# Pharaoh Exchange > The native liquidity layer on Avalanche Pharaoh Exchange is a decentralized exchange protocol on the Avalanche network. It lets users trade tokens directly from their wallets and supply funds to shared pools to earn a share of trading fees. Pharaoh Exchange is a decentralized exchange protocol on the Avalanche network. It lets users trade cryptocurrency tokens directly from their own wallets and add funds to shared trading pools, earning a share of trading fees in return. It is used by traders and by people who want to earn rewards by supplying funds to those pools. Liquidity providers can choose the specific price range in which their funds are put to work, rather than spreading them across every possible price, which can make each dollar contributed go further. Holders of the protocol's governance token can lock it to vote each week on which pools receive extra token rewards, and in return they receive a share of the fees the protocol collects from trading. Locked holders can also exit early in exchange for giving up part of their tokens, rather than being required to wait out a fixed lock-up period. Its main product, Pharaoh Exchange, also offers a token that represents a locked position, letting holders trade or use that position elsewhere while it continues earning rewards, plus tools that manage voting and reward collection automatically on a depositor's behalf. The protocol's contracts have undergone security audits, and its documentation outlines the risks of using smart contracts and supplying liquidity. It is used by traders, liquidity providers, and other decentralized finance participants active on Avalanche. - Type: Protocol - Sector: DeFi - 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 decentralized exchange on Avalanche C-Chain that lets users swap tokens and provide liquidity through concentrated liquidity positions or a dynamic liquidity market maker model with configurable price bins. The protocol directs trading incentives through a vote-escrow style system in which PHAR holders convert to xPHAR to vote weekly on which pools receive emissions, while xPHAR stakers collect protocol fees and incentives. A liquid staked version of xPHAR automates voting and compounding for holders who want exposure without manual weekly participation. The exchange also publishes pool and protocol analytics covering liquidity, volume, and fee performance. (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 can be converted 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 fifty percent 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 PHAR locked in the xPHAR smart contract. It is used to vote on weekly PHAR emission allocations and to earn all protocol trading fees and vote incentives. xPHAR can be redeemed back to PHAR instantly with a fifty percent 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) - [Twitter / X](https://x.com/PharaohExchange) - [Discord](https://discord.gg/R9eDy6wbND) ## 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. Attribution is required: include "Powered by The Grid" linking to https://thegrid.id wherever the data is used. Derivative databases must be shared under ODbL terms. Trademarks, logos, and brand names (marked "Special TPIP") are not covered by the ODbL. 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