Pharaoh Exchange, a decentralized exchange on the Avalanche network, recorded its highest monthly trading volume and fee collection to date. According to DefiLlama, the platform processed $2,866 billion in volume and generated $2,48 million in fees over the last 30 days.
The platform's cumulative trading volume has surpassed $34 billion, with total lifetime fees exceeding $32 million. For comparison, the exchange reported $4,90 billion in volume for the entire third quarter of 2025. The current total value locked ranges between $47 million and $53 million.
The protocol utilizes a concentrated liquidity model, similar to Uniswap v3, which allows capital efficiency for liquidity providers. As of late September 2026, the exchange reported a revenue-to-market-cap ratio of 792%, with all protocol revenue distributed to holders of the xPHAR governance token.
Pharaoh is currently finalizing the migration from its V2 version to V3. This transition process is scheduled to conclude on October 31, 2026, aiming to consolidate all liquidity onto the V3 platform.
