Pharaoh Exchange posts record monthly volume and fees on Avalanche
The concentrated-liquidity DEX logged around $2.866 billion in 30-day volume and approximately $2.48 million in fees, according to DefiLlama data
Pharaoh Exchange, the leading decentralized exchange on Avalanche, just had its busiest month on record. Both monthly trading volume and monthly fees hit all-time highs.
According to DefiLlama data, the protocol processed around $2.866 billion in 30-day volume and collected approximately $2.48 million in fees.
The numbers behind the record
Pharaoh’s cumulative DEX volume has passed $34 billion, and its lifetime fees exceed $32 million.
For a historical benchmark, the exchange reported $4.90 billion in trading volume across all of Q3 2025. The latest 30-day total alone is more than half of that full quarter.
Pharaoh has set multiple all-time highs, including $284K in daily fees in November 2025.
Pharaoh’s total value locked sits somewhere between $47 million and $53 million.
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As of late September 2026, the DEX’s revenue-to-market-cap ratio stood at 792%.
How Pharaoh works
Pharaoh uses concentrated liquidity, a design similar to Uniswap v3. Liquidity providers choose a specific price range where their capital is active, which helps explain how a DEX with a TVL around $50 million can handle billions in monthly volume.
Pharaoh directs 100% of its token emissions according to how governance participants vote. Protocol revenue flows directly to holders of xPHAR, the protocol’s governance token.
Pharaoh V3 is already live, and the migration away from V2 is in its final phase. That transition is set to close on October 31, 2026.
What this means for Avalanche DeFi
For xPHAR holders, approximately $2.48 million in 30-day fees is the raw material for those payouts, and record fees translate directly into a record revenue pool for voters.
The 792% revenue-to-market-cap ratio suggests the token trades at a low valuation relative to the cash the protocol produces.
The V2 wind-down closes October 31, 2026. A clean close would consolidate liquidity onto V3. Pharaoh’s model of handing 100% of revenue to voting token holders is a clear contrast with DEXs that keep a cut for a treasury or team.