid.id/profiles/pharaoh_exchange): xPHAR is a non-transferable escrow token issued by Pharaoh Exchange on Avalanche C-Chain, representing one unit of PHAR locked in the xPHAR smart contract. It is used to vote on weekly PHAR emission allocations and earn 100% of protocol trading fees and vote incentives. xPHAR can be redeemed back to PHAR instantly with a 50% penalty, or held as the liquid p33 token. (Governance) - [Pharaoh Liquid Staking (p33)](https://thegrid.id/profiles/pharaoh_exchange): p33 is the liquid staked version of xPHAR on Pharaoh Exchange, issued on Avalanche C-Chain. It auto-compounds voting rewards, trading fees, and vote incentives, increasing the p33:xPHAR ratio each epoch without manual interaction. p33 trades freely on the open market and cannot fall below xPHAR's instant redemption value. (Liquid Staking Tokens (LSTs)) ## Links - [Main](https://www.phar.gg) - [Documentation](https://docs.phar.gg) - [Media Kit/branding](https://docs.phar.gg/pages/mediakit) - [Twitter / X](https://x.com/PharaohExchange) - [Discord](https://discord.gg/pharaoh) - [GitHub](https://github.com/pharaohexchange) ## Legal This data is provided under two licensing models. Model 1 - open data. The open data core is licensed under the Open Database License (ODbL) — a copyleft/share-alike license allowing free use, modification, and sharing for any purpose. 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